#howtotradecrypto

In late 2020 PayPal announced customers could now buy, hold, and sell numerous cryptocurrencies on its platform, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

That move was just the beginning of a long-term strategy to incorporate digital currencies into PayPal’s operations. By early 2021, customers can use the cryptocurrencies to make purchases at more than 26 million websites currently using PayPal for transactions.

By mid-2021, PayPal announced it would enable cryptocurrencies on Venmo, its popular peer-to-peer payment app. PayPal has partnered with startup Paxos Trust company to facilitate these transactions.

The same month PayPal made its announcement, Twitter CEO Jack Dorsey’s financial company Square announced it had purchased 4,709 bitcoins for a price of $50 million. That investment represented one percent of Square’s total assets through the second quarter of 2020.

Even establishment financial institutions such as Fidelity Investments are dipping their toe into the cryptocurrency pool. In August 2020, Fidelity announced the launching of its first Bitcoin Fund. Fidelity clients can now access the Wise Origin Bitcoin Index Fund I through a new business unit called Fidelity Digital Funds.

By establishing both acquisition and retail features, PayPal represents perhaps the most accessible ‘gateway’ yet for Bitcoin and the other cryptocurrencies. Through PayPal, novice Bitcoin traders can begin to purchase Bitcoin and store it in a digital wallet PayPal provides. They can do this as an investment or as an alternative means of payment for any online purchase they wish to make.

Despite PayPal’s obvious hopes that this will catapult Bitcoin into the online payment currency of choice, some doubt this will take place anytime soon. Industry expert and author of several Cambridge University studies on cryptocurrencies and Blockchain, Michael Rauchs suggests that people who acquire Bitcoin will be more interested in holding on to it for its likely increasing investment value than spending it online.

Even if the initial tendency is to treat Bitcoin as more of an investment, the widespread appeal and trusted track record of PayPal is likely to introduce Bitcoin to a much wider audience at a much faster pace.

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