Paypal's Crypto Embrace: Morgan Stanley Says Move Boon for Mass Adoption, Critics Say Payment Giant Violates Crypto PrinciplesPaypal's Crypto Embrace: Morgan Stanley Says Move Boon for Mass Adoption, Critics Say Payment Giant Violates Crypto Principles
The entry of Paypal into the cryptocurrency industry continues to expose the divide between traditional crypto space players who are less enthusiastic and non-crypto players who endorse the move. Non-crypto players like the analysts at Morgan Stanely are agreement with the notion that the payments giant’s move will lead to greater adoption cryptocurrencies. Nevertheless, the analysts believe such a move will not lead an immediate improvement of the company’s bottom line.
In a note, the analysts explain that the move “should expand crypto acceptance online, which to date has stalled at 1% of the top 500 internet retailers.” Still, there is speculation that Paypal’s embrace of crypto is motivated more with the desire to keep up with rival Square than helping bring crypto to the masses.