How PayPal is promoting crypto adoption with its new services

Quick take

1 minute read

• The chief executive officer of PayPal said in 2019 that bitcoin was a scam. 

• This year, PayPal enters the crypto markets announcing that its users will be able to buy and sell the leading cryptocurrency as well as alternative digital assets.

The chief executive officer of PayPal, Bill Harris said in 2019 that bitcoin was a scam. This year, the tables have very much turned as the payments network has been very active within the industry as PayPal enters the crypto market announcing that its users will be able to buy and sell the leading cryptocurrency as well as alternative digital assets.

It didn’t take long for this to do the rounds around the crypto industry and on the day of the announcement, PayPal stock spiked upwards as bitcoin continued its bullish behaviour.

With PayPal being so involved with the industry now, what does it mean for the future of the industry?

Will adoption increase? As PayPal is a household name at this point, it wouldn’t surprise me if bitcoin adoption increases as PayPal gets more involved with the space.

Over the next few years, enthusiasts are hoping that PayPal will further facilitate the utility and adoption of bitcoin. As a result, more and more people will be exposed to the digital asset, which can only be a good thing!

PayPal is present in more than 200 countries and has over 300 million active users on its platform so this move to adopt a bitcoin is certainly going to be an exciting one to watch.

Furthermore, with bitcoin spiking above $23,000 earlier this week, adoption is more than likely at a high right now. The #Bitcoin keyword was trending on Twitter yesterday after the leading coin spiked to a new all-time high.

It will be interesting to see how PayPal further advances its crypto services over the next 12 months or so. 

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