PayPal launches crypto payments
30 Mar 2021
PayPal is set to announce later on Tuesday it has formally launched cryptocurrency payments for customers in the United States.
According to data from Tradingview and Cointelegraph Markets pro, Bitcoin hit a 10-day high on Tuesday as the PayPal news hit the press.
As reported by Reuters, PayPal confirmed its move into crypto in 2020, with the rollout eventually set to reach all users and 29 million merchants.
President and CEO Dan Schulman told Reuters: “This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet.”
Although PayPal is not just focusing on Bitcoin, the world’s largest cryptocurrency reached $59,200 at the time of writing, Cointelegraph reports.
In addition, PayPal made reference to a crypto turning point in general, with the CEO calling cryptocurrencies a "legitimate funding source."
He added: “We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants.”
PayPal will not charge a transaction fee to checkout with crypto, Reuters reports, with just one type of coin used for each purchase.
Furthermore, among some of the most bullish Bitcoin forecasts this week is from statistician Willy Woo, who during an interview stated that one Bitcoin would, ultimately, become worth "millions of dollars."
"There's no way that Bitcoin's going to stop at the market cap of gold, which is $10 trillion; it's going to go a lot higher, which means that we're going to be going into the millions of dollars per coin," he said to Real Vision's Laura Shin.