Paypal has over 300 million accounts worldwide, and there is a rumor going around this week that they are planning to accept Bitcoin at last. From criticizing Bitcoin as a fake just two years ago, the top payment platform in the world may now be about to open up to be used by Bitcoin holders as a means of purchase, sale and remittance. This would open up the opportunity to those 300 million users to access Bitcoin too, and if even a small percentage of them decide to use the platform to buy some cryptocurrency, then it could double the Bitcoin use overnight. And that would be extremely bullish and favorable for Bitcoin in more ways than one.
Twitter, and its CEO Jack Dorsey, have already opened up to Bitcoin use via their Square App, a few years ago, so Paypal are not the first big name to adopt Bitcoin usage. However, they will be the biggest to date. Although still a rumor, from undisclosed inside sources, we may well be seeing the evolution of blockchain technology and cryptocurrency into the mainstream in a serious way. Few can critique the power of Bitcoin any more when we see the USA government actually hiring cryptocurrency specialists from the top bitcoin exchanges to work for them. It appears obvious that the governments of the world are aiming to move toward the cashless society and the digital dollar or local fiat currency. Blockchain is here to stay, and Bitcoin too it seems, being the original flagship cryptocurrency itself.
If Paypal accept Bitcoin payments, then we have the new norm and a household word and financial service in Bitcoin. Add to this Paypal’s subsidiary Venmo, which will also offer Bitcoin transaction facility to its millions of users, and we will see mass adoption. It’s just a matter of time before the next bull run climbs to new ATHs, and then the news of Bitcoin will spread even more than ever, the media will pick up on it again, and mainstream interest will grow, along with new buyers and thus the price will spike as we are anticipating.
These are still the early days for Bitcoin and as institutional investors buy in this year, along with all the long term hodlers, I foresee a predictable growth in the industry. Imagine the masses being able to buy Bitcoin directly on Paypal, without having to undergo the complicated process of opening an account on an exchange and buying there. Any process which simplifies the on boarding process today, will immediately open up adoption. I look forward to the day when anyone can make a payment to anyone else in minutes via Bitcoin and Paypal, from the phone App, without any fuss. And if this rumor of Paypal accepting Bitcoin is true then we should all be stacking sats or buying as much Bitcoin as we can right now because the price will definitely be spiking up to the moon in the coming years, and this may be the last chance to buy below $10000. Of course, I’ve said that before, so I won’t hodl my breath, but the overall trend is bullish, so I’m already on board and awaiting the rocket launch taking me to the next level.
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That would be great.. making it easier you old guys like me to jump in...
Agreed, the easier it is to onboard the masses, the greater the adoption of bitcoin and the subsequent price hike to the new All Time High.