The autumn of 2020 has been a lucrative one for bitcoin investors, with the world’s most famous cryptocurrency being awoken from a bearish end to the summer with the news that payments giant PayPal was set to begin accommodating BTC payments within its 346 million global user base.
With the news of PayPal’s accommodation of Bitcoin emerging on October 21, we can see a significant rise in the value of the cryptocurrency leading to BTC almost reaching highs of $14,000 before a correction took place.
However, the long-term impact of PayPal accepting the buying, selling, holding and spending of bitcoin within their accounts could lead to huge levels of adoption of the currency. Could we be on the verge of an era of unprecedented growth for both Bitcoin and the world of crypto as a whole?
A “Pivotal Moment” In Bitcoin’s History
The arrival of PayPal accommodating Bitcoin represents the biggest single step that any cryptocurrency has made toward mainstream adoption in over 10 years of existence.
In the past, cryptocurrencies have been met with scepticism from would-be adopters due to its links to the black market and shady dealings, but the arrival of a major player in finance will not only supply its users with the opportunity to invest in Bitcoin (though, critically, not directly on the Bitcoin network) but can also go a long way in establishing a new level of confidence in consumers who were fearful of investing before.
Jason Deane, an analyst at Quantum Economics, told Decrypt that PayPal’s announcement regarding its accommodation of bitcoin “could very much be the moment that is considered pivotal when the Bitcoin history books are written.”
“In my view, this is an extremely significant move for cryptocurrency adoption that is likely to expand Bitcoin’s reach at a vastly accelerated level, drive the development of additional services and serve as a rock-solid endorsement of the concept of cryptocurrency leading to…