Donahoe Bitcoin EbayJohn Donahoe, Managing Director of eBay, told his shareholders at this year’s Annual General Meeting in San Jose, California, that they were actively considering integrating Bitcoin via Paypal. In response to a shareholder’s question about Bitcoin’s role in the global economy, Donahoe replied that digital currencies “will play a very important role in the future,” said eCommerce Bytes.
When Donahoe announced that he could not quite imagine how technology could become a public attraction, he said in the same breath that eBay was considering a direct integration of digital currencies: “How the integration will look exactly and how we can get the most out of it by interacting with PaypPal is something we are actively considering. We have it on the radar screen.”
Open attitude towards Bitcoin evolution
This was not the first time Donahoe has expressed interest in Bitcoin evolution. Last year there was already talk of a possible Bitcoin integration. Nevertheless, the current statement is more promising than last year’s. In 2013 Donahoe said that they “might think about” integrating the Bitcoin evolution and that the company is looking at the Bitcoin:
“I’ve been looking at it for a while and it’s really fascinating. The way the technology is designed and the “inflation” to pay the miners is really fascinating.
Interestingly, Donahoe spoke on behalf of the company at this year’s Annual General Meeting and not, as in 2013, of his personal opinion. It remains to be seen when and how Bitcoin will tackle the matter in the future.
Donahoe is not alone in providing Bitcoin support. PayPal President David Marcus has also admitted to being a big fan of digital currencies and he could imagine that Bitcoin will one day be included in the portfolio.
Active Engagement in the Bitcoin evolution
Even though eBay has not yet introduced Bitcoin evolution as an official means of payment, there are some activities on the eBay site regarding Bitcoin evolution digital currencies.
In April, the company introduced a separate “Virtual Currencies” category. In this category, users can trade digital currencies or buy and sell mining hardware and mining contracts.
It is also noteworthy that the company did not advertise the new category in any big way, but rather developed it further in the background.
According to a patent filed in December 2011, eBay is developing a payment system based on digital currencies. The Bitcoin and other digital currencies could become part of the payment system. In addition, eBay is working on a digital wallet to store various digital currencies.