Bitcoin Closes To $13000 Which Is Explained by Paypal’s Project
On Oct 22, 2020
Bitcoin reached the $12000 level again, which the last time was 18 August. Experts say that the main reason is PayPal announcing the new service enabling users to buy, hold, and sell the cryptocurrency. This kind of movement will cause to attract a new customer base, and people enter the crypto world. Adding such type of services will make it effortless to buy, hold, and sell cryptocurrencies. Dan Schulman, president and CEO of PayPal, highlighted the importance of adding this feature:
“The shift to digital forms of currencies is inevitable, bringing with its 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. We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”
In the early stage, PayPal adds some most-used cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. These cryptocurrencies will be available on the digital PayPal wallet. Accountholders in the USA can use this service in the following weeks. The company plans to expand its service beyond the USA in the first half of 2021. The services will be made available with the partnership of Paxos Trust Company.
From the first half of 2021, users can use their cryptocurrencies with 26 million PayPal merchants and users around the globe. Consumers will be able to convert their cryptocurrencies to fiat currencies with no incremental fee. Cryptocurrencies will be on the wallet, and the usage of them will be straightforward with PayPal.
Paypal May Issue Own Cryptocurrency, Says Demirors
According to Meltem Demirors, CSO at digital asset management firm CoinShares, PayPal may issue its own cryptocurrency soon. During the interview on CNBC’s Fast Money, Demirors talked about the possibility of launching cryptocurrency:
“I wouldn’t be surprised if, in the next six to 12 months, we see PayPal launching its own digital currency similar to a digital dollar that we see in many payments companies.”
Demirors mentioned that after leaving the Libra Association, PayPal may be interested in launching its own one.