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The Latest on Bitcoin and PayPal

PayPal 27 Oct

The Latest on Bitcoin and PayPal

PayPal and Bitcoin
It has been an excellent week of trading for bulls in crypto markets with the Bitcoin price up ~13% over the last week – tearing past the USD13,000 price level to reach its highest level since January 2018. At the same time the Ethereum price was up 12% and the Ripple Price was up ~6%. The overall crypto market cap  jumped by 10% for the week. The apparent trigger for the Bitcoin price run was an official announcement made by online payments giant Paypal confirming that it would soon be allowing its 346 million active users to buy and sell cryptocurrencies.      Aditya Das Aditya Das Brave New Coin
Economist Analyst/Writer  Find me on Twitter
Initially, PayPal will support Bitcoin, Ethereum, Litecoin (LTC), and Bitcoin Cash (BCH). The cryptocurrency service will be first rolled out to US-based customers before an expansion to select international markets. It has also been revealed that users will be able to spend their crypto on goods and services from vendors that support Paypal. Merchants, however, will not be able to support cryptocurrency payments until at least the first half of 2021. PayPal CEO Dan Shulman said that a shift to digital currencies is inevitable as digital currencies offer clear advantages of financial inclusion and access; efficiency, speed, and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly. The move has been seen as a huge step in the mainstream adoption of digital currency. Bitcoin’s outlook as a store of value was also given a boost as billionaire hedge fund manager Paul Tudor Jones bullishly described Bitcoin as the “best inflation hedge” on Thursday. Jones who in May revealed that the Tudor Group investment corporation holds a Bitcoin futures contract position said, “I like bitcoin even more now than I did then. I think we are in the first inning of bitcoin and it’s got a long way to go.” The Wall Street legend says Bitcoin is set to succeed in an environment of unprecedented fiscal expansion and quantitative easing by the US Fed that will bring a wave of inflation to the US economy. Bitcoin has economic characteristics of finite supply and a fixed encoded inflation rate that establish it as a strong defensive trade against assets like fiat currency. Bitcoin has faced questions in the past around credibility and integrity, but a growing list of figures and companies in mainstream finance are now backing it as a viable investment and technology opportunity.

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