The CFO of PayPal defended the case for fiat merchant settlements Monday, telling mainstream media the company could nonetheless “definitely support” Bitcoin in the future.
CFO Rainey Points Finger at Volatility
Speaking to CNBC in an edition of the network’s Mad Money segment, John Rainey, PayPal’s CFO, claimed that volatility was the reason PayPal did not “see a lot of interest” from its merchants regarding cryptocurrency acceptance.
Rainey told Mad Money host Jim Cramer:
Because of the volatility of the cryptocurrencies, if you’re a merchant and you have, let’s say, a 10 percent margin on a product that you sell and you accept Bitcoin, for example, and the very next day it moves 15 percent, you’re now underwater on that transaction.
Lightning Network to Beat Processors on Fees
The perspective comes as little surprise from PayPal, as the company toyed with Bitcoin acceptance via its Braintree integrated payments solution since 2015…