Max Levchin Admits Affirm May Have To Consider Cryptocurrencies

Affirm CEO Max Levchin, a well-known skeptic of Bitcoin and other cryptocurrencies seems to be warming up to the idea.

“It is incredible how Bitcoin and all the cryptocurrencies have grown,” Levchin said in an interview with CNBC. “I think at some point, skeptic or not, you have to listen to the market.”

“If it becomes a meaningful exchange that folks want to actually use to buy their Pelotons and their sporting goods, we will have to consider it,” Levchin added.

Max Levchin Previously Expressed Some Concern Over Bitcoin

In years prior, Levchin previously expressed some concern over Bitcoin though he was open to the idea of blockchain itself. Levchin’s main concern was Bitcoin’s credibility as a long-term investment.

“To be discussed on whether it’s a currency or just a way to make money fast. I invest in things that I have a strong, long-term point of view on and bitcoin I’m still trying to figure out.”

Affirm released its first quarterly earnings report on February 11 after going public in January. The company reported revenue growth of 57% as well as a total sales volume increase of 55% year-over-year. But despite its revenue beating all expectations, the company remains unprofitable. Reporting a net loss of $31.6 million in its second fiscal quarter which ended December 31.

Bitcoin’s value and popularity has continued to soar recently, particular just a week ago as Tesla announced a $1.5 billion investment in the crypto. Meanwhile, PayPal recently announced plans to expand its cryptocurrency offer to the UK through its Venmo wallet.

Also last week, MasterCard announced that it will be enabling merchants to transact in crypto on its payment network. Prior to that, Visa launched a new crypto platform for fintechs to use. Has partnered with crypto startup BlockFi to power a Bitcoin-rewards credit card, and has partnered with First Boulevard to pilot its new crypto software program.

All of this comes as institutional demand continues to rise as publicly-traded companies and fund managers currently hold about $60 billion in bitcoin, equivalent to nearly 6% of all Bitcoin in circulation, according to Bitcointreasuries.org.