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Bitcoin Surges to $12,900 after PayPal Announces Support for Cryptocurrency

Bitcoin is currently standing at $12,766 after surging by 7.25% over the last 24-hours. The credit of unprecedented price increase goes to PayPal, which has announced to provide crypto services by 2021.

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Crypto Facilities: Buy, Sell, and Store

According to the official statement released by PayPal on Oct.21, the payment company will enable its user base to buy, sell, and store digital assets. After getting a license from the New York Department of Financial Services (NYDFS), PayPal finally launches crypto services in partnership with the Paxos Trust Company.

The payment giant acknowledges the potential of digital currencies and claims the world is going towards central bank digital currencies (CBDCs). The new initiative on the part of the payment giant will open new doors of crypto adoptions on a large scale. Soon, banks will have to make significant efforts in offering crypto services.

At the start, users can sell, receive, and store Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC). It is noted specifically that payments will be processed in fiat currencies across the platform.

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The news of PayPal’s entry into the cryptocurrency space is greatly welcomed by the crypto community. Crypto experts consider it the biggest news of the year. For instance, Mike Novagratz claims all banks will strive to “service crypto” and “we have crossed the rubicon people.”

PayPal has started taking interest in digital currency in 2019 when it became the founding partner of Facebook’s project Libra. But after some time, it left the Libra Association along with a few other members.

In a recent interview with Dan Schulman, Chief Executive of PayPal said it is working with central banks for rolling out central bank digital currencies.

Bitcoin is Bullish

Soon after PayPal’s news broke out, the price value of Bitcoin moved suddenly upward. It tops the one-year high position after claiming $12,900 over some cryptocurrency exchanges. The world’s leading digital asset is up 7.25% in the last 24-hours while it has gained momentum of 11.94% over the last seven days.

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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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