PayPal has finally entered the cryptocurrency space, kickstarting speculation from blockchain news sources and experts about how this will impact the future of crypto. The payment processing giant recently launched its new cryptocurrency service in the US, and will initially feature Bitcoin, Litecoin, bitcoin cash, and Ethereum.
PayPal Becomes the Newest Player in Crypto and the Blockchain
With its new service, PayPal users will now be able to buy and sell virtual currencies using only their PayPal accounts. Full roll-out is set to happen in 2021, but the company is already starting to roll out buying options as early as now.
All cryptocurrencies can be stored in one’s PayPal digital wallet. By 2021, users will also be able to buy products and services from the 26 million sellers which accept PayPal transactions.
- Competition with top exchanges
Since PayPal is one of the top digital payment providers in the world with a 26-million strong merchant network, it may eventually compete with other existing exchanges such as ByBit and Binance.
- Bitcoin halving
Bitcoin just had its latest halving in May 2020, with the next one expected in 2024. However, other blockchain technology companies are forecasting that due to PayPal’s participation, supply might run out sooner than experts think.
Bitcoin Surges to Over $18,000
PayPal’s recent announcement has caused bitcoin’s price to surge at the time of writing. The world’s #1 coin broke its 2019 resistance level at $12,000. Now it’s trying to break the $20,000 resistance level set in December 2017.
While its present price is still hovering above the $18,000 level, a lot of traders and investors are already anticipating an all-time high move from bitcoin. It is also observed that gold, which is considered a safe-haven asset, is slowly dropping since it hit almost $2,100 last August and bitcoin has asserted its dominance.
Gold is now hovering above the $1,800 support level and it’s trying its best to hold on. Based on these figures, it is evident that bitcoin has massively overtaken gold by almost nine times its value.
Blockchain technology providers such as OpenLedger are also taking advantage of the crypto market this year while the other markets are going sideways. With PayPal in the picture, investors might see more liquidity coming in the coin markets anytime soon.
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