Bitcoin Peaks Due to Crypto Gesture PayPal
Cryptocurrency bitcoin rose sharply in value on Wednesday after payment company PayPal announced it would allow payments in cryptocurrency.
The coin was worth $ 12,854 at the end of the afternoon, hitting its all-time high since July 2019.
Bitcoin, the largest and best-known digital currency, rose 8 percent in value. Other cryptocurrencies such as litecoin and bitcoin cash also saw their value increase significantly. According to crypto experts, this is the most important news this year.
PayPal customers will soon be able to use various coins on the payment platform. According to PayPal, the shift to digital currency is inevitable, and there are clear benefits in terms of access and withdrawal.
The payment company further listed benefits such as efficiency, speed and resilience of the payment system. Cryptos follow PayPal also give governments the capacity to make quick payments to citizens.
Crypto users are faced with several restrictions with PayPal. This prevents them from transferring coins to and from accounts. Furthermore, they can only hold cryptos that they have purchased through PayPal. “All cryptos in one account cannot be transferred to other accounts,” said PayPal.
For the time being, cryptos such as bitcoin are not really used for making purchases and are mainly traded. Financial institutions and funds are also showing increasing interest in cryptos.