PayPal cryptocurrency trading volume beyond expectations

[bryant.coleman]

They are lucky more than we are, they are raking in profit that was such a nice move moving and adopting Cryptocurrency at the right time, PayPal is now a role model of every big companies and institutions that they should adopt new technology and open to new changes because it will benefit them tremendously, just like what the stat is showing on PayPal volume.

It takes a lot of courage to deviate from the statements that were issued previously and to admit own mistakes. PayPal was very critical of Bitcoin a few years ago. They even closed down a number of accounts that were used for cryptocurrency trading. But eventually they admitted that cryptocurrency is the future of finance and they will benefit if they adopt Bitcoin in their platform. To their credit, they admitted their mistake as soon as it was evident and went for Bitcoin without wasting any time. Now MasterCard is following their footsteps and the other payment processors such as Visa are also looking towards Bitcoin adoption seriously.

[oHnK]

They are lucky more than we are, they are raking in profit that was such a nice move moving and adopting Cryptocurrency at the right time, PayPal is now a role model of every big companies and institutions that they should adopt new technology and open to new changes because it will benefit them tremendously, just like what the stat is showing on PayPal volume.

It takes a lot of courage to deviate from the statements that were issued previously and to admit own mistakes. PayPal was very critical of Bitcoin a few years ago. They even closed down a number of accounts that were used for cryptocurrency trading. But eventually they admitted that cryptocurrency is the future of finance and they will benefit if they adopt Bitcoin in their platform. To their credit, they admitted their mistake as soon as it was evident and went for Bitcoin without wasting any time. Now MasterCard is following their footsteps and the other payment processors such as Visa are also looking towards Bitcoin adoption seriously.

Therefore, it is very possible that in the future crypto will have a very bright era.  It's not like they said that currently there is only a price bubble that will suddenly collapse like in 2017. Even though these two cases are very different, and currently many support Bitcoin and other Cryptocurrencies as an investment.  I think those who are too skeptical of crypto are just old-fashioned economists.

[SquallLeonhart]

It is obvious that paypal had a role in it because it was during this pump and it "helped", it is also obvious that paypal wasn't the only reason neither, it is basically a whole bull run that everyone takes advantage of.

Grayscale had a huge role in it that's true, Tesla came out in the end but we were 40k by that time, and everything else played a role, hell if you bought 100 dollars worth of bitcoin during this period you helped too, just not in the same size of course but you still did because many people with 100 bucks worths something in the end.

We can't say that "this is the reason" exactly because it is a whole combination of things creating this weird butterfly effect in the prices, one thing happens and increases the price a bit, if nothing else would happen the price would be there or even go back down but another thing reacts to it and increases some more and another reacts... goes on like that and all of them combined worths something.

[Sithara007]

It is obvious that paypal had a role in it because it was during this pump and it "helped", it is also obvious that paypal wasn't the only reason neither, it is basically a whole bull run that everyone takes advantage of.

Grayscale had a huge role in it that's true, Tesla came out in the end but we were 40k by that time, and everything else played a role, hell if you bought 100 dollars worth of bitcoin during this period you helped too, just not in the same size of course but you still did because many people with 100 bucks worths something in the end.

We can't say that "this is the reason" exactly because it is a whole combination of things creating this weird butterfly effect in the prices, one thing happens and increases the price a bit, if nothing else would happen the price would be there or even go back down but another thing reacts to it and increases some more and another reacts... goes on like that and all of them combined worths something.

Among all the triggers that are listed here, the one from PayPal was the first and it came when Bitcoin was struggling. The other triggers occurred when the bull run was already ongoing.. So for me, the most important one was the adoption from PayPal. And although I am not much sure about it, I assume that PayPal adoption in someway made an impact on Grayscale/Tesla. Going first always takes a lot of courage.

[Snappycoco]

Paypal is one of the most well known company in terms transaction online. By accepting crypto, I am not surprise they would boom like other companies. It also attracts Paypal costumers to use crypto as well and by that BTC is now in a bull run.

[shoreno]

Paypal is one of the most well known company in terms transaction online.

what about online shops and others .  because when you say online transaction , that does not mean paypal or payment processors . amazon , ebay , etc are popular companies online and they have other payment methods not only paypal that people are using to transact .

