{"id":95517,"date":"2020-10-23T00:30:20","date_gmt":"2020-10-22T21:30:20","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/paypals-crypto-integration-means-bitcoin-could-triple-its-user-base\/"},"modified":"2020-10-23T00:30:20","modified_gmt":"2020-10-22T21:30:20","slug":"paypals-crypto-integration-means-bitcoin-could-triple-its-user-base","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/paypals-crypto-integration-means-bitcoin-could-triple-its-user-base\/","title":{"rendered":"# PayPal\u2019s crypto integration means Bitcoin could triple its user base"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23a65a684c3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23a65a684c3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/paypals-crypto-integration-means-bitcoin-could-triple-its-user-base\/#PayPal_should_boost_Bitcoins_user_base\" >PayPal should boost Bitcoin\u2019s user base<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/paypals-crypto-integration-means-bitcoin-could-triple-its-user-base\/#Bitcoin_is_on_the_path_to_outperforming_banks\" >Bitcoin is on the path to outperforming banks<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># PayPal\u2019s crypto integration means Bitcoin could <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a>le its user base  <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">Bitcoin (BTC) price has again punched through the $13,000 mark after yesterday\u2019s PayPal\u2019s announcement sparked a powerful rally which drove the price to a new 2020 high.\u00a0<\/p>\n<p>Currently sitting near $13,100, Bitcoin price has rallied nearly 10% since the announcement and BTC is now close to overtaking PayPal as the 21st biggest asset by market capitalization.<\/p>\n<p>PayPal\u2019s crypto announcement comes two weeks after Square, another payments giant, announced its own foray into Bitcoin by investing roughly 1% of its assets into Bitcoin. <\/p>\n<p>According to Lanre Jonathan Ige, a researcher at Amun AG, the continuing trend of large sized investments will be material in bringing institutional interest to Bitcoin. Ige said:<\/p>\n<blockquote><p>\u201cCorporations are often trend-following and we can expect a number of other corporations to follow the lead of Square and Microstrategy, as the returns of the assets continue to impress.\u201d<\/p><\/blockquote>\n<p>However, the recent <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> from PayPal is more likely to bring the masses to Bitcoin, rather than Bitcoin to institutions. This is because PayPal may bring a more mainstream audience up to speed with the cryptocurrency as an investment vehicle for now and as a payment method in the future, which has been one of the main focus of the Bitcoin community when it comes to mass adoption.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"PayPal_should_boost_Bitcoins_user_base\"><\/span>PayPal should boost Bitcoin\u2019s user base<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to data from glassnode, Bitcoin currently has over 187 million users or \u201chodlers\u201d. While impressive, crypto analyst Willy Woo <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/woonomic\/status\/1318942711802593280?s=20\">noted<\/a> that this pales in comparison to PayPal\u2019s 487 million users. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/8e0345d8-b191-4d49-9b8c-745857202967.png\"\/><figcaption style=\"text-align: center;\"><em>Total Bitcoin HODLers. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/woonomic\/status\/1318942711802593280?s=20\"><em>Twitter<\/em><\/a><\/figcaption><\/figure>\n<p>By adding Bitcoin, PayPal is bringing the name to a mainstream audience. While it is only possible to buy, sell and hold Bitcoin through PayPal for the time being, the company announced that it would be adding cryptocurrency payment and transfers in 2021. Once this occurs, it could cement Bitcoin\u2019s reputation as a payment and remittance mechanism.<\/p>\n<p>Transacting through PayPal and other centralized platforms could even become one of the ways in which Bitcoin is able to scale to a mainstream user base. Centralized transactions (along with other methods like sidechains and lightning network) could be used to alleviate congestion in Bitcoin\u2019s blockchain, allowing it to be used only for bigger transactions that require more safety, transparency or immutable proof of ownership.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"\/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_is_on_the_path_to_outperforming_banks\"><\/span>Bitcoin is on the path to outperforming banks<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While it seems that payment processing companies and cryptocurrencies are finding more synergy as time passes, the same can not be said for banks and this struggle is reflected in their stock price.<\/p>\n<p>Jon Erlichman, tech correspondent at BNN Bloomberg, <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/JonErlichman\/status\/1319002473445588992?s=20\">noted<\/a> that assets like Bitcoin, Ether and stocks for payment companies like PayPal and Square were doing quite well this year but since the COVID-19 pandemic, financial stocks have underperformed.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/7d994ac1-40d8-4319-949b-e6e936d21af3.png\"\/><figcaption style=\"text-align: center;\"><em>Bitcoin and Ether YTD performance. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.digitalassetsdata.com\/\"><em>Digital Assets Data<\/em><\/a><\/figcaption><\/figure>\n<p>To date, the prices of Bitcoin and Ether have <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>reciated by 80.5% and 217%. Meanwhile, PayPal rallied 99% and Square 186%. Banks like JPMorgan and Bank of America, on the other hand, have lost 28% and 32% respectively. Citigroup has seen its stock value drop by 46% and Wells Fargo has decreased by 58%.<\/p>\n<p>As for Bitcoin, it continues to be one of the best performing assets in existence, beating gold and the S&amp;P 500 by a wide margin in 2020.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/7ad2c048-d514-43f0-bcec-b3dedf82b837.png\"\/><figcaption style=\"text-align: center;\"><em>Macro Assets Current Year Returns. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"http:\/\/skew.com\/\"><em>Skew.com<\/em><\/a><\/figcaption><\/figure>\n<p>As a growing number of people interact with Bitcoin as an investment vehicle, it is possible that consumers will turn their backs to banks and invest in cryptocurrency.<\/p>\n<p><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.finder.com\/cryptocurrency-predictions\">According to experts<\/a>, Bitcoin may even benefit from what some call the \u2018Robinhood effect\u2019, a phenomenon where retail investors with disposable income purchase an asset via fee-free, gamified investing platforms in order to avoid the rigamarole frequently associated with banks.<\/p>\n<p>If this happens to BTC, the digital asset could see the same type of hyperbolic investing frenzy that occurred as Robinhood investors poured funds into Tesla earlier this year. <\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/paypal-s-crypto-integration-means-bitcoin-could-triple-its-user-base\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# PayPal\u2019s crypto integration means Bitcoin could triple its user base &#8221; Bitcoin (BTC) price has again punched through the $13,000 mark after yesterday\u2019s PayPal\u2019s announcement sparked a powerful rally which drove the price to a new 2020 high.\u00a0 Currently sitting near $13,100, Bitcoin price has rallied nearly 10% since the announcement and BTC is&#8230;<\/p>\n","protected":false},"author":1,"featured_media":95518,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/2aa143a2-c0c4-4e43-bf5e-a717e4b1d35b.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74888,74862,74899,74937,74863,74889,76574,71939,73785],"class_list":["post-95517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-banking","tag-bitcoin","tag-bitcoin-adoption","tag-bitcoin-price","tag-cryptocurrencies","tag-payments","tag-paypal","tag-banks","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/95517","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=95517"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/95517\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/95518"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=95517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=95517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=95517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}