Bitcoin - PayPal Friend Or Foe?
In this video the host examines PayPal’s recent foray into cryptocurrency and asks whether the platform will act as a friend or a foe to Bitcoin. He begins by recalling the controversy surrounding Facebook’s Libra project, noting how quickly Congress intervened, and contrasts that with the relatively muted regulatory response to Bitcoin. He argues that the fear generated by Libra highlighted the power a corporate‑backed digital currency could wield, likening it to the historic influence of the Dutch East India Company. The host then critiques Bitcoin’s current utility, claiming its value rests largely on branding and a store‑of‑value narrative that can be replicated or improved upon by other projects. He warns that as institutions increase their holdings, Bitcoin’s decentralization narrative erodes. The discussion turns to PayPal’s strategic motivations: using crypto to lower cross‑border payment costs, potentially launching its own stablecoin, and leveraging its massive user base to become the dominant digital currency. He suggests that PayPal could follow a Libra‑like playbook, eventually decentralizing node operation and creating a “decentralized PayPal.” The video also challenges the conventional store‑of‑value concept, arguing that stablecoins backed by fiat or baskets of assets could serve the same purpose more effectively. Finally, the host promotes an alternative project, Bitcoin MYK, which employs a Proof‑of‑Participation model to deliver a universal basic income without requiring users to invest money, positioning it as a more sustainable way to preserve personal value. He concludes by urging viewers to consider the long‑term implications of PayPal’s moves and to explore Bitcoin MYK for a potential hedge against the uncertainties of Bitcoin’s future.
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And I hate giving good people bad news. Oh, don't worry about it. As soon as you step outside that door, you'll start feeling better. You'll remember you don't believe in any of this fate crap. You're in control of your own life. Remember. Here, take a cookie.
Welcome back to the channel, guys. I hope you all are having a great day. So Bitcoin in relation to PayPal— is PayPal friend or foe, right? And so I got to thinking about that. We had a lot of excitement Yesterday, and I got caught up in the excitement as well. In fact, I got so caught up in the excitement, uh, my brain switched off for just a moment, and, uh, it slowly started to switch back on. And the reason I want to pose this question and really get us thinking about this is because, as we recall, Facebook Libra coin There have been a lot of talks about Facebook Libra coin coming to cryptocurrency and what it could mean, right? It was so much fear with the very thought of Facebook Libra coin coming to the cryptocurrency space that a congressional hearing was, Facebook was summoned to Congress and they had to, it was convened, they had to answer many, many questions, and Congress wanted them to stop their progress on the project, stop them in their tracks. And when you look at the amount of attention and fear that went into this, you look at Bitcoin and you wonder, why wasn't the governments, why wasn't Congress as threatened by Bitcoin as they were by Facebook Libra coin. It wasn't because the government couldn't put in place many things to shut down Bitcoin in some capacity. They can do anything they want. They could declare that due to AML laws, right? Money laundering laws, anti-money laundering laws, know your customer rules, the threat of terrorism, the threat to national security, they could make Bitcoin so demonized. You know, if you look at the, even you look at Bitcoin today, it's just, it just now got out of the realm of scam for some people, scam and illegal activity, right? And people are just now starting to accept Bitcoin due to the institutions putting in a lot of money and promoting it, right? But prior to that, there was a big issue with Bitcoin, right? People were afraid of Bitcoin. It was this illegal thing. It was this dirty thing. It's this criminal thing, right? Nobody know where it came from. And so all of this fear and attention to Facebook Libra coin and legal action taken right away, but not on Bitcoin, you know, got me to thinking, well, who exactly is the the real threat here. And when you look at what could have been with something like Facebook Libra coin, you're talking the likes of something we haven't seen since the Dutch East India Company. Now, if you remember your history books a little bit, the Dutch East India Company, this is a mega, one of the first mega corporations that basically engaged in what we know today as corporatism, right? Where they could control governments. They were more powerful than governments, right? And of course, something like Facebook Libra coin could do that through the currency to a great degree, right? You're talking about a potential 2.5 billion users. Now, here's the interesting thing about PayPal. Hate to be a Debbie Downer about this, but you know, the job of the Education Entertainment Television Show is to, uh, the channel here is to try to get y'all to have all the information available, right? We're not just trying to shield some cryptocurrency we happen to have a lot of, and if we could convince everybody else to jump into that, uh, we can go sell ourselves off to somebody. I'm more interested in education at this point in time. And we want to give you that information. We want you to be able to see the entire field. So PayPal was in on one of the first relationships with Facebook and several other big corporate titans to run nodes for Libra coin, right? For this project. And when they hit this wall with all this legal action and Congress asking them to stop all operations and so on and so forth. And I think PayPal looking at it from the standpoint of what