Stripe’s CEO Patrick Collison Is ‘Very Skeptical’ About Crypto Since Abandoning the Libra Ship


Co-founder of Payment Processing Firm, Stripe, Patrick Collison shared during San Francisco’s WIRED25 Conference that while cryptocurrencies have a potential to succeed, it doesn’t blend within their business model reports BeInCrypto. In addition to speaking regarding cryptocurrencies, the founder delved into topics such as the Internet, China, and others.

As per the reporting, Collison expressed skepticism it those who affirm that cryptocurrencies are surely to succeed, especially given that the technology is still being tested by firms. That said, he seems to prefer to keep on the sidelines while working on Stripe to make it strong within traditional financial systems.

Alongside Collision, is John Collison, the other co-founder of Stripe.

Patrick and John appear to stand on opposite sides of the pole, where the latter was referenced stating that Stripe is excited for what’s to come of cryptocurrencies in the long run, adding that:

“As you go to a lot of far-flung countries, if we wanna offer easy APIs to pay out to long-tailed countries, we think there could be a bunch of interesting ideas there.”

Back in 2014, Stripe supposedly announced that it would be the first-ever payment processor to accept Bitcoin, however, they seem to have experienced a change of heart in 2018, noting that Bitcoin’s popularity made it a less efficient payment method.

Then comes their decision to back down from the Libra Association, which was supposedly due to the rise in fear that resulted from regulators and policymakers speaking down the project.

Bearing all this in mind, it is evident that payment processing firms can play a major role in the overall adoption of cryptocurrencies, as sometimes all it takes is some form of hands-on experience. In addition, actually visualizing the speed at which transactions are made could easily change the minds of many!

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