Ethereum, Litecoin, and Bitcoin are some of the cryptocurrencies that have seen an increase in value in recent months.
Just last month, Paypal announced that it will begin accepting Bitcoin transactions within its platform.
Today, Bitcoin, one of the most widely used and recognized cryptocurrencies in the world, has seen a significant increase in value.
- The value of Bitcoin has had a significant increase in recent months, which has placed it up to 40% of its value in previous years
- This is an increase in the value of the cryptocurrency in more than two years, and an increase of 55% since October 2019
- Today, Paypal has been one of the first platforms to accept Bitcoin transactions, and other companies are expected to follow in their footsteps in the near future.
The value of Bitcoin has seen a significant increase, and ranks ahead of gold and silver.
All this, along with the news released by Paypal, in which it was reported that this cryptocurrency may be used on the platform to carry out various transactions.
The price of Bitcoin only rose last Thursday, as is often the norm; however, one aspect to highlight is that its value is now above gold and silver.
The value of Bitcoin has reached unusual levels. Currently its value is 55% higher than that reached in October last year.
For their part, both gold and silver have increased their value by 40% and 27% compared to 2019, respectively.
The price of the cryptocurrency was placed above $ 15,000 USD last Thursday.
This fact represents a level never seen before, at least not since 2018, when the American political scene went through certain events that led to economic instability around the world.
Bitcoin is the most recognized cryptocurrency Worldwide, it has traded at up to $ 15,233 USD.
Since 2020, Bitcoin has been on the rise in the market, doubling its value.
According to experts, the pandemic has played an important role in its recent success.
Crypto assets analyst Simon Peters says that “The creation of Bitcoin had to do, in part, with the fear that increased fiscal stimulus would devalue global currencies”; He added, “As a result, when central banks announced an extensive plan to favor economies, many investors in the crypto community saw this opportunity as the perfect time to invest in Bitcoin.”
The recent presidential election has also played a critical factor in the success of Bitcoin.
Investors are awaiting any announcement from the Federal Reserve, but there is still some uncertainty regarding the outcome of the 2020 presidential election.
Peters explained that “With the presidential elections getting closer and closer, the details of a fiscal stimulus could become clearer. Any stimulus of this type could see an increase in the value of the US dollar, which in the future would increase the price of Bitcoin. “
Paypal will start accepting payments with Bitcoin
PayPal has announced that it will allow its customers to buy and sell digital assets like Bitcoin on its platform.
In the future, it is expected that this cryptocurrency can be used to make purchases.
However, there is still a long way to go to ensure the transparency of this industry.A few weeks ago, the Reuters agency issued a statement in which it was announced that, although PayPal promises a great advance in the commercialization with Bitcoin, this company will not be the first platform to offer the payment service for cryptocurrencies.
Before, startups like Square and Robinhood have successfully implemented this payment method.
If everything goes as the company has planned, Paypal would be the first and most important company in the world to adapt to cryptocurrencies, which would mean a great advance in the market and would open the door to exploring crypto assets within transactions. everyday.
The announcement that PayPal has made does not have a specific release date.
At the moment, users do not have access to this service, and although the company has stated that it will implement it very soon, it has not released an exact date for its official implementation.
On the other hand, the company has not specifically disclosed which coins or tokens will be accepted within the platform, but it is believed that, in addition to Bitcoin, it will accept Ethereum, Bitcoin Cash and Litecoin currencies.
Paypal will allow payment through cryptocurrencies, but it will do so by converting these into fiat currency, such as the US dollar.
This means that although the entrepreneurs who make use of the services of Paypal They will be able to spend their cryptocurrencies, at the end of the process they will not receive payments in said cryptocurrencies, but these will be converted to a specific currency, such as the dollar.
Although this is good news for investors, One of the disadvantages that have been pointed out by experts is that, if everything works as Paypal has planned so far, users will not have the option of using their digital assets outside the platform, and they will not be able to send these currencies to other users within the same application, which would be a setback to the advance that, in theory, is expected to be achieved.
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