This week's ups and downs in the stock market are giving investors a boost. With Shanghai's global Wall Street stock markets breaking records earlier this week, hopes for a V-shaped recovery were on people's minds. Alas, it seems that stocks simply cannot ignore the pandemic, with the Dow Jones plummeting nearly 400 points Tuesday evening amid concerns about the economic impact of COVID-19.

However, just as people who get the virus are not affected in the same way, so are publicly traded companies. Square's Cash App and PayPal's Venmo are two major payment service providers that help people transact without risking getting money. Paypal's stock climbed 65% yesterday and Square's price has already doubled throughout 2020. And if the rumors that PayPal and Venmo may soon allow users to buy and sell bitcoin are true, the PayPal stock could explode.

PayPal is bullish for Bitcoin

Former PayPal CEO Bill Harris could be forgiven for his remarks about Bitcoin in 2018. After all, he was in good company with other well-known CEOs brandishing Bitcoin as a scam. You have to wonder what he thinks now, when the giant of fintech seems ready to seize a new opportunity (or at least not to be left behind). Just as JPMorgan has flip-flopped on cryptography, the 325 million PayPal users could soon buy bitcoins with PayPal and Venmo. This is really big news.

Since the new PayPal and Bitcoin have dropped, space crypto experienced significant excitement, some key players caller even "greater than Bakkt" and even more than anything else, actually. Scott Melker, influential crypto trader and advisor, said, "If PayPal and Venmo are really getting into crypto, then this is arguably the most bullish news we've seen in space ... ever."

PayPal has not yet confirmed or denied the news. However, according to other sources, the payment company is actively hiring crypto engineers. The price of Bitcoin increased considerably afterwards, reaching $ 9,800 on June 23; a sign that it's bullish for space. As we strive for mass adoption, opening bitcoin and other cryptocurrencies to a new audience of more than 300 million people worldwide can only be a good thing - and the stock of PayPal skyrockets.

Why now, why not before?

Harris did not hold back his feelings on Bitcoin . In fact, he called it "the biggest scam in history" and added, "It is a colossal pumping and dumping system like no other has ever seen." However, not everyone at PayPal agreed. In fact, PayPal has been working with Coinbase since 2016, allowing users to cash their crypto in fiat via a PayPal wallet. The company was wary perhaps of bitcoin , but she liked making money with people who ' were used.

But now fast forward two years and a lot has changed. If the rumors are true, over the next three months, buying crypto will be much more accessible and common. So why now? It seems that PayPal has finally realized he has to innovate and deliver the services that its users have needs or be intended to be left behind as a legacy technology.

It almost seems like PayPal is being dragged into cryptography against its better judgment after seeing figures released by competitor Square's Cash App, showing that it is growing rapidly than Venmo. It was around the middle of 2018 when Square rolled out its Bitcoin purchases ...

In the first quarter of 2020, the Dorsey company said that its revenue from Bitcoin had exceeded that of Fiat, climbing 367% to $ 306 million. This must have pushed PayPal into action. If the company hasn't acted quickly on Bitcoin , it may be too late. Its competitors were certainly not waiting.

How will PayPal survive Bitcoin?

PayPal's partnership with Libra has always seemed a little strange to me, so it wasn't really surprising when the company pulled out in October of last year. After all, it openly facilitated a peer-to-peer payment network that would shut it down. So what's his plan with Bitcoin ?

Despite Square's gigantic progress, Venmo is still the largest consumer credit application in the United States. It allows people to send money easily, but at a fairly high price. Bitcoin , with its reduced fees and peer-to-peer transactions, will it finally see the end of PayPal?

After all, all technology has a life cycle. Think of the fax machine, the cassette, digital cameras or DVDs. When more than 325 million people have discovered Bitcoin , essentially a competitor to PayPal, the payment company would do better to adopt good approach.

So how will PayPal survive bitcoin ? It seems to be, "if you can't beat them, join them", for the time being at least. It will be interesting to see what effect this new decision has on the multi-billion dollar pricing structure of the company. Whatever happens, as the actions of PayPal and Square show, the digital money business is where the money is right now.