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Nexo Logo

PayPal CEO: Bitcoin Support Will “Fundamentally Bolster” Crypto “Utility”

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
Reading Time: 3 mins read
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Bitcoin adoption metrics are reaching all-time highs, and the crypto asset’s price has been on a steady ascent higher since PayPal announced it would be supporting cryptocurrencies.

But according to the company’s CEO, their support will “fundamentally bolster” the “utility” of cryptocurrencies by making them more accessible to the mainstream masses. Here’s how the payments giant’s support of crypto could boost the Bitcoin bull run and help usher in a new era of cryptocurrency adoption.

PayPal To Bring “Fundamental Transformation” To Crypto Utility

Policies and company ethos change from CEO to CEO, and that’s exactly what happened with payments giant PayPal. The former CEO called Bitcoin a scam, while the current – Dan Schulman –  is welcoming digital currencies with open arms.

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Following news that the company would support cryptocurrencies Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, Schulman hopes to bring positive transformation to the asset class by leveraging his company’s technology and massive userbase.

Related Reading | 21 Million BTC: How PayPal Active Users Underscores Bitcoin Digital Scarcity

The largest barrier to adoption has long been accessibility and reach. But by offering crypto to PayPal’s more than 346 million user base through an easy to use and trusted interface, it could cause a “fundamental transformation” in the asset class.

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“This solution will not involve any additional integrations, volatility risk or incremental transactions fees for either consumers or merchants, and will fundamentally bolster the utility 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 currencies,” he added.

bitcoin paypal crypto

Bitcoin took off and never looked back after PayPal announced crypto support | Source: BTCUSD on TradingView.com

Bitcoin And PayPal Both Benefit Dramatically From Digital Currency Collab

From the moment the announcement was made, Bitcoin has been on a steady and unstoppable rise. The leading cryptocurrency by market cap surged over 18% and set a higher high – potentially confirming an uptrend that could extend well into 2021.

Bitcoin price is now trading at just under $14,000, potentially consolidating for a retest of its former all-time high of $20,000.

Related Reading | Crypto PayPal News Sends Asset To New All-Time High, But It’s Not Bitcoin

It isn’t just Bitcoin that is bullish on the news. Litecoin rallied over 20% initially, after months of stagnant price action. Even PYPL shares soared, setting a new all-time for the fintech brand.

But it could be crypto that benefits the most in the long run. Given PayPal’s userbase of 346 million and scarce supplies such as 21 million BTC or 84 million LTC, there aren’t enough of these digital assets to go around.

Featured image from Deposit Photos, Chart from TradingView.com
Tags: bitcoinbtcbtcusdbtcusdcBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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