It isn’t clear which or how many Cryptocurrencies would be available. PayPal is expected to co-operate with different exchanges to source liquidity. The service could roll out by the end of the third quarter of this year according to insiders.
PayPal has been slowly moving closer to this end goal. More convincingly, earlier this year PayPal CTO was quoted saying “we are a strong believer in the potential of Blockchain. The digitization of currency is the matter of when not if.” This quote came from around the time that PayPal was hiring up a group of Blockchain developers.
PayPal is probably the first real competitor to Coinbase in terms of its size and if it happens makes PayPal the world’s leading Bitcoin broker. According to the insiders, alongside Coinbase there are reports that PayPal would work with other exchanges like Bitstamp.
Why would PayPal do this?
PayPal either gets to adapt and survive or become the Blockbuster of the online payments platform. From these reports, it is considered that PayPal is choosing to stay in the fight and adapt and survive. Considering the close links that PayPal has to eBay, for 170 million users of eBay to access Cryptocurrency payments is not far from consideration if this PayPal story becomes true.
Also, a comparison to the Cash App story, with it’s 24 million users which are tiny compared to PayPal, the impact of Cash App on the Bitcoin market has already been significant. According to statistics in the first quarter of 2020, Cash App sold nearly 50,000 BTC to its customers which is around 16,000 BTC a month. For perspective, only 27,000 BTC a month are being mined. Cash App is consuming more than half of the newly mined supply. Also, the hard fact of there is not enough Bitcoins for customers of Cash App or even Coinbase to have one BTC each!
So accordingly, there would be not enough Bitcoins for each PayPal user to have 0.05 BTC! This is what considered to cause the alleged Bull Run this year. If you own even one Bitcoin, you are in the top percentile of Bitcoin holders.
Exchange markets are built on an ever-expanding universe of buyers and now there are so many different ways for investors to enter the market worldwide. But the PayPal story could be the biggest market expansion in the history of Cryptocurrency.
So with all this perspective of future, the Bitcoin’s monster movement is not the matter of if anymore, but it is the matter of when.
To sum up – With huge numbers of users on PayPal and Venmo, if the rumors of these two payments platform join Cryptocurrency exchange becomes true it would be the biggest expansion in the history of Cryptocurrency causing huge impacts on the BTC and all other currencies prices which are called a bull run by many.