PayPal’s Crypto-Friendly Announcement Boosts The Price Of BTC

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Its no doubt that Bitcoin has lured several platforms into the crypto industry with its price change. But, PayPal’s interest in crypto seems to be fueling the growth of the crypto-verse.

Back in October 2020, the payments giant, revealed that it would soon allow its users to purchase as well as hold crypto assets. This move further paved the way for several platforms to jump onto the digitalization bandwagon. With its latest announcement, PayPal further elevated its presence in the crypto-verse.

PayPal Enables “Checkout With Crypto” Service

The United States has been a tough nut to crack for crypto platforms with regard to the regulatory climate. However, PayPal recently reported the citizens of the US would now be able to checkout with crypto assets. The payments giant suggested that conversion of crypto into fiat at checkout would be carried out with no extra transactional fees.

The CEO and President of PayPal, Dan Schulman elaborated on the same said,

“As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies, while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet.”

He further added that it was pertinent for platforms to enable crypto as a payment method as the “next chapter in driving the ubiquity and mass acceptance of digital currencies.”

The announcement further revealed that users could select from crypto assets like Bitcoin, Litecoin, Ethereum, or Bitcoin Cash to checkout or pay. However, only one kind of coin could be used during this process.

Just after this announcement, the price of Bitcoin [BTC] started picking up. At the time of writing, Bitcoin was trading at $59,150 with a 1.62% surge in the price of the king coin in the last 24-hours. The market cap of the coin was noted at a high of $1.11 trillion. Looking at this change in its price, several speculated that PayPal’s recent announcement could have had an impact on BTC.

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