Yesterday was a great day for the crypto space, with Bitcoin managing to hit above $13k.
The king coin was priced around $13,200. At the moment of writing this article, BTC is still trading in the green, and the digital asset is priced at $12,938.74.
PayPal’s announcement most definitely has something to do with BTC’s price rise.
As we reported the other day, PayPal made an extremely important announcement for the crypto community that will trigger a boost in the mainstream adoption of BTC and crypto.
Here’s the announcement coming from PayPal that allegedly boosted the price of the king coin the other day.
Today, we are announcing the launch of a new service that will enable customers to buy, hold and sell #Cryptocurrency directly from their PayPal account. https://t.co/QS6JRmG9hs pic.twitter.com/uHBatfZkbF
— PayPal (@PayPal) October 21, 2020
Mainstream adoption of Bitcoin and crypto intensifies
Now, it’s been revealed that Ex-hedge fund manager and chief executive officer of Galaxy Digital, Mike Novogratz, said that news of PayPal’s crypto adoption would inspire all banks to cater to Bitcoin and crypto.
He said that he’s expecting this massive announcement to trigger a chain reaction that forces banks to become aware of the crypto’s massive potential.
This PayPal news is the biggest news of the year in crypto. All banks will now be on a race to service crypto. We have crossed the rubicon people. Exciting day. 🔥🔥🔥🔥🔥🔥🔥🔥 https://t.co/hXpiJEDOb3
— Mike Novogratz (@novogratz) October 21, 2020
Someone asked: “Why is it exciting? People convert fiat to bitcoin and bitcoin back to fiat. They don’t keep it in bitcoin….”
A follower responded: “It’s exciting because of mass adoption. #Paypal gets in and taps into 346 million existing users. They buy the supply of #Bitcoin and resell it to their users for a premium. Also, Institution #FOMO. The competitors will have to step up their game. Amazon, etc …”
Someone else also said that: “Unless you spend all the Bitcoin you buy immediately, it definitely stays in Bitcoin for a time. Provides some nice volume too.”
Novogratz was saying this a while ago, this month: “[BTC is] now a legitimate macro asset. Two years ago it was in what I call the ‘venture sandbox’…I always tell people Bitcoin’s price would be a ton higher if it was easy to buy…” he said as cited by the online publication the Daily Hodl.