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LONDON, October 22 – The world’s most popular virtual unit, Bitcoin, recovered yesterday to a 13-month peak after US online payments provider PayPal announced that it would allow account holders to use cryptocurrencies.
San Jose, California-based PayPal Holdings Inc. said in a statement that the new service will also allow customers to buy, hold and sell units of cryptocurrencies and use them for payments at retailers.
At approximately 1425 GMT, Bitcoin jumped as high as 12,854.50 according to data compiled by Bloomberg.
“Bitcoin rose to its highest level in more than a year, reaching levels not seen since July 2019 after PayPal said that it will enable cryptocurrencies on its platform,” noted analyst Neil Wilson on the trading website Markets.com.
“It will initially allow users to buy, hold and sell Bitcoin, Ethereum, Bitcoin Cash and Litecoin in the PayPal wallet. It will also allow users to spend cryptocurrencies for purchases at its 26 million merchants around the world.
“It is difficult to know for sure at this point what it means, but due to the large scale and reach of PayPal, I believe that the development may be a potential change in the massive use of cryptocurrencies, although of course there are many other barriers to its widespread adoption by consumers and businesses. “
At around 1500 GMT, Bitcoin fell slightly to settle at $ 12,718.03, 6.3 percent higher than Tuesday night.
“The migration towards digital payments and digital representations of value continues to accelerate, driven by the Covid-19 pandemic and the increased interest in digital currencies by central banks and consumers,” PayPal added in a statement announcing its move. . – AFP
