PayPal conveyed to Reuters that it will officially support some altcoins and Bitcoin starting from Tuesday. This news led Bitcoin to get close to $60,000.
PayPal considers cryptocurrencies as an authentic funding source
According to the latest cryptocurrencies charts, Bitcoin price is now touching a 10-day high. Reuter being the sole reporter of the massive headline, concurred PayPal would release an official statement confirming the report and revealing it to the US market.
Previous year when PayPal confirmed its endeavour in crypto space, it had sent a shockwave across the world, as everyone from PayPal’s 29M merchants and the public could soon use cryptocurrencies as a payment method.
The CEO and President of Paypal, Dan Schulman, expressed that this move will allow users to use cryptocurrency the exact way they would have used a Credit/Debit card. Since the Paypal move, which does not solely focus on Bitcoin, has caused the Bitcoin price to shot up, which is currently sitting at $59,800.
PayPal also caused an event to be remembered in general for cryptocurrencies as the CEO expressed the digital asset as a “legitimate funding source”. He carried on saying the current situation represents a transitional period for cryptocurrencies, which previously thought of as an asset to maintain, buy and liquidate to the present time where it constitutes an authentic financial source.
Bitcoin is all set for millions, says Woo
This week among many other bullish predictions for Bitcoin, the analyst Willy Woo forecasted the most bullish prediction for the cryptocurrency, stating in an interview that he believes Bitcoin will eventually reach “millions of dollar.”
The statistician carried on by stating that the market capitalization of gold is no match for what Bitcoin will be in the future. Currently, gold has a market cap of $10 trillion, and if Bitcoin continues as the statistician predicted, it will end up beating the gold’s gigantic market capitalization and setting a single Bitcoin token to be worth millions of dollar. Peter Brandt, the veteran trader, was also present during the interview who had recently commented on Bitcoin, that he now believes the cryptocurrency to quantify net worth compares to what he formerly believed.