In 2020 when Tesla owner Elon Musk showed his interest in the bitcoin investment and invested billions of dollars in it, on the other hand, PayPal also announced it would accept bitcoin payments. That was the biggest news in the history of the cryptocurrency, just because before this cryptocurrency was considered as the illegal currency that is used for the purchasing and selling of illegal products and services like drugs and gambling, etc. Bitcoin was founded in 2009 by Satoshi Nakamoto. Even Satoshi did expect that one-day bitcoin will be considered as the payment option in the biggest online platform PayPal.
The question is how much this initiative will affect the crypto world and PayPal’s reputation. Look, PayPal is the biggest online payment platform and the is the biggest online trading platform. So what do you think when both will collaborate and how many people will adopt this. People will start using more of the PayPal wallet and on the other hand, the investment and demand of bitcoin will also increase.
PayPal and Bitcoin Payments
PayPal is working in almost 200 counties and is considered the best online payment transfer platform. Usually, PayPal is used for international payments. Usually, freelancers and businessmen are using this platform for sending and receiving payments internationally. So what about if the most powerful digital currency like bitcoin will collaborate with the most powerful online payments transfer platform.
The president and CEO of PayPal Dan Schulman said words about this collaboration HE said no doubt collaboration of bitcoin and other cryptocurrencies with Paypal will be preordained. He said this will be beneficial for both. PayPal will get more users and usage and bitcoin will have more demand in the . This initiative will increase the trust among the people about cryptocurrency.
Currently, cryptocurrency integration in PayPal is implemented in the USA, and literally, this will be implemented in other countries. This move was taken in October 2020 and considered as the ground break news of the decade. Before PayPal’s involvement, the value of the bitcoin was just $12K, but after the collaboration, the value of the bitcoin reached $40K in January 2021.
This all happened because the demand for bitcoin increased in the market. According to experts in upcoming years the bitcoin value will reach the $100L USD
How Is it Good for Bitcoin Reputation?
There are many reasons behind the great news of the PayPal and bitcoin collaboration. PayPal is the well-known, fastest, and secure payment platform and bitcoin is the best trading platform. What do you think if the user found one more payment option (Bitcoin payments) in PayPal then to who he will choose? Of course, the bitcoin payment option. The reason is obvious: bitcoin payments are less expensive and can be done on a very transactional fee. On the other hand one usually, people need to go for the exchange or wallet, and then they can transfer the bitcoin. But when they found this option in PayPal they would of course believe this and could start making payments with it.
Bitcoin integration in PayPal has also boosted the value of bitcoin. Before integration bitcoin was very low around 12K USD, but when it was integrated in the USA PayPal suddenly value the bitcoin reached 40K USD in just a few days. This magic was done because of this initiative. After this collaboration, people start trusting bitcoin and again. Now you can see bitcoin trading is the most famous in the world of online trading.
After the initiative of the PayPal Mastercard also tried to integrate bitcoin as a payment option in the Mastercard payments. But due to the MasterCard, it is linked with many banks in the world so it is very difficult for it to integrate. Because banks are scared of this .
Is This New Era of the Bitcoin
When bitcoin launched it got instant popularity. People invest in it and earn millions but suddenly its market crashed and it lost its value completely. But now Bitcoin is at its peak, the currency value is $54K USD. The value of the bitcoin is highly fluctuating, but this is obvious it will never go down again or it will crash. Because it has the back of big companies like Tesla and PayPal. So The future of bitcoin is bright and yes of course we can call it the new era of bitcoin.