The Bitcoin price was driven up for a short time, it didn’t take long to look for the reason for this. While the news that PayPal is about to engage in cryptocurrency trading caused a sensation, now it’s time for the next big news. In the future, PayPal users will also be able to pay with cryptocurrencies via PayPal using their accounts at accredited merchants.
Bitcoin as a Means of Payment Is Gaining Momentum
One of the main arguments of Bitcoin critics is ‘There’s nowhere to spend it! Worthless!’. While the situation has steadily improved in recent years and there are already crypto Mastercard and VISA debit cards, this message from PayPal shouldn’t be underestimated. PayPal is one of the largest payment service providers, especially in the area of e-commerce where it sets standards.
For many users, it was only a matter of time before PayPal came into play. Enabling customers to trade is one thing while announcing cryptocurrencies as regular means of payment on your own platform is another thing.
Institutions & Bitcoin: The Time Has Come
Everyone who deals with the topic on a regular basis is well aware that institutions have finally entered the cryptocurrency market. There are now many large companies that have actively invested in Bitcoin. The biggest names in this context are MicroStrategy, Tesla as well as Grayscale Bitcoin Trust.
Moreover, major banks and payment service providers such as PayPal are also interested in cryptocurrencies. For example, JP Morgan changed its assessments, and corporate consultant Morgan Stanley is also interested in the topic.
For Bitcoin investors, this is a good sign in many ways as it says a lot about the regulatory risks. If big names like Goldman, JP Morgan, and Morgan Stanley want to come into play, they will get acquainted with regulatory risks beforehand.
Thus, for ordinary users, the entry of such institutions also ensures more trust in Bitcoin as a currency. The level of knowledge about Bitcoin is likely to increase further thanks to PayPal — it’s only a matter of time taking into account a large user base.
Bitcoin is gaining momentum today. Moreover, Bitcoin is stalking an all-time high again and is currently trading at over $58,900. Meanwhile, at the beginning of March Canada launched the first Bitcoin ETF in North America.