Bitcoin investors and traders are very happy. The reason is, they can earn much money overnight due to the increase of cryptocurrency rally price. Bitcoin price surges after PayPal jumps into cryptocurrency business.
Quoting from Coindesk, on Thursday (22/10/2020), Bitcoin was traded at a price of US $ 12,866.14 per coin. The highest price in the last 24 hours was US $ 13,299.37. Bitcoin’s price increase was 7.81% overnight or increased US $ 931.81 per coin.
PayPall open up network to cryptocurrency
PayPal’s decision to allow the sale and purchase of cryptocurrency or digital currency using PayPall increasses Bitcoin price. Next, maybe means of payment at at 26 million merchant partners with PayPal will use cryptocurrency.
Besides, this service will be available starting next year for US PayPal users. Furthermore, it will be expanded to peer-to-peer payment applications Venmo and also other countries in the first half of 2021.
“We are working with the central bank and thinking about all forms of digital currency and how PayPal can play a role,” said PayPal President and Chief Executive Dan Schulman, reported Reuters, Thursday (22/10/2020).
Cryptocurrency will be everywhere in the future
This decision has made investors believe that people will use cryptocurrency in the future. Moreover, they will use it as a place for investment and a means of payment.
Apart from PayPal, the company owned by billionaire Jack Dorsey Square has announced that he is investing in Bitcoin holding US $ 50 million this October.
Billionaire investor Mike Novogratz praised PayPal’s move and considered this the biggest news this year in the cryptocurrency industry.
“A great day for cryptocurrency supporters. Now all banks will be competing to serve cryptocurrency,” said Mike, quoted from Forbes.