CNN currently has a front page story up that asks whether or not Bitcoin will eventually replace Paypal.
Interesting timing, as earlier today CNET ran a short piece in which Paypal president David Marcus expressed his enthusiasm for Bitcoin, and admitted that he even owns some.
Marcus seems to get Bitcoin. My guess is that Paypal will figure out how to work cryptocurrency into their business model at some point down the road when the wild swings in value calm down—perhaps acting as a trusted online wallet and/or escrow service.
He understands that it cannot be beat. It must be joined. I’m surprised and impressed by this reaction. He realizes the huge opportunity that sits at his feet.
This is good for Bitcoin.
Yes and no?
I see them as two separate things.
Paypal assists the transfer of a nation’s or sovereignty’s currency. Bitcoin is a currency without backing of any governing body.
Paypal may eventually add BTC to its list of currency, but replace Paypal for online transaction? Ionno. That solely depends on the governments.
The governments wont give up control that easily so probably around the time we figure out how to use fusion as an energy source.