The Bitcoin price surged as much as 8% on Wednesday after the announcement that Paypal will allow its users to buy, sell and hold Bitcoin and other cryptocurrencies starting in early 2021.
Dan Schulman, PayPal’s President, and Chief Executive said in an interview that:
“We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role”.
In their official press release, PayPal explains they will introduce the ability to buy Bitcoin, Ethereum, Bitcoin Cash and Litecoin, directly within the PayPal digital wallet. This service will be available to PayPal account holders in the U.S. in the coming weeks but the plan is to extend the service worldwide in the first half of 2021.
The most surprising announcement is that there will be “no service fees when buying or selling cryptocurrency through December 31, 2020, and there are no fees for holding cryptocurrency in a PayPal account.”
Shortly after the news, Mike Novogratz also expressed his enthusiasm on Twitter.
With all the hype of the news, the Bitcoin price passed 13K and crypto traders predict a year-end record of 14k.
According to Forbes, Constantin Kogan, managing director at digital asset manager Wave Financial, said via email:
“All of this is bullish for the price of bitcoin and it’s safe to assume that Bitcoin will remain a strong bullish trend. We believe a year-end price beyond $14,000 is easily achievable as the market hasn’t fully absorbed all the positive news.”
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.