PayPal has allowed US customers to use cryptocurrency for payment. Users who hold bitcoins, Ethereum, Bitcoin Cash and Litecoin on their wallets will be able to convert them into fiat currencies at the time of purchase at 29 million merchants that work with the payment system.
PayPal's announcement marks another milestone in the global acceptance of cryptocurrency as a means of payment and reinforces its fundamental importance, explained Vladimir Smetanin, CEO of Swiss finance firm Newcent.
Last week, automaker Tesla added bitcoin payment for its products. While the service is only available to US customers, it will appear in other countries later this year. The company will not convert bitcoins received as payment into fiat currency.
PayPal, Visa, Tesla are American companies, and this is important, since the cryptocurrency industry depends on certain decisions of the US Securities and Exchange Commission (SEC), said Maria Stankevich, director of development for the EXMO crypto exchange. In her opinion, against the background of this news, Bitcoin may soon renew its historical maximum value.
