Bitcoin jumps past $59K as PayPal launches crypto payments at 29M merchants
Bitcoin (BTC) approached its peak on the 30th. March of the $60,000 after PayPal confirmed it had officially launched crypto-currency payments.
1 minute candlestick chart BTC/USD (Bitstamp). Source: View of the shop
PayPal: Crypto-currencies are now a legitimate source of funding
Data from Cointelegraph Markets Pro and Tradingview showed that BTC/USD hit a 10-day high on Tuesday, as widely reported by the mainstream press.
According to an exclusive report from Reuters, PayPal will make an official announcement later today to unveil its long-awaited crypto-currency payment feature for U.S. customers.
The company made a stir last year when it confirmed its commitment to cryptocurrencies, and the rollout would eventually be extended to all users and 29 million traders.
This is the first time you can use cryptocurrencies seamlessly in the same way as a credit or debit card in your PayPal wallet, president and CEO Dan Schulman told Reuters.
Although PayPal doesn’t focus solely on bitcoin, the price of BTC has responded positively to the reports, breaking through its previous all-time high in February of $58,300 to $59,200 at the time of writing.
A look at the Binance order book data showed that sellers are still lining up between the current spot price and the all-time highs of $61,700.
PayPal went on to talk about a tipping point for cryptocurrencies in general, with Shulman calling them a legitimate source of funding.
We believe this is a transition point where cryptocurrencies are evolving from assets you buy, own or sell to legitimate funding sources for real transactions with millions of traders, he added.
Wu: Bitcoin for millions of dollars
PayPal was skeptical for a long time, but now joins some of the most progressive proponents of Bitcoin. One of the most optimistic long-term predictions was made this week by statistician Willie Wu, who said in an interview that one bitcoin will eventually be worth millions of dollars.
Bitcoin will never stop at a market capitalization of $10 trillion; it will go much higher, which means we’re going to get into the millions of dollars per coin, he told Real Vision’s Laura Shin.
Also present was veteran trader Peter Brandt, who said in a widely circulated commentary that he had completely changed his mind about bitcoin.
My mindset has changed… from bitcoin as a business to bitcoin as a measure of wealth, he said.
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