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PayPal crypto rumor could push BTC price to $12,000

How does the latest PayPal rumor affect Bitcoin?

News on PayPal’s alleged plan to enable PayPal and Venmo users to
directly buy and sell crypto swamped social media on Monday, causing a quick
reaction in Bitcoin price. BTCUSD closed at $9,689 on June 22, making a 4.35%
intraday gain. Despite no confirmation from the online payment giant, many traders seem to
shift views
. If BTCUSD pushes above
the $9,600 resistance, it’s highly likely that Bitcoin could breakout to
$12,000.

BTP 1BTCUSD gets a 4.5% intraday gain amid PayPal
crypto rumors, PrimeBit WebTrader

PayPal is a leading online payment provider in the world, with
over 325 million users in 200 countries. It allows users to pay online for
purchases made on Amazon, eBay, and other retailers, and to transfer money
between PayPal accounts or supported bank accounts globally.

Recently, PayPal posted two public job listings for crypto and
blockchain experts. One listing is for a Technical Lead – Crypto Engineer who
will be tasked to design, develop, and maintain key crypto products/features
for PayPal services. The other listing is for a Blockchain Research Engineer to
be part of the Strategic Technology Enablement team focusing on emerging
blockchain technologies. PayPal also posted job openings for eight engineering
positions earlier this year.

If the news holds true, PayPal’s move could be key toward crypto
mass adoption. However, not everyone is happy. After all, bitcoin should be a
means to directly send money without the intervention of any financial
institution. PayPal’s relationship with crypto was also in bad shape. Two years
ago, PayPal CEO Bill Harris said that “bitcoin has no value at all” and that it
is a scam.

BTP 2Bitcoin daily chart from the beginning of the
year, PrimeBit WebTrader

BTCUSD is up 98% from its lowest point at $4,804 last March.
Bitcoin will continue to haul investors as stocks struggle on the fear of
coronavirus waves and demands in different markets decrease.

PayPal’s apparent crypto service will no doubt be a big
game-changer to how people approach money transfers. A source said that the
PayPal service for users to directly buy and sell crypto could be available in
the next 3 months or earlier. This couldfuel new rounds of
bitcoin interest
in the coming weeks.

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This
article was submitted by PrimeBit.

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This article was originally published on ForexLive

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