I (Eric) wrote about this vision in my book The PayPal Wars. But cryptocurrencies like Bitcoin are now fulfilling that original vision.Īs Sacks alludes to in his comments, PayPal’s original vision was much more ambitious than just becoming the defacto payment service of eBay. … When we got acquired by eBay, that project kind of stopped.
PayPal could become the database of money. … We believed that, if we could get enough people to participate, money would never need to leave the system. is fulfilling PayPal’s original vision to create “the new world currency.” We actually had T-shirts printed in 1999 with that mission statement. Yammer cofounder David Sacks - who served as PayPal’s first COO - recently told CNBC: Not only has Bitcoin soared past its early stumbles with fraud, but with its current trajectory it really is starting to resemble the new PayPal.
In some ways our three-year-old editorial is starting to look prescient. If you need more proof than Bitcoin’s price soaring past $11,000 this week, then consider the fact that earlier this fall it was added to Google’s payments API. Gox was short-lived, and the ecosystem is thriving. Bitcoin is safe and has entered the mainstream. Specifically, we argued that, in the short term, the Bitcoin ecosystem would expect a bumpy ride from fraudsters, but with some precautions the various players in the ecosystem could ultimately prevail.įast forward three years, and it’s largely mission accomplished. In a 2014 editorial titled “ Bitcoin is the New PayPal,” we made the case that PayPal’s history could provide insight on Bitcoin’s future.
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