Bitcoin has on 30th March hit a ten-day high after PayPal announced its plans to launch crypto payment on its platform. PayPal has put people on waiting since last year when they hinted at their cryptocurrency investment. Although PayPal has not yet disclosed the crypto it will use, people have jumped to acquire Bitcoin, hence an increase in its price.
This also comes at almost the same time as Visa has announced to use USDC in payments. All Visa cardholders can now access payment services with the card, as long as they have connected the card to a wallet that has USDC.
On Binance sellers have been selling on Tuesday 30th at $61,700. PayPal’s move is aiming at sorting over 29M merchants across the globe with crypto although they are starting with US merchants. This is also what is happening with Tesla, as they declared Bitcoin payment for its cars. Starting with US users before introducing it to the world as the year nears the end.
It is now very visible that cryptocurrencies are becoming a source of payment and not just value storage as what is happening with Bitcoin. “We think it’s a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants,” said Dan Schulman the CEO of PayPal concerning the use of cryptocurrencies in making payments.