PayPal could eventually be the next large company offering support to Bitcoin (BTC), the largest and most popular cryptocurrency in the world. There are some experts that claim PayPal adoption of Bitcoin could be game-changing. Some time ago, Square, the fin-tech company led by Jack Dorsey, the CEO of Twitter, started offering support to Bitcoin.
Could PayPal Support Bitcoin?
The answer to this question is not clear as of today. However, the effects of PayPal supporting Bitcoin could be definitely positive for the entire crypto ecosystem and community. PayPal is currently handling millions of users from all over the world and it became an industry leader in terms of payments processing.
According to Ari Paul, the co-founder of Blocktower Capital, stated on Twitter that although Square’s support for Bitcoin is “cool”, PayPal’s adoption of Bitcoin could be very positive considering the company has ten times the users and clients Square handles.
On the matter, he mentioned on Twitter:
“Square news is cool, but PayPal has 10x the users. I think we will see Paypal announce support for Bitcoin by the year end.”
During the last years, Bitcoin has been expanding all over the world and a large number of companies decided to add support to Bitcoin. Some of them allowed users to buy and sell virtual currencies through their platforms while others were just helping users pay with cryptocurrencies, including Bitcoin.
This helped Bitcoin increase its on-chain transactions and adoption. Nowadays, handling Bitcoin is much easier than it was in the past, there are new regulations in place all over the world and exchanges have much more liquidity than in the past.
PayPal introducing support to Bitcoin could be a catalyst for the price of the virtual currency to move higher. There are several millions of users ready to start using Bitcoin directly from PayPal. Many individuals that receive monthly payments using this platform could certainly start acquiring Bitcoin on a regular basis.
A shock of demand for Bitcoin, which has a stable issuance would be certainly bullish not only Bitcoin but also for the entire crypto market that is highly correlated to what happens to the largest virtual currency in the world. Once users start acquiring Bitcoin, they could also move to other altcoins and push their prices higher as well.
Ethereum (ETH), Litecoin (LTC) and XRP could be among the most benefited coins in the industry.