Paypal Opens Doors To Bitcoin: Buy and Sell Limit Up to $20.000/week for American Accounts

By Lorenzo Giovannini | Tech update | 13 Nov 2020


The incredible demand convinced Paypal to remove the waitlist and from November 12 U.S. accounts are able to hold Bitcoin (with a bunch of other cryptos) and to buy and sell an amount of $20.000 per week, upgraded from the previous $10.000 and $15.000. 

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Dan Schulman, CEO of Paypal, stated that the company is working in collaboration with central banks of various countries for making Bitcoin availables also in other parts of the world, taking a big step toward mass adoption of cryptocurrencies. The company hopes to make Paypal transaction payable with cryptos from next year, with Paypal becoming also a crypto wallet.

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Paypal announced also the will of increase its presence in the cryptospace, by starting original projects and by buying already running companies.

The actual Bitcoin bullrun is also due to the announcement on 21 Oct. of the partnership with Paxos and of the adoption of cryptocurrenciesi, initially Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

In terms of exchange rates, PayPal will charge $0.50 USD on transactions up to $24.99 USD, 2.3% on transactions from $25 to $100 USD; 2% on transactions from $100.01 to $200 USD; $1.8% on transactions of $200.01 to $1,000 USD; and 1.5% on transactions over $1,000 USD, much less than Coinbase, the actual leader in mainstream crypto. There are many chances that Paypal will take Coinbase's place in short time.

de0e02f3b11ca3d4e5984ab55458428e609b43a48dfcf7977e78ed4eebbd542a.jpegSome say that a huge number of Paypal users, who never got in touch with crypto, have now a trusted and relatively cheap way to buy Bitcoins, and this will let the rising trend stay for a while. This could be a decisive factor in the reach of a $20.000 price. 

 

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