Happy Wednesday, Blockfolians
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.
CoinDesk @CoinDeskUPDATE: @PayPal's service does not allow crypto to be withdrawn or deposited. Once you buy the coins, they stay in your account until you sell. More details in our updated article: https://t.co/hWFWJ4YFFX h/t @realDannyNelson @GamerAndy https://t.co/arEe6wwz8C
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
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Solana becomes fourth major blockchain to support USDC
Bahamas launches Sand Dollar digital currency
It’s not just bitcoin price that’s crushing.
As bitcoin surges, should we kill the language of “alts”?
Ryan Sean Adams - rsa.eth 🏴 @RyanSAdamsIf you continue see the crypto world through the lens of "Bitcoin" and the "Alts" you're going to get left behind. It's 2020, not 2015. Today there are: - Crypto capital assets - Crypto commodities - Crypto monies The same asset superclasses as old finance.
A Really Big Number We Should Be Paying Attention To
That’s the percentage of cash reserves being put into bitcoin by Mode, a publicly listed firm in the UK