does this mean for our payment systems, our company, the future of our company, we really have no choice but to merge with this, to integrate into this, right? Because it's gonna be cheaper than what we're charging, right? To send cross-border payments, it's gonna be easier to settle. You know, we're, we're going into the realm of being obsolete. And at the very least, we need to be able to exploit this technology to our best uses, right? Like what Ripple XRP is doing and many other of these projects. Is Bitcoin in the best interest, you know, swapping it and selling it back to PayPal? And I think the answer is no. I think really what's happening here is Because PayPal is late coming to the cryptocurrency party, uh, they need all of the experience and information, and they need the base. And being able to exchange Bitcoin there on PayPal is a good move to get the Bitcoin customers. But not only to get the Bitcoin customers, to then use PayPal to, uh, create its own stable cryptocurrency, right? And what really what's probably going to happen is you're going to have the same situation like what you would have had with Facebook Libra coin. And what would that have been? That would have been something like adoption to this cryptocurrency and things in place that create a great deal more utility and use, right, than what you see in Bitcoin. You know, unfortunately, where we haven't been honest is that Bitcoin is pretty much useless, right? And we, we come up with this idea that it's a store of value, but the reality of the situation is almost any cryptocurrency can be a store of value, and they can be programmed to be a better store of value than Bitcoin. But not only a better store of value than Bitcoin, it can be programmed to be a much more deflationary product than Bitcoin, right? And so many of the things that make Bitcoin so valuable and so romanticized in the space are those things that can be recreated and redone better. Now, the problem I think with Bitcoin or the The thing that's worked for Bitcoin that's kept it out of problems is very good branding, a very good story, and a very good legacy of surviving. But just because you've survived 400 times doesn't mean you're going to survive 500 times. And PayPal, in retrospect, could be taking the place of Facebook Libra coin now, right? They're already integrated into many of these, uh, projects and platforms already, right? And now you got this stable cryptocurrency that can be used for many things, that can be this safer, better global dollar, right? And that can happen, and then PayPal could lead the charge, right? Because they would already be doing that, because they would have all of the cryptocurrency users already. And PayPal cryptocurrency would be number 1, right? It will become the number 1 cryptocurrency. Now I know some people would go, yeah, but you know, with cryptocurrency, people are more interested in Bitcoin. It's just, again, it's more the store of value. It's not a stablecoin, but usefulness, utility, I think we downplay that so much that in order for cryptocurrency to really resonate with a mass number of people who even to this day struggle to understand what it is and why people are putting their money into it, they need to use this thing on a day-to-day basis. I personally don't think that the store of value ideology, uh, is gonna hold up, uh, a great deal more so than, uh, many, uh, um than the story we've been given. Like, like for example, if you look at if the idea of a store of value, because a lot of people confuse what store of value is. A store of value doesn't really mean anything like put a dollar in a, in a golden goose machine and that dollar becomes a million dollars, right? And that's why people are in Bitcoin and doing the story. They want to get rich, but that's a misunderstanding of what we've used as store of values for much of our history. Store of value is about preserving value you already have. So the reason people move their money to gold many times is not because they believe that they're going to become billionaires or trillionaires putting their money in gold. A lot of times they're putting their money in gold to keep, to protect themselves against inflation, right? But you can do that with a stablecoin, right? To a great degree. So if a stablecoin's value is in a situation like PayPal, I would imagine that even though it would be backed by the US dollar, it could in retrospect trade above a dollar, right? Because people would pour more money into this cryptocurrency. They would probably feel at ease more, see that it more valuable than keeping it keeping their money into the standard US dollar. And, um, that's if PayPal is going to do it that way. You have to keep in mind that if they take a playbook, which they probably will, from the playbook of, uh, um, uh, Facebook Libra coin, it wasn't going to be backed by the US dollar. It's going to be backed by a basket of, uh, fiat currencies and goodness knows what else. It could be other cryptocurrencies as well. But the point being, What you would have then is you would have basically a hedge of protection against inflation of US dollars or euros and so on and so forth, right? You would also have the brand and the PayPal that people will probably still be more confident in putting their money in. Now a lot of people say, well, yeah, but you know, not your keys, not your crypto. But here's the other thing. If PayPal takes the playbook of Facebook Libra coin, which we have to recall that they were partnered up together, so they fully understood the plan. The first stage of the partnership was going to be about 100 nodes run by these companies, right? But the next phase was going to be people were going to be eventually able to run these nodes, right? So you're going to, you're going to, they were going to move to just regular people running those, right? Just like what you do with Bitcoin