PayPal President: Bitcoin is not a currency

On December 11, according to the technology blog venturebeat, David Marcus, president of the US online payment company PayPal, said that it is wrong to think that Bitcoin is a currency .

Marcus said at the LeWeb conference today that Bitcoin can only be considered a currency if it is regulated and its value is more stable. Marcus believes that Bitcoin can only be considered an asset, "People are confused about this and think that Bitcoin is a currency because it has 'coin' in its name. I don't think it is a currency, just a means of preserving value. For people who like to take risks, Bitcoin is an investment tool. Until the value fluctuations are reduced, Bitcoin cannot be called a currency. Once the regulatory framework is clear, the fluctuations in value will be reduced, and we will consider supporting Bitcoin."

Marcus' comments suggest that PayPal will not accept Bitcoin in the short term. Marcus explained that users cannot use Bitcoin to pay for purchases through PayPal until Bitcoin becomes a currency and is accepted by more merchants.

Some businesses and institutions have already accepted Bitcoin. Cafe Bar 2nd Place in Beijing allows customers to use Bitcoin to buy beer and other goods; Tomcar, an Australian car company, allows customers to use Bitcoin to buy off-road vehicles; SC5, a Finnish company, pays employees with Bitcoin; the University of Nicosia allows students to pay tuition with Bitcoin; and users can use Bitcoin to buy Ouya games.

Marcus believes that NFC (near field communication) technology is "yesterday's news", saying that there is no difference between pulling out a credit card and pulling out a smartphone to pay for a purchase. NFC does not solve any problems, so it will not take off.

Marcus believes that payment terminals need a revolution. In his opinion, people should no longer have to wait in line to pay for their purchases, and no longer have to go to a specific area in the store to check out. He believes that stores in the future will only be showrooms to promote online shopping. Marcus's vision is a bit too far-fetched. One of the main reasons why people still shop in traditional stores is that they want to take their purchases with them at any time.