By accepting crypto, I am not surprise they would boom like other companies. It also attracts Paypal costumers to use crypto as well and by that BTC is now in a bull run.

other companies are already booming without the help of crypto and they also accept crypto but nothing happen or there no major changes with them  . many users dont like purchasing crypto in paypal but its surprising that they still got that statistics but btc bull run cause by other things too

[bryant.coleman]

Therefore, it is very possible that in the future crypto will have a very bright era.  It's not like they said that currently there is only a price bubble that will suddenly collapse like in 2017. Even though these two cases are very different, and currently many support Bitcoin and other Cryptocurrencies as an investment.  I think those who are too skeptical of crypto are just old-fashioned economists.

Back in 2017, everyone know what happened. Bitcoin was overhyped and it went up by too much in very little time. Also, there was a lot of FOMO. Those who invested in Bitcoin near to peak prices ($15,000-$20,000) lost most of their capital in a matter of just 12 months. This time, the spike is more gradual. What we are witnessing now is the continuation of the bull run, which started after the block reward halving in 2020. But I have a feeling that many of the alts are still overpriced. Do you really think that coins such as Polkadot and Chainlink deserve valuations in excess of $10 billion?

[mannybitcoins]

Cryptoquant CEO Ki Yong Joo tweeted a timeline for withdrawing BTC from major exchanges. The previous cycle, 2016-2017, was accompanied by a massive influx and cash-out of whales. Now to other actors: institutions, PayPal, CashApp. The price of BTC flies up without stopping amid such global withdrawals of Bitcoin.

[Daltonik]

PayPal is preparing to purchase the Curv cryptocurrency storage service, after the breakdown of negotiations on the purchase of the BitGo service at the end of last year, PayPal was then ready to pay $750 million

[Daltonik]

According to a statement from Reuters, paypal will open the possibility of paying in cryptocurrency for its US customers in millions of retail outlets, as stated by the head of the company Dan Shulman in 29 million retail outlets "For the first time, users have the opportunity to pay directly with cryptocurrency, similar to how it is done with credit and debit cards inside a PayPal wallet"
https://www.reuters.com/article/crypto-currency-paypal/exclusive-paypal-launches-crypto-checkout-service-idUSL1N2LR0OD

 

[oHnK]

According to a statement from Reuters, paypal will open the possibility of paying in cryptocurrency for its US customers in millions of retail outlets, as stated by the head of the company Dan Shulman in 29 million retail outlets "For the first time, users have the opportunity to pay directly with cryptocurrency, similar to how it is done with credit and debit cards inside a PayPal wallet"
https://www.reuters.com/article/crypto-currency-paypal/exclusive-paypal-launches-crypto-checkout-service-idUSL1N2LR0OD

 

looks like this is one of the factors supporting the rise in BTC today.  I think in somedays BTC will return ATH.  Big investors must have smelled this news before it aired and soon they are keeping their assets to be multiplied in the future.  However, the influence of the news is how much I feel is only a few percent. The convenience that Paypal provides will boost the value of transactions that exist in BTC and other cryptos. This convenience will also familiarize many US people with transactions and make crypto a medium of exchange.

[Vishnu.Reang]

According to a statement from Reuters, paypal will open the possibility of paying in cryptocurrency for its US customers in millions of retail outlets, as stated by the head of the company Dan Shulman in 29 million retail outlets "For the first time, users have the opportunity to pay directly with cryptocurrency, similar to how it is done with credit and debit cards inside a PayPal wallet"
https://www.reuters.com/article/crypto-currency-paypal/exclusive-paypal-launches-crypto-checkout-service-idUSL1N2LR0OD

But what about the tax implications? From what I have heard, the IRS needs American citizens to mention every cryptocurrency transaction in the income tax return, irrespective of the size. So if someone makes a few dozen purchases with PayPal BTC, doesn't he need to provide the details of all these transactions in his return? It is going to be extremely tedious. Maybe PayPal will do something to take care of this issue. They can provide an annual statement to the users, which can be used to file returns.

