@angelikip 21 October 2020

Bitcoin Boost Due to PayPal?

Since the news that PayPal is allowing cryptocurrencies, among them Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, on their platform have broken out, there has been a significant increase in Bitcoin's price (as well as other cryptocurrencies), which for a while had been hovering around $10k. While these lines are being written, Bitcoin is at $12,800 (about 10,790 Euros) and is possibly climbing even higher. **A Temporary Rise? Probably.** While the news about PayPal is a very positive sign toward the goal of adoption, the price boom is sometimes followed by a decline. It is possible that this will happen later this week when people will get over their enthusiasm for this news since the market is driven by sentiments more than logic. However, I believe that as soon as PayPal actually allows the buying and selling of these cryptocurrencies, since now there is only an official announcement, there will be a new rise in Bitcoin and definitely a rise in the other cryptocurrencies that will be added too, possibly even a rise in the whole market because this kind of opening to a major adoption is beneficial for the entire market. PayPal is affiliated with more than 26 million sellers and they are planning on implementing cryptocurrency payments to merchants in early 2021.