Bitcoin Hits 2020 High On PayPal Announcement
Plus another public company announces bitcoin treasury
Happy Wednesday, Blockfolians
The Lede
Bitcoin is currently trading above $12,800 - significantly exceeding the previous August 18th high of $12,476.
Even yesterday, we started to see bitcoin move, but today’s action has an actual distinct source.
PayPal is bringing bitcoin and crypto to its 346 million users. Leaks earlier in the year suggested this might be coming but the news has gone off like a bomb.
Now, there are some skeptics - mostly around issues of KYC and the fact that it appears users will not be able to transfer the crypto they buy to separate wallets.
Moreover, availability is not the same thing as demand. Still, there is no denying that this type of new exposure and ease - not to mention payments integration with 26m PayPal merchants - is one of the most bullish announcements of the year.
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Highly Relevant Reading
The world’s largest derivatives exchange is mandating ID verification
CasperLabs smart contract platform raises $14m in private token sale
Solana becomes fourth major blockchain to support USDC
Bahamas launches Sand Dollar digital currency
Community Commentary
It’s not just bitcoin price that’s crushing.
As bitcoin surges, should we kill the language of “alts”?
A Really Big Number We Should Be Paying Attention To
10%
That’s the percentage of cash reserves being put into bitcoin by Mode, a publicly listed firm in the UK
Final Thought
Savage.