PayPal UK To (Temporally) Halt Bitcoin and Crypto Purchases

[Fivestar4everMVP]

It is in the news this morning that PayPal UK will halt purchase of Bitcoin, and other crypto currencies, on their platform beginning from the 1st of October, I've not really confirmed how authentic this news is, but it was posted on telegram by a news channel/group I am a member of and following ..

Many have been posting all sort of comments like "dump", which means to them, the news may likely affect the market negatively and lead to a dump, which I personally do not agree with though, since like one guy in the comment asked "what is PayPal?" , that is to say that, PayPal is unknown to some people, and for many of us here, PayPal is an outdated payment system or should I call it a service rather..



But then again, one particular comment caught my attention, a user by the username "You", posted this comment, and i quote

"Told you.. Btc to 40k will never happen again"

.



Though I particularly find this comment amusing, and sure disagree, but then, i just wanna find out what you guys think, do you think such news as this, coming from a company like PayPal, has the strength enough to stunt the price growth of bitcoin?

[pooya87]

Many have been posting all sort of comments like "dump", which means to them, the news may likely affect the market negatively and lead to a dump,

I don't think it is what they predict, rather it is what they hope for.
At times like this when the price hasn't had any big move (up or down) the traders start getting antsy because they can no longer make profit and most importantly they can't predict the next move. Their best bet is for bitcoin to drop, specially those who love shorting bitcoin. Hence their negative waves talking about "dump"; they are just trying to make some quick profit.

one guy in the comment asked "what is PayPal?"

LOL

"Told you.. Btc to 40k will never happen again"

I'm getting 2017 flashbacks where some people said "BTC to $1k will never happen again".

Though I particularly find this comment amusing, and sure disagree, but then, i just wanna find out what you guys think, do you think such news as this, coming from a company like PayPal, has the strength enough to stunt the price growth of bitcoin?

Directly? Absolutely not. Because PayPal is an actual exchange where people trade bitcoin to have an effect on the price. It also doesn't share enough of the market volume to have any effect even if it were an actual exchange!
Indirectly? Maybe, if these idiots' FUD could scare some other idiots into panic selling but so far I haven't seen any major moves so the chances are low.

[348Judah]

My take on this first is that we should hear this announcement from their official website before knowing how true it is, we cannot trust the news channels hundred percent, knowing that fake news also has it own contributions on the cryptocurrency network today in creating a diversion, since from the he screenshot you give made mention of this being effective starting from October, i think we still have a little more time to get this confirmed or for PayPal to revert it decision as well if it's true, but we should for the mean time eliminate the aspect that says bitcointalk will not surpass $40,000 am sure these people making this claim were upto something against bitcoin or PayPal.

[HeRetiK]

Though I particularly find this comment amusing, and sure disagree, but then, i just wanna find out what you guys think, do you think such news as this, coming from a company like PayPal, has the strength enough to stunt the price growth of bitcoin?

I don't think PayPal is yet relevant enough in the crypto space to have any meaningful impact by halting trading. We've been through much, much worse in that regard. Bitcoin did well before PayPal started acting as an exchange, Bitcoin will do well after.

And that is assuming there is some merit to this claim to begin with.

[AHOYBRAUSE]

Though I particularly find this comment amusing, and sure disagree, but then, i just wanna find out what you guys think, do you think such news as this, coming from a company like PayPal, has the strength enough to stunt the price growth of bitcoin?

I don't think PayPal is yet relevant enough in the crypto space to have any meaningful impact by halting trading. We've been through much, much worse in that regard. Bitcoin did well before PayPal started acting as an exchange, Bitcoin will do well after.

And that is assuming there is some merit to this claim to begin with.

Yeah, I never connect Paypal and crypto in any way.
I am surprised it was even possible to buy it via paypal, in the long run crypto will take many of Paypal's customers away I think. It's just more convenient. You always have access to your money. Nobody can just randomly block your account (of course if you store your crypto at an exchange this still might happen). And the fees are better as well.

By the way, years ago paypal blocked my account because I logged in from too many IPs. That's what happens when you travel a lot. Even when I proved I am me they still made it supper difficult. I somehow got to withdraw my money closed my account. Just a joke site for me.

[Z-tight]

Though I particularly find this comment amusing, and sure disagree, but then, i just wanna find out what you guys think, do you think such news as this, coming from a company like PayPal, has the strength enough to stunt the price growth of bitcoin?