[Daltonik]

Coinbase has allowed US residents to buy cryptocurrencies using PayPal, users can use debit cards and bank accounts linked to PayPal. The exchange has set a daily limit of up to $25,000, fee will be 3.99%

[cheezcarls]

I think this is way expected in the long run. Think about this guys! Paypal has millions of users around the world since it was introduced to the public for more than 2 decades. I’ve been a Paypal user since 2009, but shifted to Bitcoin in mid-2017. However, I was still using Paypal for my monthly subscription such as Canva, Zoom, etc.

Paypal adopted Bitcoin and cryptocurrencies since last year, and it was really expected that there will be a gradual growth of the number of users who are using Paypal to store and trade cryptocurrencies. It was indeed beyond expectations, and I have no doubts that it will continue to gradually grow in the next few years.

[goldade]

I think this is way expected in the long run. Think about this guys! Paypal has millions of users around the world since it was introduced to the public for more than 2 decades. I’ve been a Paypal user since 2009, but shifted to Bitcoin in mid-2017. However, I was still using Paypal for my monthly subscription such as Canva, Zoom, etc.

Paypal adopted Bitcoin and cryptocurrencies since last year, and it was really expected that there will be a gradual growth of the number of users who are using Paypal to store and trade cryptocurrencies. It was indeed beyond expectations, and I have no doubts that it will continue to gradually grow in the next few years.

I actually do agree with you that it's expected and it's what's meant to be. PayPal is giant company on its own and have quite a lot of users. With bitcoin, however, many of these users have a better alternative because many people want to pay less for transaction, want their anonymity and want to be free, so to say.
So with adoption of bitcoin by PayPal,  it wasn't necessary any more to stop using PayPal. This means that the number of users of PayPal would increase tremendously.
I believe there will be gradual increase in the next few years and I hope you also know what this means for the crypto community.

[verita1]

I also think that it is a positive impact for users in Paypal and therefore in bitcoin because as more people know how to make use of bitcoin and using the services that Paypal offers, it is a great success for her as a leader in the industry.
In this time of crisis it is necessary to unite all efforts so that the economy runs its course for the benefit of all.

[lalabotax]

I wonder that PayPal's big-name really gives an influence on this.
however, can we still not able to withdraw cryptocurrency from PayPal? So we only can only trade crypto there and then converting or using it to buy certain products or convert to fiat at that platform in able to withdraw it?
I am wondering how PayPal progress will be for cryptocurrency

[7788bitcoin]

I wonder that PayPal's big-name really gives an influence on this.

There are many users that are still using the PayPal services and they have a huge user base than any other service and hence their adoption is a big influence in the market.

however, can we still not able to withdraw cryptocurrency from PayPal? So we only can only trade crypto there and then converting or using it to buy certain products or convert to fiat at that platform in able to withdraw it?

It is said that paypal will add the withdraw feature soon, right now you can purchase things using the coins you are holding, i need to check the fees and everything to see whether it is feasible for small amounts either way we might see more changes in the platform.

I am wondering how PayPal progress will be for cryptocurrency

Merchant adoption as we might see more merchants accepting bitcoin.

[Sithara007]

I wonder that PayPal's big-name really gives an influence on this.
however, can we still not able to withdraw cryptocurrency from PayPal? So we only can only trade crypto there and then converting or using it to buy certain products or convert to fiat at that platform in able to withdraw it?
I am wondering how PayPal progress will be for cryptocurrency

A lot of people have already mentioned this, and I think PayPal will enable cryptocurrency withdrawals sometime in this year. One issue that may of concern is the strict KYC requirements for cryptocurrency transactions that are required. As long as someone is buying cryptocurrency and selling it within the PayPal platform, this issue doesn't arise. However, transferring to a personal wallet may be more complicated when compared to this.

[Daltonik]

PayPal is supposedly exploring the possibility of launching its own stablecoin. This is reported by The Block, citing sources familiar with the situation. A PayPal representative in a comment to The Block said that the firm continues to explore the potential of digital currencies and infrastructure https://www.theblockcrypto.com/post/103617/paypal-has-held-exploratory-talks-about-launching-a-stablecoin-sources

^{"It looks like they are more likely to do something with an existing stablecoin partner rather than build something themselves, because I think it will bring something to market faster, and I think that's their main concern"}