As Bitcoin hits an all-time high of $ 60,000 per coin, PayPal is announcing the launch of a new PayPal checkout tool that will enable Bitcoin payments for around 29 million merchants connected to its platform.
PayPal calls the new effort “a new way for businesses to get paid” and is increasing Bitcoin weekly purchases from originally $ 10,000 per week to $ 20,000 per week.
Given the appeal of decentralized financing and its smooth transactions, PayPal suggests offering these options with standard exchange rates and no fees. The conversion process means that merchants are not actually purchasing Bitcoin – PayPal will exchange the money before sending it to the recipient.
PayPal has all suggested providing 1099 for recording, although it’s not entirely clear how that will work.
Top brass at PayPal are optimistic.
“This is the first time that you can seamlessly use cryptocurrencies like a credit card or debit card in your PayPal wallet,” President and CEO Dan Schulman told Reuters. “We believe this will be a transition point where cryptocurrencies will move from being an asset class primarily bought, held or sold by you to a legitimate source of funding for real-world transactions with millions of merchants.”
These remarks are in line with others heard by analysts and financial experts who claim that Bitcoin is less of a “fringe product” than it used to be, partly due to dollar concerns, a battered stock market, and new different kinds of uncertainties in Fiat currencies.
Here’s a part we previously passed on from Greg Thomson’s recent report at Cointelegraph, Soros fund manager Dawn Fitzpatrick’s assessment that bitcoin was won by frenetically injecting new money into the U.S. economy:
“I think when it comes to crypto in general we are at a really important moment where something like Bitcoin might have remained a fringe object, but for the fact that over the past 12 months we have been increasing the money supply in the US.” by 25%, ”said Fitzpatrick.
Such a payment solution from a name like PayPal is sure to be another ramp for millions of BTC fans. Stay tuned.