PayPal CEO doubles down on view that crypto is “an experiment”

If there’s anything more volatile than the value of crypto, it’s the opinions of those companies that are directly impacted by its growth in popularity.

Such seems to be the case with PayPal, with CEO Dan Schulman telling an audience recently that the technology is still very much in the experimental phase, and that “a number” of issues need to be worked out before the company dips its toe in.

Speaking in New York, he said: “Regulations need to be sorted out and a whole number of other things. It’s an experiment right now that is very unclear which direction it will go.”

But this is a stark contrast to the news that PayPal had filed a patent application for a “Expedited Virtual Currency Transaction System” that would speed up crypto payments.

Jason Deleeuw, an analyst at Piper Jaffray, told Bloomberg: “The timing of the patent application vs. more recent public commentary by PayPal suggests that any near-term solutions by PayPal to make crypto merchant payments scalable may have been de-prioritized.

“Still, PayPal has said crypto assets have long-term merit and could eventually see ubiquity and acceptance as an everyday form of payment.”