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.

Reasons That Prove the Efficacy of Bitcoin Purchase with PayPal - Toshi  Times

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


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.