|

PayPal to enable cryptocurrency access to more than 28 million merchants

  • Dan Schulman, CEO of PayPal, believes people are shifting towards using digital assets.
  • Bitcoin price is close to its all-time high, partly thanks to the support of PayPal.

One of the main reasons behind the current Bitcoin bull rally is definitely PayPal. Dan Schulman, the CEO, thinks that people are trying to stir away from fiat money, especially after the recent coronavirus pandemic.

Schulman believes that as paper money slowly dissipates and disappears, central banks will have to start supporting digital currencies, whether by creating their own or using existing ones. He also stated that:

Early next year, we're going to allow cryptocurrencies to be a funding source for any transaction happening on all 28 million of our merchants.

The inherent value of Bitcoin

In a recent interview with CNBC Television, Dan Schulman was asked about the inherent value of Bitcoin. He replied by stating that all forms of money are based on trust. The use of cash has significantly declined after the pandemic, which means that a lot of people do not trust fiat money anymore. 

This is also a big reason why Bitcoin and the entire crypto market are so bullish currently. Unfortunately, investors criticize PayPal because it will most likely not allow external deposits or withdrawals of crypto.

However, PayPal will need to hold 1:1 for every coin sold, which means that although the platform might be the one that holds the cryptocurrency, at least it really has to hold the coins.

Despite the criticism, it's clear that PayPal is playing a significant role in the adoption of Bitcoin and cryptocurrencies in general. Bitcoin continues climbing higher and aiming to hit a new all-time high in the short-term. 

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

More from Lorenzo Stroe
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Crypto market outlook for 2026

Year 2025 was volatile, as crypto often is.  Among positive catalysts were favourable regulatory changes in the U.S., rise of Digital Asset Treasuries (DAT), adoption of AI and tokenization of Real-World-Assets (RWA).

Sberbank issues Russia's first corporate loan backed by Bitcoin

Russia's largest bank Sberbank launched the country's first Bitcoin-backed corporate loan to miner Intelion Data. The pilot deal uses cryptocurrency as collateral through Sberbank's proprietary Rutoken custody solution.

Bitcoin recovers to $87,000 as retail optimism offsets steady ETF outflows

Bitcoin (BTC) trades above $88,000 at press time on Tuesday, following a rejection at $90,000 the previous day. Institutional support remains mixed amid steady outflow from US spot BTC Exchange Traded Funds (ETFs) and Strategy Inc.’s acquisition of 1,229 BTC last week.

Traders split over whether lighter’s LIT clears $3 billion FDV after launch

Lighter’s LIT token has not yet begun open trading, but the market has already drawn a sharp line around its valuation after Tuesday's airdrop.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.