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PayPal can boost Bitcoin price

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News about PayPal’s alleged plan to allow PayPal and Venmo users to directly buy and sell cryptocurrencies flooded social media on Monday. Causing a quick reaction in the price of Bitcoin, closing BTCUSD at $ 9,689 on June 22, posting an intraday gain of 4.35%.

Despite the fact that the online payment giant did not confirm, many operators seem to change their minds. If BTCUSD breaks through the $ 9,600 resistance, it is highly likely that Bitcoin could hit $ 12,000 according to PrimeBit.

BTCUSD posts 4.5% intraday gain amid PayPal crypto rumors. Source: PrimeBit WebTrader

About PayPal and Bitcoin

PayPal is a leading provider of online payments in the world, with more than 325 million users in 200 countries. It allows users to pay online for purchases made at Amazon, eBay and other retailers, and to transfer money between PayPal accounts or globally compatible bank accounts.

PayPal recently released two public job listings for crypto and blockchain experts. One listing is for a Technical Leader: Crypto Engineer who will be in charge of designing, developing and maintaining key crypto products / features for PayPal services.

The other list is for a Blockchain research engineer to be part of the strategic technology enablement team focused on emerging Blockchain technologies. PayPal also released job offers for eight engineering positions earlier this year.

If the news is true, PayPal’s move could be key to the massive adoption of cryptocurrencies. However, not everyone is happy. After all, Bitcoin should be a means of sending money directly without the intervention of any financial institution. PayPal’s relationship with crypto was also in bad shape.

Two years ago, the CEO of PayPal, Bill harris, said that “Bitcoin has no value” and that it is a scam.

Bitcoin daily chart since the beginning of the year. Source: PrimeBit WebTrader
Bitcoin daily chart since the beginning of the year. Source: PrimeBit WebTrader

PrimeBit analysis

BTCUSD is up 98% from its low point at $ 4,804 last March. Bitcoin will continue to drag investors as stocks fight fear of the Coronavirus wave and demand in different markets dwindles.

PayPal’s apparent cryptocurrency service will undoubtedly be a big change in the way people approach money transfers. A source said that the PayPal service for users to buy and sell crypto directly could be available in the next 3 months or sooner. This could fuel new rounds of Bitcoin interest in the coming weeks.

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