On Wednesday PayPal announced its plan to collaborate with Bitcoin and offer its users the utility to sell, buy and hold Bitcoin on its platform. As soon as PayPal made this news public, its share prices sky-rocketed like anything and so did Bitcoin's.
Yes, Bitcoin successfully surpassed its maximum resistance points and went beyond the limit to reach an all-time high price of $12,379. This was a sharp 13% rise over its previous two-month price and as expected the trend is only going to be picking up from here.
This was its highest level in 2 months and PayPal has a big role to play in this push. Now that world's most renowned and credible payments platform is associating with Bitcoin, the trend is always going to be a major game-changer.
Now, all those people who were earlier apprehensive about Bitcoin will be shedding their doubts and moving towards this arena with a newfound faith and confidence. With this announcement, PayPal will successfully introduce Bitcoin in the mainstream currency market and give it an equivalent position in the industry.
Now, bitcoin could easily leave behind its image of being a mere trading platform but will also act as a legitimate source of payment. As by 2021, we might start seeing this trend picking up as many stores will also open their door to Bitcoin payments.
As per a report, by 2021 around 26 Million stores in the US alone will be accepting Bitcoin payments through PayPal. This only adds utility, ease, convenience, and efficiency in the use of Bitcoin and this will only push consistent growth of the industry.
It happens very rarely that Bitcoin sees such a sharp rise of $2,000 in a day but perhaps the news was big enough to make this happen. With this, the Bitcoin will now successfully surpass the previous high limits and will be fluctuating between new low and high resistance points. To know more in detail go visit Bitcoin rejoin website.
Every six months, the Cryptocurrency needs a Big push to get past the previous threshold. This has happened in the past also and this time, PayPal is giving it that push.
Perhaps, there is even more to it as there are many other Corporates who are showing a deep inclination towards the Crypto market. Like recently only various Financial technology firms revealed their plans to set up a Bitcoin treasury fund.
Basically, the idea is to use Bitcoin as a stable store of value and encourage people to invest more and more in the same. These renowned firms are square technologies, MicroStrategy, and Stone Ridge.
If this plan is properly put to action and with some relevant guidelines in place, it will change the shape and course of the Crypto industry. From being a mere safe haven to a credible investment option, Bitcoin will take the long haul here.
Such major companies must take such bold steps because that is the only thing that is going to give people that push to see Bitcoin as a legitimate source of trading and investment. With these small steps, Bitcoin is taking the big leaps and making its way to become one of the widely recognized mainstream currency.
Now, all this positive news is pushing prices up, and seeing this trend investor is very positive about the future. This is only pushing them to invest more and more and that's what causing a further hike in price. Basically, this news has set the market in an increasing price spiral and the trend is only getting better with time.
