Payment service giant PayPal allows you to buy and sell Bitcoin

on Oct 24, 2020
  • Once again, Bitcoin is in a state to mark an all-time high amid the PayPal announcement.
  • PayPal users can now hold, buy, and sell their digital currencies through PayPal’s new crypto feature.
  • This bullish stance by PayPal suggests that for the next few days, Bitcoin will be in full-swing.
  • The new feature makes PayPal a cryptocurrency exchange and digital wallet.

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In a time when everyone is going through a rough patch, PayPal has shared some pleasant news to overcome rough winds. For the past few months, we witnessed numerous tech giants and investors approaching Bitcoin as an investment opportunity. In so doing, the main intent is to survive the inevitable banking crises and inflation.

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However, the latest news about PayPal allowing its users with buying and selling cryptocurrency option overtakes all the previous developments. Ever since the PayPal announcement came to light, the entire crypto-market is flourishing in the green zone.

Undoubtedly, it’s great news for PayPal customers that have the access to buy Bitcoin. In total, PayPal has around 346 million users using the payment service and if 50% of its customers turn to buy Bitcoin and other digital assets, the entire crypto-market will mark a new all-time high.

PayPal to roll out Bitcoin buy/sell feature soon

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PayPal’s entrance into the cryptocurrency industry is a long-awaited scheme. Previously, we have seen a glimpse of PayPal’s interest in cryptocurrencies. The official rollout is scheduled to kick off next week and already Bitcoin and other major cryptocurrencies are skyrocketing due to this announcement.

After the announcement hit the cryptocurrency market, Bitcoin, which was trading between certain barriers and wasn’t breaking above the $12k zone, has peaked over $13k in just a matter of few hours. Arguably, PayPal becomes one of the most significant firms to add support for digital currencies.

Recently in a statement PayPal CEO Dan Schulman said:

“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.

Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange.”

PayPal plans to acquire crypto – oriented firms

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As Invezz previously wrote, after announcing support for Bitcoin and other virtual currencies. PayPal aims to acquire major cryptocurrency firms that already have a huge customer base. Reportedly, PayPal is in talks with three significant firms including a major cryptocurrency exchange, BitGo. However, official statements regarding the acquisition are murky.

PayPal announcement propels Bitcoin above previous barriers

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As said above, PayPal’s announcement is the main reason behind the growth of Bitcoin. Lately, BTC/USD has been underperforming for quite a while within the $11k zone. Alongside Bitcoin, the entire crypto-market is trading in the green zone. The technical aspects of substantial digital assets seem promising as bulls are driving the prices further. Lastly, folks wondering to know how to buy Bitcoin with PayPal can navigate to this in-depth and thorough guide.