Paypal Adapts To Bitcoin
In October 2020 Paypal first launched a new service which allows its U.S. users to buy, sell or hold cryptocurrency in their virtual wallets, which can also be used to purchase goods.
The four cryptocurrencies are: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin
This March 2021, paypal has announced that customers will be able to use crypto to pay for goods at nearly 30 million merchant by the end of the first quarter, worldwide. Bitcoins received by the merchants will be converted into fiat currency to avoid Bitcoin price fluctuation risks.
How It Impacts The Crypto World?
This development apparently puts Bitcoin, Ethereum and other top cryptocurrencies in the limelight beginning this year and onward.
Few hours after Paypal's announcement the Bitcoin price had a sudden reversal going uptrend.
Bitcoin (BTC)
The same happened to Ethereum - just very identical.
Ethereum (ETH)
The big question is will Paypal stocks bounce back after 2 months of continues bear price? Well, I certainly believe Paypal's stocks will increase in value in a matter of months because it has diversified its services.
PAYPAL'S NASDAQ PRICE
The only setback to these developments is the Tax liability, on Paypal's terms and conditions for “Checkout with Crypto” it state: “Sales of Crypto Assets via Checkout with Crypto are taxable just like all other sales of Crypto Assets.”
Cheers!
