PayPal Says It Will Greatly Improve the Role of Cryptocurrency, Bitcoin Approaching Historical Highs

After PayPal launched its cryptocurrency transaction service in the United States earlier, it became one of the reasons for the rise in the price of Bitcoin. Dan Schulman, CEO of PayPal, believes that under the new crown pneumonia (COVID-19) epidemic, people have begun to switch to electronic payments. Hope to be at the forefront of the digital transformation. As the cryptocurrency market heats up and more people pay attention, the price of Bitcoin is gradually approaching a historical high of $20,000 today.

PayPal began to allow US users to buy and sell Bitcoin, Ether, Bitcoin Cash and Litecoin through accounts in early November. Next year, it hopes to allow 28 million merchants around the world to use cryptocurrency for transactions. When Schulman was interviewed by CNBC today, he bluntly stated that due to the epidemic, 40% to 70% of consumers no longer want to use cash for transactions, which caused the use of cash to plummet.

Dan Schulman, CEO of PayPal

He also mentioned that the company’s launch of related services is not limited to making it easier for people to buy and sell and hold cryptocurrency, but to integrate the entire service into the existing merchant trading platform. I believe this move can greatly enhance the role of cryptocurrency. At the same time, PayPal also consulted global regulators and central banks before launching transaction services. It is believed that it is only a matter of time before the central bank digital currency (CBDC) is launched, and cryptocurrency will have more and more effects.

As PayPal, a large-scale electronic payment, enters the cryptocurrency market, people are paying more and more attention to this category. The cryptocurrency fund Pantera Capital recently issued a report stating that the price of Bitcoin has risen in recent months due to the sharp drop in supply. The main reason is believed to be that PayPal swept a large amount of Bitcoin, which accounted for 70% of the new supply. As of 8pm, Bitcoin broke through the $19,000 mark and reported $19026.93, an increase of nearly 2%, with a 24-hour turnover of $53.23 billion.