PayPal’s New Crypto Feature Could Expand Bitcoin’s User base Threefold

Friday, December 4th, 2020

Soon after PayPayl’s announcement of a crypto integration in late October, Bitcoin, once again, jumped to surpass the $13,000 cap.

Now pegging at an impressive $18, 523, Bitcoin’s price has increased exponentially since PayPal went public with the news.

This move came a fortnight after Square, a competitor payment firm publicized that it had invested almost 1 percent of its assets into Bitcoin.

Slow retailer and institution adoption has been the major obstacle to crypto adoption. But analysts view PayPal’s invasion as a game changer– that will lead the crowd to Bitcoin and not crypto to merchants and organizations.

Being a staple payment avenue supporting hundreds of millions of users, PayPal, will likely lure and introduce the masses to embrace crypto as an investment resource to date and as a way to pay for items in the future.

Some analysts even believe that as more and more users interact with Bitcoin as an investment resource, some consumers will likely ditch banks to invest more in crypto.

PayPal Will Likely Boost Bitcoin Usage 

Statistics by glassnode show Bitcoin boasts over 187 million users. While that’s a notably large user base, it can still benefit significantly from PayPal’s rich pool of 487 million users.

PayPal’s addition of Bitcoin will inspire the mainstream adoption of the digital currency.  And though the current integration allows PayPal clients to only purchase, sell and carry Bitcoin, the global payment giant hinted that it will add crypto transfer and payments by next year.

Those two additions, scheduled for 2021 will pave Bitcoin’s way to enter the payment and money transfer mainstream.

Introduction to PayPal as well as other staple payment platforms could even help Bitcoin strengthen to accommodate widespread adoption. 

The now-prominent crypto integration is part of the world payment provider’s announcement of a complete overhaul to its PayPal and Venmo apps.

Other integrations include its newly rolled out Pay in 4 installment lending offering that allows PayPal merchants’ customers to order and receive items payable in 4 installments.

Final Words 

PayPal, being a popular name in the money and payments sector is an excellent way to increase cryptocurrency savviness and adoption among consumers.

Apart from its potential to introduce cryptocurrency to its wide user base of 470 million, PayPal market prominence positions it to attract even non-PayPal users solely for its new crypto capabilities.