Komal Joshi · Oct 19, 2020 . 6min read
Crypto experts believe PayPal to soon offer Bitcoin services post Square
Distinguished crypto experts consider that PayPal could accompany Square’s steps and declare Bitcoin’s support by the end of the year.
By Komal Joshi · Oct 12, 2020 . 6min read
According to crypto experts, PayPal may soon announce its services for Bitcoin. PayPal has been in the limelight in the crypto community for a long time now. It has been a source of attention with all the rumours, reports, and statements. Earlier, in a public letter to the European Commission, PayPal has stated that it is expanding “crypto capabilities” and promotes a harmonized legal framework. According to the document, PayPal recognizes the significant growth that Bitcoin and the crypto market have experienced in recent years.
In addition, in July, reports surfaced that a collaboration with the crypto-broker Paxos might be planned. It intends to provide the uninterrupted purchase of Bitcoin and other cryptocurrencies. Besides, crypto exchange bitFlyer Europe also declared integration with PayPal. Thus, the move indicates bitFlyer users can now deposit euros utilizing their PayPal accounts to purchase cryptocurrencies. However, bitFlyer Europe users have to choose the payment method to deposit funds.
Some crypto space experts prophesize that PayPal could be the next prominent company to promote Bitcoin. This is in reference to its prospects to the rumours.
PayPal rumours to drive Bitcoin adoption.
According to Ari Paul, CIO and managing partner at BlockTower Capital, PayPal could make an announcement about Bitcoin by the end of the year.
Square news is cool, but Paypal has 10x the users. I think we’ll see Paypal announce support for BTC by year end.Ari Paul on Twitter
Tyler Reynolds, who used to work at Google Payments, also considers that PayPal may soon come out with the bitcoin services. Nevertheless, he stressed that it might concentrate entirely on Bitcoin. However, it would not focus much on the second-largest cryptocurrency, Ethereum. He believes that Ethereum is very competitive.
Current theory: Square and PayPal are pro-Bitcoin & cold on Ethereum because they want to be retail payment rails for BTC. They don’t want to give ETH a platform as it provides a full financial alternative that disintermediates PayPal & SquareTyler Reynolds on Twitter
Recently, BTC has been bullish. Bitcoin experiences a highly liquid market with prominent regulated exchanges. However, if PayPal plans to make an announcement regarding Bitcoin, it would enable many markets without an influential exchange infrastructure to obtain access to liquidity. Owing to its broader approach and various users, it will allow a broader bunch of people to trade in bitcoin smoothly and efficiently.
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