With Paypal's announcement to integrate Bitcoin purchases "in the next three months." One would imagine a pump is in order. Alas, the market is a fickle beast. Showing dismal price action preceding this announcement. The uptick in ability to on-ramp new users shines through though. This is where steady adoption could be attained. With the inclusion of Bitcoin onto PayPal/Venmo opens the doors to large platforms who support PayPal to now accept BTC. Ebay will be a major contributor to the growth if they simply stay the course.
As an avid Ebay user, the announcement was intriguing for its implications. If payments through paypal will be crypto sound, and paypal is the primary payment method for Ebay, then one of the largest marketplaces will be crypto saavy in no time.
Ebay released an update on their user agreement on July 17, 2020. Here are the "Key Updates" directly quoted from the email:
We've revised Section 6 labeled "Listing Conditions" to clarify that some listings will have predetermined or new payment processes.
We've revised Section 14 labeled "Managed Payments" to clarify the payment entity services.
We've revised Section 18 labeled "Legal Disputes" to update our agreement regarding arbitration proceedings.
Nothing is explicitly mentioning cryptocurrency, but the wordage is telling.
"New payment processes"
Adoption is the Name of the Game
We have the fundamentals. Time has shown its value. Big names and hedge funds now speak highly of a market once scoffed at. We require increased institutional adoption coupled with a "normal people" rush to break into new all time high territory. With PayPal and Venmo catching up to CashApp, we should witness an exponential growth from the normal sector, thus propelling forward and upward.
Hedge funds taking notice (Grayscale), Countries adopting (Venezuela/Russia), Banks supporting (Wells Fargo) and now payment methods on-boarding. The real-world support line is strong.
As always, stay safe out there and please contribute where you can.
