PayPal accepts Bitcoin! CEO Schulman announces big move; know details

PayPal accepts Bitcoin! CEO Schulman announces big move; know details

Last Updated: 22nd October, 2020 18:45 IST

The announcement of PayPal accepting cryptocurrency has enabled users to buy, sell and hold cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash and Litecoin. So, starting in 2021, PayPal users will be able to spend their cryptocurrencies amongst one another.

With 26 million merchants currently accepting PayPal, this move by the organisation will certainly help in the growth of this sector. In a statement, CEO Daniel Schulman expressed his hopes in the growth of virtual coins. While announcing this move he said: “The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.”

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PayPal is certainly not the first organisation to accept Bitcoin, nevertheless, with 346 million active accounts and more than $222 billion in payments processed during Q2, it is certainly a big boost to the market. However, with the boost, the organisation also offered merchants with a new way of dealing with virtual money. With PayPal, merchants can accept crypto payments from customers without having to actually deal with virtual currencies themselves. 

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On the other hand, other banking giants like Visa and Ternio have also declared that they will be allowing cryptocurrency making it mainstream. So now, with these three organisations also supporting virtual currencies, the future of cryptocurrencies and Bitcoin is expected to bloom with a controlled ecosystem in the market. Many central banks around the world have expressed their wish to develop digital versions of currencies in the future, while Facebook-led the creation of a cryptocurrency project called Libra in 2019.

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Bitcoin price is determined through the industry standards and so it keeps fluctuating. However, currently, the price of a single Bitcoin in Indian money is Rs 9,40,043.10 whereas, in the United States of America, a buyer will be charged with $12773.80.

The Bitcoin price mentioned is as per the time of writing the article and it can change as per the market scenario. 

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Author: Written By

Yash Tripathi

Bitcoin Price Analysis: BTCUSD Breakout Bursts Through Big Resistance

Bitcoin Price Analysis: BTCUSD Breakout Bursts Through Big Resistance

  • Bitcoin has just set a fresh yearly high, breaking above a big batch of resistance along the way.
  • Can bulls continue to push? While the bullish theme in Gold remains on hold, buyers haven’t been so bashful around Bitcoin.
  • The analysis contained in article relies on price action and chart formations. To learn more about price action or chart patterns, check out our DailyFX Education section.

With the US Dollar continuing to sell-off, a number of markets remain of interest. Gold may be gearing up for another breakout at some point in the next couple of weeks but, by and large, that loud bullish theme from this summer remains on hold. One area that hasn’t been restrained of recent, however, is Bitcoin, which broke through a big batch of resistance earlier this week to push up to a fresh yearly high.

Bitcoin Daily Price Chart

Chart prepared by James Stanley; Bitcoin on Tradingview

I had last looked at Bitcoin in May of this year, just as the cryptocurrency was re-engaging with the 10k psychological level. And as I’d shared then, there were similar drives of attraction to Bitcoin as what had showed around Gold or other USD-denominated assets. With one of the few clear drivers from the first-half of this year, it looked as though the US response to the coronavirus was going to entail more and more stimulus. This could serve to weaken the Dollar and, by nature, that weaker USD could increase the value of assets that were denominated in the currency, such as Gold or, Bitcoin.

That theme in Gold showed very loudly throughout this summer as the yellow metal pushed up to a fresh all-time-high. But in Bitcoin, the move was a bit more delayed as the cryptocurrency battled through a pre-existing network of support and resistance levels.

In mid-August, just after Gold had topped, Bitcoin found resistance at a big area of confluent resistance on the chart. This spans from around 12,166 up to 12,330, both levels produced by longer-term Fibonacci retracements; and this area helped to stop bulls dead in their tracks in mid-August.

At that point, prices in Bitcoin simply tilted-back down to another key area on the chart, around the 10k marker. Another couple of Fibonacci levels around that 10k marker helped to hold the lows, and buyers got back into the driver’s seat a couple of weeks ago, helping to push up to this fresh yearly high.

BTCUSD Eight Hour Price Chart

Chart prepared by James Stanley; Bitcoin on Tradingview

While fresh highs may beget more fresh highs, it also produces complications for those looking to take-on exposure, particularly from a risk management perspective. At this point, given how long the breakout has been in-play, traders may want to instead exercise a bit of patience when looking to onload bullish Bitcoin exposure.

One area of particular interest for possible support is that same zone of resistance that turned around the August advance. The August high is at 12,473, and just below that we have the confluent zone coming from two different longer-term Fibonacci levels, plotted from 12,166-12,330. This could function as a type of ‘s2’ zone of possible support for pullback themes. Below that, a third zone can be followed around the 11,341-11,394 area on the Bitcoin chart.

Bitcoin Four Hour Price Chart

Chart prepared by James Stanley; Bitcoin on Tradingview

— Written by James Stanley, Strategist for

Contact and follow James on Twitter: @JStanleyFX


Author: James Stanley

First Publicly Traded Company in the UK Allocates 10% of Cash Reserves to Bitcoin (BTC)

First Publicly Traded Company in the UK Allocates 10% of Cash Reserves to Bitcoin (BTC)

Mode Global Holdings, a publicly listed fintech company in the UK, has decided to adopt Bitcoin as a treasury reserve asset, funneling 10% of its cash reserves into the crypto giant.

In a press release, Mode officially announces its move to purchase Bitcoin as part of its treasury investment strategy. With interest rates the lowest they’ve ever been in the Bank of England’s 326-year history, Mode says this is a long-term goal to protect investors’ assets from currency debasement.

“With UK interest rates at a record low of 0.1%, Mode is also seeking to diversify away from low-interest money market instruments in order to maximize the value of returns from its recent fundraising.” 

Following in the footsteps of U.S-based firms Square and MicroStrategy, which both announced large Bitcoin purchases in recent months, Mode is the first publicly-traded company in the U.K to officially adopt Bitcoin as a large part of its investment strategy.

“Mode has recognized the potential of Bitcoin as a reliable store of value and an attractive investment due to the asset’s asymmetric risk/reward attributes and safe haven status. As one of the first companies with a consumer-facing Bitcoin offering to list on the LSE Main Market, Mode’s mission is to bring further transparency and credibility to the digital asset space and offer everyday investors the opportunity to buy shares in an early-stage fintech building next-generation products.”

What future awaits cryptocurrencies?

Mode executive chairman Jonathan Rowland says their decision to allocate part of their assets in Bitcoin is the next step toward building a truly digital financial service and providing their investors with an uncorrelated asset that has weathered the financial crisis brought about by the pandemic.

“We truly believe that Bitcoin is a vehicle for financial empowerment and, through Mode, investors can gain exposure to this highly attractive asset class through a listed and fully compliant company. Faced with the challenges of COVID and with UK interest rates at the lowest level in the Bank of England’s 326-year history, our confidence in the long-term value of Bitcoin has only increased. Today’s allocation is executed through a modern, forward-looking but prudent treasury management strategy.”

Though Mode’s move is the latest sign of the corporate adoption of BTC, its market cap is well under that of MicroStrategy and Square, and stands at about $48.5 million.


PayPal accepts Bitcoin! CEO Schulman announces big move; know details

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