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PayPal Crypto Rumor Could Push BTC Price to $12,000

Bitcoinist

Bitcoinist | Jun 29, 2020 | 13:20

bitcoin, btcusd, cryptocurrency, xbtusd, btcusdt Sponsored Article

PayPal Crypto Rumor Could Push BTC Price to $12,000

Bitcoinist

Bitcoinist | Jun 29, 2020 | 13:20


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News on PayPal’s alleged plan to enable PayPal and Venmo users to directly buy and sell crypto swamped social media on Monday, causing a quick reaction in Bitcoin price. BTCUSD closed at $9,689 on June 22, making a 4.35% intraday gain. Despite no confirmation from the online payment giant, many traders seem to shift views. If BTCUSD pushes above the $9,600 resistance, it’s highly likely that Bitcoin could breakout to $12,000.

BTCUSD gets a 4.5% intraday gain amid PayPal crypto rumors, PrimeBit WebTrader

PayPal is a leading online payment provider in the world, with over 325 million users in 200 countries. It allows users to pay online for purchases made on Amazon, eBay, and other retailers, and to transfer money between PayPal accounts or supported bank accounts globally.

Recently, PayPal posted two public job listings for crypto and blockchain experts. One listing is for a Technical Lead – Crypto Engineer who will be tasked to design, develop, and maintain key crypto products/features for PayPal services. The other listing is for a Blockchain Research Engineer to be part of the Strategic Technology Enablement team focusing on emerging blockchain technologies. PayPal also posted job openings for eight engineering positions earlier this year.

If the news holds true, PayPal’s move could be key toward crypto mass adoption. However, not everyone is happy. After all, bitcoin should be a means to directly send money without the intervention of any financial institution. PayPal’s relationship with crypto was also in bad shape. Two years ago, PayPal CEO Bill Harris said that “bitcoin has no value at all” and that it is a scam.

Bitcoin daily chart from the beginning of the year, PrimeBit WebTrader

BTCUSD is up 98% from its lowest point at $4,804 last March. Bitcoin will continue to haul investors as stocks struggle on the fear of coronavirus waves and demands in different markets decrease.

PayPal’s apparent crypto service will no doubt be a big game-changer to how people approach money transfers. A source said that the PayPal service for users to directly buy and sell crypto could be available in the next 3 months or earlier. This could fuel new rounds of bitcoin interest in the coming weeks. 

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Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.


 

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