Bitcoin doesn’t qualify as a currency, PayPal CEO stated today in an interview with CNBC’s Squawk Box. Rather, it’s a reward mechanism for implementing blockchain, Dan Schulman believes. The sentiments are nothing new given PayPal top executives’ history with bitcoin. In the past, Schulman has torn into bitcoin, especially in its use as a transactional currency. He believes that retailers will never use bitcoin as its volatility could wipe out the profits these retailers make.
Meanwhile, a top crypto investor stated today that he believes bitcoin will go to zero. Despite his venture capital firm having invested in several blockchain startups, Jeff Schumacher is bearish on bitcoin’s future. Schumacher was speaking as part of a four-people panel at the World Economic Forum in Davos, Switzerland. Bitcoin has great technology underpinning it, but it’s simply not a currency, he stated.