Paypal’s move into crypto sees Bitcoin hit $12,000
Paypal’s move into the digital currencies sector, allowing customers to buy, sell and hold Bitcoin, shows that Bitcoin deniers and crypto cynics are on the wrong side of history.
The price of Bitcoin skyrocketed past $12,000 on the news.
As I was quoted by The Independent, The Guardian, amongst others, and as I talk about in this YouTube video, astonishingly, there are still financial ‘experts’ and watchdogs of the opinion that cryptocurrencies are not the future of money.
Paypal’s latest move into the world of crypto is a huge step towards the mass adoption of digital currencies.
The lightning speed of the digitalisation of economies and every single aspect of our lives, particularly our financial lives, highlights there will be increasing demand for digital, global, borderless money – intrinsic characteristics of cryptocurrencies such as Bitcoin.
Over the past few weeks there has been soaring interest in Bitcoin – the world’s largest cryptocurrency by market capitalisation – from household-name investors.
Indeed, investor activity is increasing significantly, with several on-chain metrics and ongoing, mounting global political, economic and social turbulence indicating that there will be a price surge before the end of 2020.
I feel there’s a growing sense that we’ll experience a mini-boom akin to the one we saw at the end of 2017.
Although prices are yet to catch-up with investor interest, this is only a matter of time as investors will not want to sleepwalk towards year-high prices as we near the end of the year.
The late bull-run at the end of 2017 saw the Bitcoin price reach its record high of $20,089.
I think this decision by Paypal will lead to more institutional investors joining the crypto sector, bringing their capital and expertise with them.
We’ve seen the direction of travel is already on this path, but there’s a growing feeling that more investors will now be readying themselves to move off the sidelines.
Surely now the time is up for those who still believe cryptocurrencies are not the future?