Bitcoin-Booster: 28 million merchants thanks to PayPal soon BTC-Hodler?
Since the Bitcoin integration, PayPal has significantly increased its BTC inventory. With a view to the upcoming service expansion for merchants, the payment service provider is likely to stick to its aggressive purchasing policy.
According to opinion of many market observers the Zahlungsanbieter PayPal is not completely innocent at the present Bitcoin high altitude flight. Now PayPal CEO Dan Schulman gave an interview to the Canadian broadcaster CNBC and gave some insights loud Crypto Profit into the company philosophy regarding crypto currencies. In the interview Schulman pointed out the ongoing coronavirus pandemic. As a result, the dependence on cash has decreased by 40 to 70 percent. The central banks would sooner or later switch over and convert physical fiat money into digital counterparts. PayPal will of course draw the appropriate consequences from this.
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The Zahlungsdienstleister will make the use possible of crypto currencies as Finanzierungsquelle for 28 million dealers on its platform, so Schulman.
An important step, which we undertook, is not only that we make it easy with PayPal to buy, sell and hold crypto currencies. Early next year, we will allow crypto-currencies as a financing source for all transactions of all 28 million of our merchants. This will greatly increase the value of crypto-currencies.
Dan Schulman, PayPal CEO
PayPal and Cash App with high Bitcoin purchases
Afterwards Schulman pointed out an eminently important component of the success prescription of crypto currencies. He said that the key to sustainable success lies in cooperation with the regulatory authorities. PayPal introduced its crypto function in the United States earlier this month, just weeks after the announcement of the integration. The service should be available worldwide from the beginning of next year.
PayPal has a total of 360 million active users. The company recently caused a stir by buying up Bitcoin (BTC) and other crypto currencies on a large scale. According to asset manager Pantera Capital, the payment service provider is currently incorporating almost 70 percent of all new Bitcoin. PayPal’s competitor Square also bought a considerable amount of Bitcoin via the Cash App. The high demand and supply shortages are some of the main reasons for the current rapid rise in Bitcoin’s share price.
The provider of PayPal’s crypto infrastructure is Paxos. The company has already launched its own crypto currency with the Stablecoin PAX and with itBit also launched a crypto exchange. Through Paxos, PayPal has also received the first conditional license for virtual currencies from the New York State Department of Financial Services. If other, larger financial institutions follow the example of PayPal and Cash App, the Bitcoin offer might become even scarcer