PayPal CFO Says Merchants Aren’t Interested in Crypto Due to Volatility
PayPal CFO John Rainey said in an interview with CNBC May 16, that the company doesn’t see much interest in digital currencies because price volatility threatens the viability of their merchants’ businesses.
Centralized payment service PayPal was a pioneer in accepting cryptocurrencies. Merchants could opt-in to accept (BTC) on the platform as far back as 2014, when BTC was worth around $400. Today, Rainey stated that PayPal currently doesn’t see much interest in digital currencies from their merchants, as the volatile nature of cryptocurrencies can cause contingent losses, explaining:
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