Interesting situation right now, according to Cryptowatch:
Bitcoin at USD 12 762
Ethereum at USD 394
Bitcoin Cash at USD 260
Litecoin at USD 52
Gains of between 6 and 12 % for these crypto currencies.
The reason?
PayPal has announced that they will allow users to pay with these crypto currencies.
That means that now you can buy from any merchant that accepts PayPal using crypto currencies.
This doesn’t mean the merchant themselves will accept crypto; they will be paid in FIAT. When you make a purchase, PayPal will convert the amount in FIAT to crypto. PayPal will then deduct the crypto amount from your account’s crypto balance.
Bitcoin enthusiasts have been hoping for years for bitcoin to become a more widespread means of exchange. Scalability issues have forced many to accept Bitcoin’s role as mainly a store of value, instead of a full-fledged currency.
But with PayPal’s announcement these four crypto currencies are all of a sudden going to be accepted at over 26 million merchant sites in the PayPal network.
PayPal plans to start receiving crypto accounts in the next few weeks for its US costumers, but it will be until early 2021 when merchants could be paid using this new method. Venmo and non-US customers will have to way until later in 2021 to be able to enjoy this service.
This article is intended for entertainment purposes only. It should not be considered as financial advice. Do your own due diligence before committing any funds. Please be aware that all investments entail risks, don’t invest more than you can afford to lose.
