Bitcoin Gets Some PayPal (EBAY) Love

May 23, 2013 2:31 PM EDT
Controversial virtual currency Bitcoin has got a surprising fan in PayPal (NASDAQ: EBAY) President David Marcus.

In an interview with Fortune, Marcus called Bitcoin "very well designed, the way that specific currency is being designed."

However, he doesn't see Bitcoin as an actual currency and doesn't think it replaces the dollar. "People think it's a potential alternative to dollars, but it's more an alternative to gold," he said.

The executive's comments come as wild price swings of Bitcoin from $20 in February to an intra-day high of $266 in April (currently ~$126) have brought government scrutiny. Government oversight of Bitcoin, however, would be welcomed from Marcus. If governments legislate Bitcion, he suggested PayPal support may not be far behind.

"The big question is whether it's going to go mainstream or stay limited to just a few zealots and criminals," Marcus commented.

Link to Fortune

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