Finally something is really moving in the world of virtual currencies and is able to really push its diffusion towards the masses.
After years of ostracization, Paypal opens up to trading virtual currencies by creating its own wallet in which only Bitcoin, Bitcoin Cash, Ethereum and Litecoin can be held, at least initially.
So not only do we have the end of the war between the exchange and PayPal, but the payment company itself is preparing to become an exchange in which customers can simply exchange virtual currencies and also enter the Fiat currency system.
The service in this first phase will be limited to the United States, but, unlike many other companies in the sector, it will start immediately with the authorization of the NYDFS, the financial regulator of the state of New York, where it is necessary to have a license for trade in virtual currencies.
Paypal is a universally widespread payment system which, according to Statista, has 346 million active accounts worldwide. There is no bank spread globally and non-regionally that can boast these numbers.
This move can really mean the long-awaited, or feared, standardization in the use of cryptocurrencies. If holding them becomes as simple as having a Paypal account, then the audience of possible holders expands to hundreds of millions, and that of the activities that can actually use it for payments, and as many activities can receive them. Furthermore, DeFi, Decentralized Finance becomes a much broader perspective than the current one.
however, the market will not explode immediately and, above all, it will be necessary to introduce some more tokens in order to expand it. The choice to leave out XRP is significant, which evidently did not have the characteristics required by Paypal. Meanwhile, the price of BTC has risen on the wave of the news:
The process of accepting virtual currencies, however, will not be short, indeed it is a medium-term process, so any current rally in the value of currencies would be speculative, also driven by the abundance of liquidity.
Considerations
I have already read some articles around on this news of PayPal, in general I have noticed a certain aversion in this news and I honestly do not understand why.
The crypto world has always been as if it were a world apart from that of "FIAT" currencies.
With the addition of crypto to PayPal the scenario is that crypto will REALLY become a useful tool in real life and not just speculative assets (don't lynch me, I've written a lot of articles and many times I have said my opinion on crypto, I don't consider them only purely speculative assets, but unfortunately this is how the world sees them since I can't buy bread from them except by cross roads and frankly it makes little sense.)
So to conclude I am sincerely excited about this novelty, I hope it is the push the crypto world needed to really flex its muscles, and of course, for those who have always been there this could represent a great opportunity.
I leave you to the video of PayPal on the news:
But what do you think? Let me know yours in the comments
As always, thank you for making it this far, and see you next time!
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