PayPal exec admits its likely Bitcoin will become a popular payment method

PayPal’s chief financial officer has spoken about the potential for Bitcoin to become a legitimate, widely-used option or payments – eventually.

Speaking to The Wall Street Journal, John Rainey said: “The technology, there is real merit to it. I do think, though, it will be years down the road before we see the kind of ubiquity and acceptance that make it a form of currency that is used every day.”

Despite predicting the eventual use of Bitcoin by the general public for everyday purchases, Rainey also warned that it’s not yet ready for such use.

“Given the volatility of Bitcoin right now, it’s not a reliable currency for transactions because if you’re a merchant and you have a 10 per cent profit margin, and you accept Bitcoin, and the very next day Bitcoin drops 15 per cent, you are now underwater on that transaction,” he added.