Big News: PayPal and Venmo to offer Bitcoin support to their 325 million users!
PayPal and Venmo about to change the game...
In what has to be the biggest news of the day, PayPal and Venmo are likely about to begin integrating bitcoin and cryptocurrencies.
Keep in mind that this hasn't yet been confirmed beyond just "a well-placed industry source".
But, according to sources, PayPal and Venmo are going to enable buying and selling of bitcoin and other cryptocurrencies as well as have wallet capabilities.
The exact quote:
“My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo,” a well-placed industry source told CoinDesk. “They are going to have some sort of a built-in wallet functionality so you can store it there.”
(Source: https://www.coindesk.com/paypal-venmo-to-roll-out-crypto-buying-and-selling)
This would be the first time either PayPal or Venmo has ever been involved with allowing users to directly buy, sell, or send cryptocurrencies.
It is unclear which cryptocurrencies will be offered and/or how many will be available at this time, but the thoughts are that they will use exchanges for liquidity.
Likely an exchange like Coinbase, one which PayPal has a long history with.
(Source: https://twitter.com/jhamel/status/1275165069299646464)
Boy have the times changed for ol bitcoin and crypto...
It is amazing how far bitcoin and crypto have come in just a few short years.
Just a few short years ago the CEO of PayPal was calling bitcoin the greatest scam in history, a colossal pump and dump, things along those lines...
And now they are endorsing it.
Not to mention they were the ones that helped put bitcoin on the main stage by freezing well known accounts...
It appears I was not the only one that noticed the irony in all of this...
(Source: https://twitter.com/jimmysong/status/1275237747033341952)
My thoughts...
If this news turns out to be true, and every indication thus far are that it will be (the price action of bitcoin seemed to support that idea as well), it's absolutely massive news for bitcoin.
Currently PayPal has more than 325 million accounts.
Venmo has 52 million accounts.
The latest estimates point to something like 6 million active users in bitcoin...
https://www.bitcoinmarketjournal.com/how-many-people-use-bitcoin/
You do the math...
That is something like a 60x increase in the number potential users. Not all of the will become users of course, but it would only take roughly 2% of them using bitcoin for bitcoin to double its user base...
Wowza!
If the above news is correct and they plan to integrate bitcoin and crypto into their payment processing sites, they likely changed the game for bitcoin and crypto and may have also loaded the bullet in the gun to be used for their own death...
It's a bit like Blockbuster enabling you to buy Netflix subscriptions from its store ten years ago...
(Source: https://twitter.com/JasonYanowitz/status/1275171500778237954)
Perhaps they already saw the writing on the wall and decided they wanted to get involved and pick up some transactions fees along the way...
Whatever the reason, this is massive news for bitcoin and crypto.
Stay informed my friends.
-Doc
Posted Using LeoFinance
Now we just need people to buy the rumour, and hope they don't sell the news.
Yea, there is that possibility. But, if this turns out to be true the actual implementation will be so overwhelmingly bullish for the price of bitcoin any sell the news event will be a blip on the radar to much higher prices.
Sure; if the news is the same as the rumour.
Yes that is a very good point. If the news comes out and it is good news, but not as good as we are expecting, it may not be good for prices.
We haven't seen what sort of transaction fees and requirements may be included. The devil's in the details.
Massive News :p
Any dates when Paypal wants to integrate Bitcoin..?
Still this year?
Thanks for sharing.
The source mentioned within the next 3 months. Though, neither PayPal nor Venmo confirmed the news or the dates.
Wow..let's see how good your source is ;)
Would you still expect that dip (3000.-) now?
I never expected a dip to $3k. I'd be shocked if BTC ever goes below $6k again personally... That being said, I do still think we could see a dip to about $7,600 which may or may not be starting right now...
Soon the banks will follow.
Posted Using LeoFinance
JPM is already there, well sort of. Banking Coinbase.
Well I'd certainly accept payments in BTC if that's an option!
Posted Using LeoFinance
I think a lot of people would, especially once it goes another parabolic run here soon.
It will be more interesting to use hive coins in shopping 😍😍
Yea the problem with using crypto to buy and sell things is the volatility. People don't want to sell things they think can go up 10x in value... stable coins work best for commerce in the current environment.
Wow... This is amazing!
Very big news if it's indeed true.
If this will happen, I would be very glad having maintained a Paypal account for more or less 10 years already and I hope that this innovation would somehow cause the increase of the value of hive too!
It mentioned about being available within the next 3 months, if true.