The news says that paypal will only temporarily stop BTC and crypto purchases for U.K customers, and they can resume using paypal for such purchases as early as early next year: https://www.usnews.com/news/technology/articles/2023-08-16/paypal-to-halt-uk-crypto-sales-until-2024

Nevertheless, paypal is not even a crypto exchange, and i don't know the average number of people in the U.K who purchase BTC through paypal for people to even think that this will cause a dump in BTC's price, and as well stop it from rising above $40k, ridiculous! Though there are a lot of weak hands that might be moved by this, but i can't imagine they will be so gullible as to sell in numbers that will be noticed in the price of BTC.

[tjtonmoy]

Though I particularly find this comment amusing, and sure disagree, but then, i just wanna find out what you guys think, do you think such news as this, coming from a company like PayPal, has the strength enough to stunt the price growth of bitcoin?

Neh... This ain't that much-hyped news to keep BTC down. I want to know the real news if it is true or not. But if it's true, who TF cares? To me, these are some drama that takes place before every Bitcoin Halving. We have heard lots of news regarding the Bitcoin ban in many countries before. Has that affected the market that much? Well a little, but after some time, it was back to normal. Market sentiments are real and news like this does influence people, but it is short-lived. Those who put ban on Bitcoin will be the first to accept it when the time will come.
Before every halving, those who are in power will spread fuds in order to dump Bitcoin's price. That way they can fill their bags with less money. These news are not worth it if you are focusing on the long-term plan. It will fade away soon enough.

[Lucius]

This news may have some effect only on people from the UK (apparently only temporarily), but some geniuses like those we see on social networks draw completely meaningless conclusions from everything. Whether it's trolls or those who can't regret not knowing about Bitcoin before, it's completely pointless to waste time with them - history has proven that they've always been wrong, I have no doubt that it will be the same this time.

I will not say what I think about those who think that PP or someone else can influence Bitcoin, but I will just say that many live in various delusions - what would happen if PP ceased to exist - maybe the world would sink into chaos and hopelessness

[pooya87]

I will not say what I think about those who think that PP or someone else can influence Bitcoin, but I will just say that many live in various delusions - what would happen if PP ceased to exist - maybe the world would sink into chaos and hopelessness

Jokes aside PayPal does own a considerable percentage of the global online payment options and if some day it ceased to exist the shops and businesses using their service have to find an alternative which is where Bitcoin comes in and can take it all. That means PP's demise is a good news for bitcoin

[Frankolala]

PayPal is weak in the crypto market and they don't have much volume which will make their halting on bitcoin and other cryptocurrency not affect the price of bitcoin to dump. I don't think that a small exchange like them has any significant influence on bitcoin price.

There are big exchanges that will come up with such news that instantly,you might begin to see the dump in Bitcoin price. If PayPal temporary halt cryptocurrency transactions,it will only affect them as they will loose more customers and not the entire crypto market. The halving is near and such news is weak to turn the movement of bitcoin downward. People are only saying from their own understanding and don't forget it is impossible to predict the next movement in bitcoin price.

[jrrsparkles]

I can't find any announcement regarding their trading halt on their official Paypal Newsroom but many reputed news posted about this so more likely it is true.



But it has nothing related to the crypto, it seems the PayPal has to align their policies according to the UK's regulatory framework so I guess it won't affect the prices to considerable extent.

[m2017]

PayPal has an indirect relationship with the cryptoindustry, which leads to the conclusion that they don't have a strong influence on cryptocurrencies and forces that can stop the  growth bitcoin price. Paypal only recently (relatively) began to introduce crypto, which doesn't at all make them flagships in this industry, whose actions or related to them may affect the current state of affairs.

The user's comment in that chat looks funny.

"Told you.. Btc to 40k will never happen again"

This is another indicator that the statements of those who are not experts in the industry should not be taken seriously (the opinions of experts should also be treated with some degree of doubt). In general, everything is the same: those who don't understand prophesy bitcoin limit in the N-sum, but after a while bitcoin will still surprise everyone with its new indicators.

Indeed, PayPal already looks like a dinosaur, which many have not even heard of, don't know what it is and, of course, have never used it, despite hundreds of millions of users (that's just how many of them remain active at the current time). Now there are plenty of other alternatives. The introduction of cryptocurrencies into their system on the part of the paypal looks not only like an attempt to keep up with modern trends, but also to survive in its niche.

