is it possible that someone protected the company's paypal account with bitcoin when making transactions
No.
That sort of nonsense is typical of the approach used by confidence tricksters (con men) who are trying to confuse you and pressure you into unwittingly giving money to thieves.
Often they will send you some kind of fake money (that looks real but can later be cancelled) and ask you to pay them a small part back in real money (using a method that can't be cancelled).
See