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Up 300 percent in 2020, bitcoin is suddenly getting respect in the C-suite. Here's how PayPal, Square and the 48 other big companies on Forbes's third annual Blockchain 50 are outpacing their competition using bitcoin and the underlying blockchain
Locked down in his Palo Alto, California, home last March, as the coronavirus spread across the US, PayPal chief executive Dan Schulman knew that the pandemic was a once-in-a-lifetime business opportunity.
The pioneering electronic-payments company he took over in 2014 had been working toward a world without cash for two decades, but recently its growth had begun to slow. Over the decade after eBay acquired the startup in 2002, PayPal’s revenue grew at an average annual rate of 38 percent, but today, the company, again independent, is growing at half that rate. Now, as people retreated to their homes, online commerce and digital payments had suddenly become necessities in everyday life—for grocery shopping, banking and more.
Crypto and economic freedom
The question to ask is: How can we build a global economy where anyone with an internet connection can participate, where property rights are enforced, and where money preserves its value? Crypto is the solution. Crypto can’t directly improve every facet of economic freedom (e.g., tax policies and government spending), but it can improve most of the underlying drivers