Crypto meet PayPal

Curious why Bitcoin is breaking $16k while the stock market is taking it on the chin today?

Look no further than PayPal.

In case you hadn't been following along, PayPal announced that crypto trading would be going live today for their eligible account holders.

Here's the official announcement:

(Source: https://newsroom.paypal-corp.com/2020-10-21-PayPal-Launches-New-Service-Enabling-Users-to-Buy-Hold-and-Sell-Cryptocurrency)

PayPal has 286 million active users and access to 26 million merchants which bitcoin and crypto is now a funding option.

A game changer...

There are some out there that don't think this news is that big and certainly not a game changer but I disagree.

Sure PayPal won't let you transfer crypto in or out of their wallets, which shouldn't be of any surprise since that is how money laundering and tax evasion takes place in crypto.

In case you hadn't been paying attention the US is very much trying to weed out any tax evasion and money laundering that is being facilitated via crypto.

For those that want true crypto to reign supreme that was never really going to happen, not when governments are focused on money laundering and tax evasion.

The best hope in terms of mass adoption was always something like what we are seeing right now with PayPal.

The only worry on my end is that people try to use crypto for purchases and quickly become disillusioned due to tax implications as well as fees/transaction times depending on the crypto used.

Either way, the amount of new users and new money this is going to bring into crypto is massive and truly a game changer.

Stay informed my friends.

-Doc

Posted Using LeoFinance ^Beta