[CryptoHeadlineNews]

I can't find any announcement regarding their trading halt on their official Paypal Newsroom but many reputed news posted about this so more likely it is true.



But it has nothing related to the crypto, it seems the PayPal has to align their policies according to the UK's regulatory framework so I guess it won't affect the prices to considerable extent.

If what is written in this image above is the legit news, then I don't see anyhow a temporary pause of crypto purchase on Paypal in UK affect Bitcoin in general, as it's just UK and not the entire world at large, meaning if Paypal stop working, there are many other alternative people living in UK will be able to use in buying & selling of Bitcoin, and as such nothing to worry about, but to be on a safer side, just withdraw your funds or re-deposit it on a different wallet until issue resolved.

[pinggoki]

The only thing that I can think of regards to this is who are still using PayPal to purchase bitcoin? Didn't someone in this forum posted about the issues that they've when they used PayPal to buy bitcoin there? And if this is going to be true and that there's a possibility that it might affect the prices, I guess it's a high time for us to accumulate as much USD we have right now because you don't want to miss out when the price of bitcoin plummets.

[avikz]

This is an authentic news. However it is a temporary pause and not a complete shut down of the service. The cryptocurrency in UK is unregulated, I believe they have hit a roadblock there. But that might not be entirely true. Let's wait and watch!

However, I do not see a reason for a price dump due to this reason. Paypal doesn't control a huge volume of transactions in crypto market. So I also disagree to the statement which says bitcoin will not hit 40k again.

[Ale88]

But it has nothing related to the crypto, it seems the PayPal has to align their policies according to the UK's regulatory framework so I guess it won't affect the prices to considerable extent.

Wait, are there people who think that PayPal (temporarily) stopping the crypto purchases can actually somehow affect bitcoin price? Bitcoin held very well even FTX collapse/scam, this market is way more mature than 3-4 years ago but if someone thinks that PayPal has some kind of power in crypto world then we still have a long, long way to go...

[ImThour]

Yea sure, Bitcoin to 40k will never happen again. That's what people said when Bitcoin was at $400, they said it will never go back up to it's ATH. Guess what happened? It made a new ATH every cycle. Now coming back to the topic of PayPal, they are just a joke to be honest. They should not be associated with Bitcoin or any Crypto at all. Companies or Exchanges like Coinbase and Binance are preparing their own endpoints which can be easily integrated in your website for business payments.

[DaveF]

It's not like they are the only way to get BTC / crypto in the UK
Plenty of other options. But, they are so large that they probably do have a lot more casual crypto users then we think they do, just because of their size.

Oh, I want to get BTC
I already have a PP account.
Yes my crypto friends tell me to go elsewhere and that the PP rates are not great. But I have an account and it's quick and simple.

That kind of thing. We all have inertia over things like this even if we don't want to admit it. And it costs us. But we do it anyway.
From using a credit card that may not have the best rewards to not moving money to and account with better interest rates to buying crypto at PP.
It just falls to the convenience factor.

Now, lets see if the halt is real or just something that has spread.

-Dave

[cabron]

They said to suspend it for a bit since Oct.1 but resuming may depend on the UK Financial Conduct Authority's (FCA) new regulation. There are still lots of users using Paypal though so most probably this contributes to the dump today besides the Spot ETF decision moved to 2024.

For all we know they don't have enough BTC for users who wants to withdraw so they halt purchasing and withdrawals but they allow selling BTC to them. It would not be surprising.

[SmartGold01]

Though I particularly find this comment amusing, and sure disagree, but then, i just wanna find out what you guys think, do you think such news as this, coming from a company like PayPal, has the strength enough to stunt the price growth of bitcoin?

PayPal to me doesn't have such capacity to influence the market and control the bitcoin and besides does it has any direct market such ( trading whereby someone will buy and sell through the app or their official website) that could possibly influence bitcoin price, if they suspend their service.
No! I didn't see that capacity or market volume to control bitcoin price if they announced their suspension of operation, even as that, stronger things (events) had already happened to the market but yet did survive the market pressure there's no way bitcoin could face any strong rejection in price.

Btw, there are some comments you aren't meant to take into heart or action since you didn't know the experience of such poster as I believe such comment could be likely be dropped by newbies or an amateur who doesn't know what they are saying ( such group are comprises with lots of individuals) so such comment are inevitably to come over time.