Bitcoin adoption metrics hit all-time highs, and the price of the crypto asset has steadily increased since PayPal announced it would support cryptocurrencies.
However, according to the company’s CEO, their support will “fundamentally strengthen” the “usefulness” of cryptocurrencies by making them more accessible to the mainstream masses. Here’s how the payment giant’s support for crypto can fuel the Bitcoin bull run and usher in a new era in cryptocurrency adoption.
PayPal to enable the Crypto Utility to undergo a “fundamental transformation”
Policies and business ethics change from CEO to CEO, and that’s exactly what happened with payment giant PayPal. The former CEO called Bitcoin a scam, while the current one – Dan Schulman – welcomes digital currencies with open arms.
Following news that the company would support Bitcoin, Ethereum, Litecoin, and Bitcoin Cash cryptocurrencies, Schulman hopes to make positive changes to the asset class by leveraging his company’s technology and massive user base.
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For a long time, the main obstacle to adoption has been accessibility and range. However, by offering crypto to PayPal’s more than 346 million users through a user-friendly and trustworthy interface, this could lead to a “fundamental transformation” of the asset class.
“This solution will not include additional integrations, volatility risks or additional transaction fees for consumers or retailers and will fundamentally strengthen the benefits of cryptocurrencies,” explained Schulman. “This is just the beginning of the opportunities we see as we work hand in hand with regulators to accept new forms of digital currency,” he added.
Bitcoin took off and never looked back after PayPal announced crypto support | Source: BTCUSD on TradingView.com
Bitcoin and PayPal both benefit dramatically from working with digital currencies
Since the announcement, Bitcoin has been steadily and unstoppably on the rise. The leading cryptocurrency by market capitalization rose over 18% and hit a higher high – possibly confirming an upward trend that could extend well into 2021.
Bitcoin price is currently just under $ 14,000 and may consolidate to retest its previous all-time high of $ 20,000.
Related reading | Crypto PayPal News sends asset to a new all-time high, but it’s not Bitcoin
It’s not just Bitcoin that is bullish on the news. After months of stagnant price movements, Litecoin initially gained over 20%. Even PYPL shares rose, setting a new record for the Fintech brand.
But it could be crypto that benefits the most in the long run. Given PayPal’s 346 million users and tight shipments like BTC 21 million or LTC 84 million, there aren’t enough of these digital assets to use.
Featured image from Deposit Photos, Chart from TradingView.com