PayPal Rumoured to be Developing a BTC Service with a built-in wallet function adds to the credibility of BTC
June 23, 2020 3:01 pm
Bitcoin (BTC) support is coming to PayPal, causing traders to reassess the likelihood of a BTC price bull run and Venmo may be just a rumour, But some of the cryptocurrency’s best-known names are turning bullish.
As the news popped that the payment processor was supposedly planning crypto buying and selling for its 325 million users, BTC/USD spiked to test resistance at $9,600.
Global Hash War is coming!
Despite PayPal declining to confirm its plans, a wave of optimism has since flooded social media, with various figures welcoming the move while highlighting its irony.
For Max Keiser, the host on a financial program broadcast on the media channel RT that features heterodox economics theories, the move appeared tied to competitive advantage. Square, the sister company of Twitter, rolled out Bitcoin support with a great victory last year.
The sense of satisfaction amid Bitcoin proponents may well be warranted. PayPal has made a name for itself in recent years as a crypto critic, refusing to entertain the idea of supporting it. Meanwhile, technical problems and the deadfalls of being a fiat intermediary means that PayPal has become a subliminal advertisement for Bitcoin’s gains. Should the company begin offering Bitcoin, however, those same issues may trouble new users.
As recorded by developer Jameson Lopp, PayPal may extend its ability to freeze or isolate users and funds without notice to crypto wallets within accounts under its control. Another commentator claimed that Square’s implementation is technically no difference.
Boosts $12,000 Bitcoin Price
Concurrently, the news has provoked analysts to modify their outlook on Bitcoin price action. A push above $9,600 increases the chances of five figures returning, at which point a breakout to $12,000 is already a firm possibility.
For popular Twitter trader George, current levels provide the last chance saloon for bears wanting to short BTC. He revealed on Tuesday, June 23,
“If you’re a bear, this is where you short imo. Swept the highs right into daily supply. Clean invalidation level.”
“I’m in a short here because I think if we start breaking above 9.9k — 10k’s we see 12k+.”