PayPal accepts bitcoin. Why this is good news for cryptocurrency traders.
Just this month, PayPal Holdings Inc’s announced a decision to open its network to bitcoin.
The news rolled, pundits wrote and tweeps tweeted. Everyone in the crypto space was enthusiastic and the bitcoin price spiked.
It was hailed by virtual coin enthusiasts as a watershed moment for cryptocurrencies and their path towards becoming a widespread means of payment.
But what does this mean for beginner traders like me and you?
This article may not explain to detail what this means unless you have a day to day update on crypto markets. I advise you join this telegram channel to daily updates and reliable trading signals. https://t.me/BitcoinCryptoCenter
The PayPal statement.
PayPal in a communication said it hoped the service would help cryptocurrencies become more useful, while readying its network for the emergence of more mainstream digital coins.
PayPal will not be the first well-known consumer brand to accept cryptocurrencies. Square, for example, has allowed the exchange of cryptocurrency on its service for two years, and earlier this month announced the purchase of 4,709 Bitcoins — at the time worth $50m. The move that saw its share price jump 2.5 per cent, in large part because the markets feel there is a large amount of capital ready to be spent in cryptocurrency but which has limited outlets.
With so much institutional money coming into the cryptocurrency space, it will only be a matter of time before the market cap of cryptocurrency rises to an all time high-ATH.
The bigger question remains not on whether the bitcoin price will keep rising but rather how far it will rise.
What if bitcoin one day hits $100,000? Will you own some few satoshi or own an entire bitcoin?
Everyone is investing, what are you waiting for?
Join this telegram channel right now and we get started. https://t.me/BitcoinCryptoCenter
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