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Bitcoin Isn't Part of PayPal's Growth Plan, Jim Cramer Breaks Down What Is

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Let's talk about PayPal.

Jim Cramer sat down with Dan Schulman, president and CEO, and John Rainey, CFO, of PayPal (PYPL) - Get Report last night on Mad Money.

"Schulman said the strength of PayPal lies in the strength of the brand. He said consumers around the world know and trust the PayPal brand and know the company stands up for its values. The advantage PayPal has is data, he continues. The platform processes over 30,000 transactions a minute and that data has allowed them to build in 130 security and privacy checks with every purchase. All of those checks, he added, happen in just a third of a second," wrote TheStreet's Scott Rutt in his Mad Money recap.

"Rainey said they expect consumers to continue to gravitate toward digital wallets, even after the pandemic. Customers want to have easy access to their money no matter where they are and traditional banking is a thing of the past," he continued. "When asked about cryptocurrencies, Schulman explained that PayPal is taking a slow and responsible approach toward digital currencies. He said they've invested a lot of time in educating consumers on what cryptocurrencies are and they have limits around transactions so people can start slowly while they learn."

While Cramer has said that he believes bitcoin should be "part of the menu" when it comes to a company's cash management, he said the erratic nature of the cryptocurrency doesn't fit into the company's broader plans.

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