PayPal Could Support Bitcoin And Crypto For This Specific Reason
It’s been revealed that some rumors claim that soon PayPal might support buying and selling Bitcoin and crypto.
CoinDesk cited three sources that revealed the payment giant’s plans which would become a reality in a few months.
It’s been just revealed that fintech giant PayPal is planning to roll out direct sales of crypto to its 325 million users, according to three sources.
“My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo,” a source told CoinDesk.
300+ million people will soon be able to buy Bitcoin with PayPal and Venmo.https://t.co/xY3hEVfmdf
— Pomp 🌪 (@APompliano) June 22, 2020
Analysts on Twitter debated the move and said that this would be massive for crypto and for the mainstream adoption of Bitcoin and the digital assets.
The mass adoption of cryptos has been one of the main goals that the crypto industry set.
Another hint that PayPal might be up to something is that the giant has been hiring blockchain experts.
A potential reason for which PayPal could support crypto
The online publication the Daily Hodl is analyzing the reason for which PayPal would support Bitcoin and the digital assets. They bring up a report from PayPal rival Square.
Cash App is Square’s popular app which gave customers the ability to buy and sell Bitcoin back in 2018 at the beginning of the year. Since then, the sales of BTC have grown and exploded in Q1 2020, “with the company reporting a record $306 million in Bitcoin revenue,” cites the Daily Hodl.
Square then said that much of the sales are attributed to a significant drop in the price of Bitcoin in March. Back then, the king coin traded below $4k.
“Cash App revenue included $306 million in bitcoin revenue during the quarter, which benefited from an increase in transacting active bitcoin customers and growth in customer demand as a result of the decrease in the price of bitcoin.”
That’s why analysts believe that the opportunity for PayPal to have a similar system may arise.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.