mining and so on and so forth. So then what you would have then is you would then have a decentralized PayPal. Now again, the problem is going to be where would Bitcoin fit into all of this? Um, well, seeing that Bitcoin, if we're honest, uh, doesn't have any utility really, and so far it's, I believe the only thing that's kept Bitcoin going is branding and branding alone. Uh, we can't say any development has because nobody really develops or builds or does anything with Bitcoin. They're trapped into the store of value idea. But in that respect, then the branding itself that would make me go, well, let me use Bitcoin as opposed to Bitcoin Cash or Litecoin or Ethereum or something like that, that once that no longer holds up the platform, then there's really nothing left to support the Bitcoin narrative, right? The story. So, um, I think that could be a dangerous situation. So again, the, the good news that could come out of it, PayPal just does all the marketing for Bitcoin. It just gets everybody feeling all safe and cozy about Bitcoin, and they move a lot more value into Bitcoin, which I believe In the initial stages, that's going to happen. However, and I made the same prediction with Facebook Libra coin, I believe that they're going to be able to eventually end up absorbing back a lot of that value, not only being the number one cryptocurrency, but if done correctly, you know, being far beyond what Bitcoin can accomplish, right? And, um, we've gotten further away from the Bitcoin story. We have to remember Bitcoin is not as decentralized as it once was. It's pushing now over 5% owned by, uh, institutions and corporations, right? So that's getting further away from decentralization. And how far is that number going to go? We don't know if we're going to see Bitcoin owned 10%, 20% by companies, right? So even that story won't be a good story going into the future. But besides all this being a Debbie Downer and asking us to consider if PayPal is going to end up being friend or foe, and we're going to end up, uh, in a, in a period where we're not holding our own keys, but everybody's moving all this new value back with Bitcoin and PayPal on PayPal blockchain. Um, then what is the answer though? Because if Bitcoin fails and some Libra coin PayPal-like product rises to become the leader in this area, which it seems like what's going to happen, what do we have left here? And I would ask you all to strongly, very seriously consider looking at the Bitcoin MYK deflationary project, right? That offers universal basic income. Why would you want something like that? Because universal basic income and the value of human beings, it is the last frontier where we can protect our value. We couldn't do it with gold because back in the, at the dawn of the economics of gold, right? When you would go store your gold, people would go in the gold vaults and take it out unbeknownst to you. This is the early days of the goldsmith. You would leave your gold there, he would, he would let other people borrow your gold. And in the very beginning, you didn't even know the gold was missing. The goldsmith had latched on to the understanding that you're going to leave your gold locked in this vault for 5, 10 years. What is it going to be doing? It's not going to be doing anything. Now, what do you have to worry about if you coming back earlier than that and say, hey, where's my gold? He's loaned it out and he's getting money off of it, and you don't— you're not the wiser because the depositors are bringing in more gold. But, um, you know, we didn't have that then. We switched over to fiat currency, and the governments, uh, they take from us when it suits them, right? There's nothing we could do about it. The last— and listen carefully to me, to these guys, you philosophers and economists. And I know a lot of you are just people wanting to moon on your cryptocurrency. You don't care. You don't, you don't care if the world goes to hell in a handbag as long as you can make some money. But this is about you making money or not making money. Your value, the only value you have left is the value that's in you. It's the only tamper-proof value. Right? It doesn't even look like there is a such thing as tamper-proof value on the blockchain. There's a tamper-proof ledger, but there isn't a tamper-proof distribution and control of the wealth and the governance, right? And so in that way, we're still out on a limb. If you want to, if you really truly want to escape that, look at projects like Bitcoin MYK. It doesn't require a dime of your money, only you. We only need the network and we only need to be the biggest network that mankind has ever known. And that is all it takes for you to gain tremendous value from BitcoinMYK, right? And start collecting our Universal Basic Income coin using our project we call the Proof of Participation model. And there's a lot of it I won't discuss on this video, But I invite you to subscribe to this channel and get educated about what's happening in the cryptocurrency space and not just fall into the sensationalism of, uh, I'm gonna get rich today, because that's not reality. If that were the case, everybody in cryptocurrency would do it. Everybody would get rich. That is not what's gonna happen, and that's probably not what's gonna happen to you. But this is a way you could preserve and grow some real value and wealth by joining a model like this, a platform like this. And this is one that if it is as good as it say it is, that it can give you value without you giving it one dime. So that's what we want you to look into, and that's what we want you to, to do. Get into projects like this. We'll leave details about it in our description. But that's all I want to say in this video. PayPal, friend or foe, we'll find out. Have a great weekend, guys, and take care of yourself and each other.
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