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