I think ,that PayPal will eventually adopt Bitcoin as a deposit method, first.Bitcoin isn't a legal entity, it can't be acquired by design. They could buy an individual exchange or start their own, or even corner the market giving them effective control, but this is unlikely. Bitcoins are currently too volatile to be a unit of exchange, and exchanging money is PayPal's business. Right now PayPal is free of competition, and they like it.
I am sure that PayPal is already having some plans on how they can also be able to profit from the Bitcoin craze. Soon, PayPal users would be able to directly deposit Bitcoin into the platform just like what PerfectMoney is doing (if am not mistaken). Will it be possible that PayPal would instead issue its own coin? That may not be far-fetched idea though integrating with Bitcoin can be something what we can expect in the next few months...they can just be readying the infrastructure needed and looking for the right timing for such a launch. Though the market is now excited with Bitcoin, it could not be denied that PayPal still has a big command of the market and this has remained to be one of the most profitable online business there is. PayPal and Bitcoin can be good friends too.