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

Tony "The Bull" Severino

Last Updated: June 11, 2024 2:08 pm

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.

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.

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.

“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 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.

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

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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