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BitcoinCash Added to PayPal and AMC Theaters

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4 weeks ago

PayPal has launched crypto trading for their customers in the UK and have included BitCoin Cash (BCH) as one of the four cryptos available. The others include Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).

This comes on the heels of AMC announcing that it will accept BitCoinCash as payment at their over 1100 movie theaters in the U.S.

These are two significant developments for the eventual mainstream adoption of ypto as an alternative to fiat payments. The more venues and trading opportunities there are, the more widespread crypto becomes.

Regulation Incoming

The road to widespread adoption for BitCoinCash and other crypto will be rocky, as any new technological leap forward tends to be. In the U.S., stable coin regulations are on the horizon as the SEC and now the Treasury Department increase their scrutiny.

While crypto libertarians may scoff at any government intrusion, this is actually good news for longer-term adoption. Traders and HODLers alike see risks that can be mediated by better regulations, as long as they don't go too far.

Stablecoins are critical to the entire trading ecosystem as coins/tokens are bought, sold, and then held in pegged crypto until utilized again. Tether, the largest stable coin by market cap has come under increasing criticism for not divulging all of the underlying assets that peg its value to $1 USD. It does not have all of its holdings in cash, that much is clear.

BitcoinCash Price Movement

Over the last three months BCH has doubled from a low of $390 (7/20/21) to a high of nearly $800 (9/6/21). It is currently trading around $628 at the time of writing.

This follows its boom to nearly $1,600 back in May just after Bitcoin's main bull rush. Overall trading volume has grown to $5 billion/daily from a low of around $1 billion/daily. BitCoinCash is currently the #17 crypto by market cap at $11.8 billion, just behind Litecoin (LTC).

Price predictions are notoriously easy to make, and hard to back up with any reliable statistics. However, these two major events show growing support for BitCoinCash as a payment system and a core tradable asset.

The PayPal news in particular greatly increases the number of people able to trade BCH without the hassle of opening up exchange accounts. If access expands to Paypal's other markets, expect a surge of trading activity to follow.

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Image Sources: Bloomberg, CoinMarketCap

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