OTCbid - PayPal’s recent leap into the crypto market is helping to drive the current bitcoin rally..

Updated: Nov 23, 2020

" In an investor letter published Nov. 20, the venture firm compared the ongoing bull market to the last time BTC (BTC, -0.99%) rose above $18,000, three years ago.

“Previously the friction to buy bitcoin was pretty onerous,” the letter notes, contrasting that difficulty with how e-commerce giant PayPal has now made it easy for millions of users to become potential bitcoin, ether, bitcoin cash (BCH, -3.84%) and litecoin (LTC, -1.92%) buyers.

Indeed, all eligible PayPal account holders in the U.S. can now buy, hold and sell those cryptocurrencies – sooner than the payments firm anticipated, due to steep customer interest. Additionally, the firm recently upped its weekly crypto purchase limits to $20,000 from an initial $10,000.

“BOOM! The results are already apparent,” Dan Morehead, chief executive and founder of Pantera, wrote in the November letter. “When PayPal went live, volume started exploding.” " - Read Full Article

Source: Coindesk


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Post: 23.11.20


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