- Global payment giants, PayPal, has announced that it will allow its customers in the UK to buy, sell and hold Bitcoin and other cryptocurrencies.
- This marks the first international expansion of PayPal’s crypto services outside the U.S.
- The price of Bitcoin reacted in response, jumping to as high as $50,482.08 shortly after the announcement.
One frequently repeated phrase in the crypto space has been “global adoption.” More than ever before, we have seen people quit their jobs to become full-time investors. Crypto.com reports that the number of people who have joined the advances of cryptocurrencies doubled in the first half of 2021.
The involvement of institutional investors, central banks, and financial institutions in the crypto space has been said to be driving the global adoption of cryptos. PayPal is one such institution to have facilitated the adoption of cryptocurrencies.
Crypto Buying and Selling Is Now Available in the UK
PayPal is expanding its crypto services, which were first announced in October 2020, to include the United Kingdom. Initially only in the United States, the payments giant announced that it would be allowing its customers to buy, sell, and hold digital currencies through their PayPal accounts.
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Ten months on, PayPal, which has over 403 million active accounts globally, is now embracing customers with verified identities in the UK. PayPal has recorded its highest activity in Europe, with over 2 million monthly active users in the UK.
This expansion will grant PayPal users in the UK the ability to buy Bitcoin, Ethereum, Litecoin, and Bitcoin Cash through their PayPal wallets both online and through the mobile app.
Skimming through the reactions of users on Twitter, DailyCoin has found that many had expected the addition of the UK to PayPal’s crypto services. In reaction to the news, Cameron, a crypto analyst, wrote;
“PayPal is finally allowing the purchase of #Bitcoin through its services in the UK. Even the payment dinosaurs know they need to be involved as much as they can be.”
GAINS Associates opined that it’s;
“Another massive win for @Bitcoin and the #crypto industry. Congratulations @PayPal ? ? ?”
This claim made by GAINS Associates may have held true. Following the announcement, the price of Bitcoin has spiked to a new three month high, and on Monday 23rd, BTC smashed through the $50K trendline to trade as high as $50,482.08.
Although delighted by the news, the DogeCoin community has been calling for the addition of their favourite asset to PayPal. DogeCoin Riders wrote;
“Add #Dogecoin to @PayPal Add #Dogecoin to @PayPal Add #Dogecoin to @PayPal”
Crypto Services Are Becoming More Accessible
Blockchain technology and cryptocurrencies have earned the title of ‘the successor to our traditional financial industry.’ For that to be the case, cryptocurrencies must become just as accessible as conventional financial services.
TripleA estimates that there are over 300 million cryptocurrency users across the world, compared to the 69% of the world’s population with access to financial services (World Bank, 2017).
The PayPal news sparked a wave of welcome and positive reactions on social media. The likes of PayPal, CashApp, Visa, Robinhood, MasterCard, and a long list of others are leading the race to full crypto integration.
Thanks to these institutions providing P2P services, the worldwide crypto adoption is up by more than 880% over the last year. While cryptocurrencies will not be replacing traditional financial service providers in the next few months, there have already been significant moves in the right direction.
On The Flipside
- While droves of GenZers and Millenials are flooding the crypto space, boomers have stuck to their traditional assets
- Billionaire Ray Dalio believes that Bitcoin is like a digital version of gold. However, he would always favour gold.
Why You Should Care?
PayPal’s addition of United Kingdom residents to the buying, selling and holding of cryptos is the payments giant’s first international expansion of cryptocurrency services outside of the United States. By expanding into the UK, PayPal could also be intending to spread its crypto services to other international markets
