PayPal Accepts Cryptocurrencies, Bitcoin Price Rises By Rs 69,945

Dhir Acharya - Oct 23, 2020


PayPal Accepts Cryptocurrencies, Bitcoin Price Rises By Rs 69,945

According to PayPal’s announcement, customers can purchase, sell, and store cryptocurrencies at 26 million stores in its network.

The Bitcoin price has just reached the $13,000 mark for the first time since July 2019, this happens after PayPal announced to let their customers use this cryptocurrency.

During trade hours in New York, the Bitcoin price went up by $950, equivalent to 8%. At the beginning of the trade hours in Asia, the Bitcoin price increased by another 2% to $13,119. The prices of other cryptocurrencies have increased even more dramatically, with Litecoin’s price going up by 13% and Bitcoin Cash increasing by 9%.

According to PayPal’s announcement, its customers can purchase, sell, and store cryptocurrencies including Bitcoin, Bitcoin Cash, Ether, and Litecoint in their e-wallets as well as use this to shop at 26 million stores within PayPal’s network. However, the seller will receive regular currencies like the USD instead of cryptocurrencies.

PayPal now lets you shop with Bitcoin and other cryptocurrencies
PayPal now lets you shop with Bitcoin and other cryptocurrencies

Users won’t be able to transfer cryptocurrencies to and from their accounts, they can only store the amount they have bought on PayPal. They won’t be able to transfer the currencies between accounts either.

After this news surfaced, PayPal’s share price also increased by 5.5% to $213.07, the biggest growth since May. PayPal’s CEO and President Dan Schulman said that switching to cryptocurrencies is an inevitable trend due to their advantages in efficiency, speed, and quick disbursement for the government.

Mike Novogratz, who is managing the Galaxy Investment Partners investment fund and a major supporter of cryptocurrencies, said on Twitter that this is the biggest news for the cryptocurrency market in 2020. He also believed that banks will soon enter the cryptocurrency game.

This is great news for the cryptocurrency market
This is great news for the cryptocurrency market

The news from PayPal has excited cryptocurrency fans and given them more hope that conventional financial institutions will accept cryptocurrencies more widely. Recently, MicroStrategy and Square stated that they are investing in Bitcoin. Back in August, Fidelity Investments announced the first Bitcoin fund.

PayPal made the decision just 1 year after exiting Libra Association, Facebook’s cryptocurrency project. The project leader, David Marcus, was a former president at PayPal.

Since the beginning of October, the Bitcoin price has increased by about 19%. However, the use of this cryptocurrency is still limited. According to data from Chainalysis, most people still use Bitcoin as a means of investment. The biggest reason is probably the price instability. Despite an increase of 75% since the beginning of 2020, the Bitcoin price is still far behind the peak of $20,000 recorded in December 2017. During the COVID-19 pandemic, its price dropped by 31% when a lot of people tried to sell it.

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