No matter how many topics may arise in the cryptocurrency world, one topic has had everyone talking. Every person in the crypto-community is talking about PayPal’s crypto-integration into their platform.
As per PayPal’s announcement, the PayPal users will be able to sell and buy cryptocurrencies through PayPal’s own platform. On top of that, the users will be able to use cryptocurrencies as a mode of payment through PayPal. Later, PayPal officially confirmed that the integration will be rolled out completely in the starting months of 2021.
Furthermore, PayPal’s officials held a press-conference to provide further clarity on their motives with crypto-integration. They confirmed that with the crypto-integration, their aim is to create awareness among their users around cryptocurrencies.
The officials confirmed that they hope that with this integration, their users will show more adoption and understanding of the cryptocurrency platform. They also stated that this step will help boost the popularity of the crypto-industry among others.
Although the Bitcoin (BTC) has gained much popularity yet it struggles to gain mainstream adoption and recognition. As per the recent data gathered by Statista via surveys, some very de-motivating revelations have been made.
The stats show that the Bitcoin (BTC) adoption in the economies of the fully developed countries is less than 10%. Out of all the developed countries, Japan, Sweden, and Denmark are the countries with the lowest adoption.
However, with PayPal’s crypto-integration, analysts have started predicting that by 2030, more than 90% of America’s population will be using cryptocurrencies.
During the press-conference, the CEO and President of PayPal, Dan Schulman pointed out the importance of crypto-technology. He stated that the adoption of the crypto-technology is inevitable. When it comes to finance, the crypto-technology is capable of enhancing the performance of the system no matter the sector.
Whether it is financial inclusion, speed, efficiency, resilience of payments system, and allowing Governments to disburse funds to the public, crypto-technology is the answer to it.
With PayPal’s integration of Bitcoin (BTC), Bitcoin (BTC) now has the opportunity to increase its user base by 3 times. In the second quarter of 2020, PayPal statistics showed that it had 346 million unique users, which is triple Bitcoin’s current user base.
Having these 346 million users on-board will increase Bitcoin’s (BTC) and cryptocurrency-industry’s recognition to a very high level.
After PayPal’s announcement, the crypto-analysts have been seen sharing their thoughts on the recent progress. Majority of the crypto-analysts and experts have expressed their pleasure for PayPal’s crypto-integration.
Right after PayPal’s crypto-integration announcement, the price of Bitcoin (BTC) token went sky-rocket. In a matter of few weeks, the price of Bitcoin (BTC) hit $15k plus. Furthermore, Bitcoin’s market capitalization even topped that of PayPal’s.