Paypal is trying really hard to poach the retail investors that are highly interested in cryptocurrencies but can't seem to find the time to research on their own and trade on their own. The payments company making things easier for people is good, though their current wallet does not allow people to really have the full experience of owning and actually trading crypto.
Of course, because I have a feeling the average Joe on the street either doesn't know enough about bitcoin that they'd know how to buy it and keep it in a wallet, or they're scared to do it via means that don't involve a big brand name backing it (like PayPal, which most people are familiar with).
I thought PayPal was letting people withdraw their coins, but I guess that's not the case from what I'm reading here. If that's true, then what they're doing is no different than places like Robinhood, where you can buy crypto but not take ownership of it. They may as well be bucket shops, because you're essentially just speculating on the price when you buy it through PP or Robinhood, not truly owning it.
What PayPal is doing in so far as bitcoin is concerned is baffling to me thus far. Unless they have plans to allow buyers to withdraw their coins or let them use the coins for purchases at places that accept crypto, I'm not sure why they even dipped their toes into the crypto waters to begin with.