Bitcoin tops $13k on Paypal’s move into crypto

22 Oct 2020

Bitcoin has rallied over $13,000 for the first time in three months.

The surge stems from news that global payments giant Paypal is moving into the digital currencies sector, launching support for Bitcoin, as well as Ethereum, Litecoin and Bitcoin Cash, reports Cointelegraph.

According to Quantum Economics founder Mati Greenspan, the rally was almost entirely fuelled by PayPal: "There's no doubt in my mind that this bit of news is almost solely responsible for today's extended gains."

This is a view echoed by deVere CEO Nigel Green: “This is a major step forward towards the mass adoption of digital currencies.”

Mr Green goes on to explain in this video, how time is now up for Bitcoin deniers and crypto cynics: “The decision by one of the biggest payment companies in the world to allow customers to buy, sell and hold Bitcoin is yet another example that exposes Bitcoin deniers and cryptocurrency cynics as being on the wrong side of history.”

Bitcoin has risen 10% over the past 24 hours, whilst Ethereum is up 8%, Bitcoin Cash is up 9% and Litecoin up over 15% on Thursday.

Alex Mashinsky, CEO of crypto lending platform Celsius said of the Paypal news: “This is definitely a bullish sign for Bitcoin and other cryptocurrencies. Crypto is all about trust, and PayPal has a very high level of trust with its users [...] If the UI/UX of the service is done right, we will see millions of new users join each month.”