Bitcoin jumped as much as 8% to surpass its previous 2020 record high on Wednesday after PayPal said that it would open its service to cryptocurrency purchases and sales.
Bitcoin, the world’s largest cryptocurrency rose as much as $12,817.17 its highest level since July 2019 during the intraday trading on Wednesday.
At the time of this report Bitcoin is trading at $12,764.77.
Its previous 2020 record high was $12,473. Bitcoin has gained over 11% this week.
In a press release on Wednesday PayPal said it will allow its users to buy, hold, and sell cryptocurrencies from their accounts starting in a few weeks.
Beginning in early 2021, PayPal customers will be able to use their cryptocurrency holdings such as Bitcoin as a funding source to pay at PayPal’s 26 million merchants around the globe. Consumers will be able to instantly convert their selected cryptocurrency balance to fiat currency, with a certainty of value and no incremental fees, according to the press release.
PayPal plans to expand the features to its Venmo app and international markets through the first half of next year.
The company’s acceptance of cryptocurrencies comes after other mainstream financial names adopt the previously ignored asset class. Square scooped up 4,709 bitcoins for $50 million earlier in October, saying bitcoin can become “a more ubiquitous currency” in the future. Fidelity rolled out its first bitcoin-focused fund back in August, allowing its wealthier clients to back the volatile tokens
About PayPal
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 300 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.
By: Ifunanya
