PayPal on Wednesday caught the market by surprise when it announced it will soon allow its users to buy, sell, and hold Bitcoin and Bitcoin cash through its platform. Not only Bitcoin but the platform will open its doors for other cryptocurrencies as well which includes Litecoin and Etherum.
This is a big stride for Cryptocurrency and this step has opened doors for the currency to enter the mainstream segment. Now, transacting in Bitcoin will become so much simpler and this will definitely help increase its potential customer base.
Not only this, but the announcement also included their plan to allow users to transact in Bitcoin at 26 million stores that are also dealing with Bitcoin. This will change the entire shape and course of the Crypto industry and put it on the trajectory of resilient growth.
The feature will be rolled out soon, and we can expect it to be available by 2021. Hereby, the users can simply visit the Fintech-associated store and they can purchase any item using the Cryptocurrency of their choice which during the course will be converted into Fiat currency and will be received as one by the concerned store.
Cryptocurrency has for long remained as a safe haven and not a mainstream currency mode. People still are apprehensive of investing in the same and think of it as an illicit trade platform. With this move, Paypal has helped Bitcoin come out of that image and join the league of other currencies
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This step is taken given the current state of the currency which only ends up as a trading element. But, now it comes with these added benefits of easy usage, efficient mode of transaction, and a reliable payment system.
Now, with this announcement, they have taken a major leap and perhaps successfully beaten Facebook who was planning to join the league of Cryptocurrencies. Yes, Facebook saw this drawback a long time back and it was banking on it to promote its Cryptocurrency, Libra to bridge this gap between being a trading element to a mainstream currency.
With this move, Crypto will break this threshold and surpass these growth barriers, and will reach a vast audience. The time is not far when a major chunk of our generation will be dealing in Cryptocurrency with comfort and convenience.
Now, this news did wonders for the company as it was expected to and this caused PayPal's share price to reach an all-time high of $215.87. The announcement took the market by surprise and the result was as promising as the future of Bitcoin and PayPal together. This was a sharp 4.1% rise over its previous price and the rate of the hike is only going to be higher after this.
PayPal also made it very clear that they do not plan to monetize on this channel directly. So, there will be no charges for using, selling, buying, or holding Bitcoin on PayPal. It will only charge a nominal fee on every transaction as it does with other currencies.
This news was taken very positively by Bitcoin users as well as we saw a very promising price rise. Within 24 hours of the announcement, Bitcoin's price rose by $1,000 and reached $12,900. With this, it not only saw one of the biggest price rises but also broke past its resistance limits between which it was lingering for a long time.
Many big investors and financial experts called this, the biggest Cryptocurrency news of the year. Indeed, it is huge for such an internationally renowned and reputed brand to join hands with Bitcoin and jump into the Cryptocurrency pool. If anything at all, this only legitimizes the Cryptocurrency market and makes it seem like a really good option during these times.
For those, who had their doubts about the currency should now shed these worries as it's only going to see positive growth and development from here. Those, who are smart enough will choose to invest in the market now so that they can enjoy much better returns in the future when this whole plan is put into action.
