Bitcoin Price Gets A Boost Following PayPal Crypto Announcement – Still, There’s A Catch
Bitcoin’s price got a boost the other day, and people in the crypto space were wondering what caused this.
At the moment of writing this article, BTC is still trading in the green, and the coin is priced at $12,793.14.
PayPal drops massive announcement
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
“The service will be available to PayPal account holders in the U.S. in the coming weeks and initially feature #Bitcoin, #Ethereum, #BitcoinCash, and #Litecoin directly within the PayPal digital wallet,” PayPal continued.
Someone commented: “Goddamn BCH and LTC will never die now lol. Completely and utterly pointless and useless, but enduring.”
Lots of XRP enthusiasts were disappointed that their favorite coin was not included in the list of supported tokens.
A follower said: “Litecoin has more use case. There’s a game called Litebringer on the blockchain itself. Each move on the game is a transaction. Making a character is a transaction. Litecoin getting privacy eventually.”
Anyway, there’s an important reminder that people should be aware of: PayPal will not let you withdraw your crypto.
“A friendly reminder that PayPal will not let you withdraw your crypto. NOT YOUR KEYS, NOT YOUR COINS. Please remember this before buying,” this Reddit post says.
On the other hand, someone commented: “Unpopular opinion: some people wouldn’t be able to or simply don’t want to be their own bank, and custodial services have a place within a bitcoin future.”
Anyway, there’s no doubt that PayPal’s move will lead to a boost in the mainstream adoption of BTC and the otheer listed coins listed by the platform.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.