PayPal CEO: Bitcoin’s ‘Just Another Funding Instrument’ As He Buys A Pair Of Cowboy Boots With BTC
Bitcoin’s usage as money was also demonstrated by FTX CEO Sam Bankman-Fried, who bought a Tesla semi-truck with BTC.
Dan Schulman, chief executive officer of PayPal Holdings, used the company's latest “Checkout with Crypto” feature to make his latest purchase with Bitcoin.
As we reported, PayPal announced a new way for its customers to check out with crypto to pay for select online purchases on Tuesday.
“Seamlessly woven into the PayPal checkout flow,” crypto holdings are converted to US dollars easily and quickly at checkout with no additional fees as the digital asset conversion spread will be built into the conversion from crypto to US dollars.
Shulman basically wants to drive mainstream adoption of cryptos by enabling the usage of them to make purchases at businesses around the world.
This, he said, “is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”
To demonstrate this, the 63-year old bought a pair of cowboy boots with Bitcoin on PayPal.
Schulman converted 0.00540884 BTC valued at the time at about $55,279 to pay for his boots selling for $299.
As of writing, with 97% gains YTD, BTC is trading around $58,000, up more than 15x from last March's lows.
“That’s pretty cool,” Schulman said in a two-minute video the company posted of him purchasing Lucchese ostrich boots.
“You can just use your crypto balance as a funding source like you would your PayPal balance, or your credit card or your debit card. It’s just another funding instrument.”
On Tuesday, Sam Bankman-Fried, CEO of crypto exchange FTX also took to Twitter to share that the company bought a Tesla semi-truck with BTC after electric car maker CEO Elon Musk announced last week that they now accept Bitcoin as payment.
This tweet was promoting his product Blockfolio through which and using Swipe wallet, the purchase was made.
The exchange recently launched FTX Card powered by Swipe Visa debit card for USA residents to pay for goods through crypto assets without connecting it to a bank account.
“Elon Musk thoughts on having a BTC–>Tesla shop inside of Blockfolio?” added Sam.