PayPal’s Cryptocurrency Transaction Service Debuts, Bitcoin Breaks Through $16,000

PayPal announced yesterday that it will officially launch a cryptocurrency transaction service in the United States. Users can buy, sell and hold Bitcoin, Ethereum, Bitcoin Cash and Litecoin in their account. The weekly trading limit for each user is doubled from the originally announced $10,000 to $20,000. Driven by the news, Bitcoin temporarily stabilized at a level above $16,000.

After PayPal announced in October that it would open up cryptocurrency transaction services to American users, it has immediately stimulated the cryptocurrency market, and this round of bitcoin’s rise has played a more icing on the cake. Its price was as high as US$16,463.18. The turnover in the past 24 hours was US$35.78 billion. The current market value has risen to US$300.9 billion. As of 9:30 p.m., Bitcoin has risen by nearly 2.6% to 1,6231.7 dollars.

PayPal, a large electronic payment company, sees the increasing demand for cryptocurrency, so it opens related trading services, and the company’s goal is to promote the global market. It is hoped that starting next year, as many as 26 million merchants worldwide will accept cryptocurrency transactions. At the same time, the company plans to cooperate with central banks and regulators around the world, hoping to gradually allow users in different regions to buy and sell cryptocurrencies through PayPal.

The market expects that as PayPal gradually expands its cryptocurrency trading business, it will become more recognized and accepted by the public, which will promote the demand for Bitcoin and Ethereum, and use them in daily life. However, Ray Dalio, the founder of the world’s largest hedge fund Bridgewater Fund, said in an interview with the media that if Bitcoin and other things become more important, the government will not allow it to exist. There is a chance to declare Bitcoin illegal and prevent people from owning it. And trading Bitcoin. At the same time, central bank digital currencies being studied by central banks will further squeeze the living space of other cryptocurrencies in the future.