PayPal CEO Dan Schulman, in an interview with CNBC’s Squawk Box on Nov. 23, said that he expects Bitcoin and other cryptocurrencies to be used more as a currency over time.

• Schulman said that he thinks “that there'll be more utility with cryptocurrencies” and they will likely become “more valuable”
• When asked about what inherent value exists in Bitcoin, Schulman said it came down to a matter of trust, also adding that PayPal would support the funding of merchants using cryptocurrencies
• He also believes that central bank digital currencies will become commonplace -- a fact attested to by the development efforts of China and the European Central Bank
• Schulman has made several bullish remarks about cryptocurrencies since PayPal’s original announcement that it would support the asset class
• The payments platform has outlined an extensive strategic plan to boost cryptocurrency usage, including providing support in its Venmo app
• Currently, PayPal’s cryptocurrency feature is only available in the United States, with the firm repeatedly increasing the buy limits to meet the heavy demand
• Bitcoin’s price is close to its all-time high, spurred by such developments as the PayPal integration