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PayPal officially announces crypto payments

Bitcoin climbs above US$59,000: PayPal officially announces crypto payments

Bitcoin and some altcoins are now officially supported by PayPal

Bitcoin (BTC) approached US$60,000 on 30 March after PayPal confirmed it had officially launched cryptocurrency payments.

PayPal: crypto now ‚legitimate source of funding‘

Data from Cointelegraph Markets Pro and Tradingview shows that the BTC/USD pair hit a ten-day high on Tuesday when the news became public.

According to an exclusive report from Reuters, PayPal will make an official announcement later today, saying it would Profit Revolution announce its long-awaited cryptocurrency payment feature for US customers.

The company caused a stir last year when it confirmed its cryptocurrency plans. The feature is also expected to eventually be offered to all users and 29 million merchants.

„This is the first time you can seamlessly use cryptocurrencies just like a credit card or debit card in your PayPal wallet,“ president and CEO Dan Schulman told Reuters.

PayPal’s focus is not exclusively on Bitcoin, but the BTC price nevertheless reacted positively to the news, climbing its previous all-time high of $58,300 set in February. By the time of going to press, it was already above 59,000 US dollars.

A look at Binance’s order book shows that there are still sellers between the current spot price and the all-time high at 61,700 US dollars.

PayPal also spoke of a turning point for cryptocurrencies in general. Schulman even referred to them as a „legitimate source of funding“ in the process.

„We think this is a transition point where cryptocurrencies are moving from an asset class that you buy, hold and or sell to a legitimate source of funding. Namely, you can now use them to make transactions in the real world with millions of merchants,“ he added.

Woo: Bitcoin on the way to „millions of dollars“

PayPal was sceptical for a long time. But now the company’s official stance matches the predictions of some bitcoin advocates. Among the most bullish long-term predictions this week is that of statistician Willy Woo, who said in an interview that a single Bitcoin would eventually be worth „millions of dollars“.

„Bitcoin will definitely not stop at the market capitalisation of gold, which is 10 trillion. US dollars. It will go much higher. That means one coin will be worth millions of dollars,“ as he told Real Vision’s Laura Shin.

Well-known trader Peter Brandt was also on the panel. The latter said in a now oft-shared commentary that he had completely changed his view on Bitcoin.

„My way of thinking has changed. From Bitcoin as a trading product to Bitcoin as a measure of wealth,“ he said.