Bitcoin (BTC) approached $ 60,000 on March 30 after PayPal confirmed that it had officially started cryptocurrency payments.
PayPal: Crypto Is Now “Legitimate Funding Source”
Data from Cointelegraph Markets Pro and Tradingview showed BTC / USD hit a ten-day high on Tuesday as details surfaced in the mainstream press.
According to an exclusive report from Reuters, PayPal will make an official announcement later on the day the long-awaited cryptocurrency payments feature is unveiled to U.S. customers.
The company caused a stir last year when it confirmed its commitment to crypto. The rollout should ultimately extend to all users and 29 million merchants.
“This is the first time that you can seamlessly use cryptocurrencies like a credit card or debit card in your PayPal wallet,” President and CEO Dan Schulman told Reuters.
While PayPal won’t just focus on Bitcoin, the BTC price action reacted positively to the reports, surpassing the all-time high of $ 58,300 in February to manage $ 59,200 at the time of writing.
A look at Binance’s order book data showed that sellers were still somewhere between the current spot price and historic highs of $ 61,700.
PayPal further pointed to a turning point for cryptocurrencies in general, and Schulman described it as a “legitimate source of funding”.
“We believe this is a transition point where cryptocurrencies will move from being a primarily asset class you bought, held, and / or sold to a legitimate source of funding for real-world transactions with millions of traders,” he added.
Woo: Bitcoin on the way to “Millions of Dollars”
PayPal’s official line has long been a skeptic and is now playing with some of Bitcoin’s foremost proponents. One of the most optimistic long-term predictions this week was that of statistician Willy Woo, who said in an interview that a single bitcoin would ultimately be worth “millions of dollars”.
“There’s no way Bitcoin can stop at gold’s market cap, which is $ 10 trillion. It’s going to go much higher, which means we’re going to go into the millions of dollars per coin,” he told Laura Shin from Real Vision.
There was also the experienced trader Peter Brandt, who said in a now widespread comment that he had completely changed his view of Bitcoin.
“My mindset has changed … from bitcoin as a trade to bitcoin as a measure of wealth,” he said.