(Reuters) – PayPal Holdings Inc.’s, Payment Processor’s Chief Financial Officer John Rainey said to CNBC on Thursday that it is most unlikely they will buy cryptocurrencies such as bitcoin
“We’re not going to invest corporate cash, probably, in sort of financial assets like that, but we want to capitalize on this growth opportunity that’s in front of us” Rainey said in a CNBC interview.
As said by Pay Pal in October 2020, they will permit U.S. to hold bitcoin and other virtual coins in its online wallet, and shop using cryptocurrencies at merchants on its network.
MasterCard had indicated earlier on in the week that they were intending to assist some cryptocurrencies on its network during this year. Cryptocurrencies was supported was also supported by American multinational investment company Blackrock Inc. and payments company Square Inc.
According to Rainey, PayPal’s interest is to invest its money in the services that the company is currently proving in the form of buy now and pay later.
During the COVID-19 crisis, the buy now pay later mechanism thrived across all retail websites, as millions of people changed to online shopping.
The price of digital currency struck a high when Elon Musk’s electric vehicle company Tesla Inc. announced that it had bought $1.5 billion of the cryptocurrency and would soon be accepting it as a form of payment for the sale of cars and PayPal’s comments are in the middle of a bitcoin frenzy.
Many companies aired their opinions following Tesla’s announcement.
Executive Chief Officer of Uber Technologies Inc., Dara Khosrowshahi stated that the rid-sharing company did discuss it, but “quickly dismissed” the idea of investing in bitcoin, but added that there is a possibility that Uber might accept cryptocurrency as payments.
Twitter Inc. said it was still undecided in holding bitcoin, while General Motors Co said it will evaluate whether bitcoin can be accepted as payment for its vehicles.
As for Twitter Inc., they were still unsure if they are holding bitcoin, while General Motors Co indicated that they would evaluate if bitcoin can be or is accepted towards payment for its vehicles.
