Leading e-wallet payment provider, PayPal hits all-time high as its share price skyrocket by 17% in just little over a month, to a value of US$222.28. This comes at the tail-end of the company’s decision to embrace cryptocurrencies, like Bitcoin, effectively turning your Paypal accounts into a crypto wallet.
Bitcoin has been hogging financial headlines of late, as it smashed its record valuation of just under US$20,000 per coin set in 2017 and has now peaked the $23,000 mark in December 2020.
PayPal’s association with the coin is only bound to add power to the crypto brand as well, making it a far more usable currency. The more accepted Bitcoin becomes by mainstream businesses, the less volatile it will be, making it a far more useable currency for the man on the street. Till now, cryptocurrency has been a misunderstood concept, but PayPal hopes to change that. They said they were aiming to:
“…increase consumer understanding and adoption of cryptocurrency”. As part of this offering, PayPal will provide account holders with educational content to help them understand the cryptocurrency ecosystem.”
PayPal’s crypto embrace shows a strong forward-looking stance, which may be the very factor that has contributed to increased interests from investors.
The Knock-On Effect for Online Casinos
Prominent economist and writer, David Gerhard, is shocked at PayPal’s current developments and is not sure how the move could benefit the company. He said:
“I’m at a loss as to who the market is for PayPal as a crypto-exchange”
He went on…
“I don’t expect much of a market for this beyond existing crypto holders… I’m baffled that PayPal would offer this, and it’s not clear what they’re trying to do here.”
While Mr Gerhard may be at a loss, there certainly are existing markets that should be raring to go with hybrid wallet accessibility like this. The online gambling market for one. And no one should look down their noses at an industry that turns billions of dollars every year.
The online gambling world is growing and evolving. There are plenty of punters that play across both normal currency and Bitcoin casino platforms. To do this though, players have had to use conventional e-wallets for fiat currency casinos and special crypto wallets for Bitcoin casinos. PayPal seems to have solved the need to split their interests.
Now, gamblers can load their credits in both environments through one PayPal application. Paypal will allow them to trade and buy Bitcoin via the wallet, making it the ultimate payment solution for convenience sake.
The company is also looking to expand its reach in the crypto realm and aims to add other altcoins into the mix too. These will include currencies like Ethereum, Litecoin, and Bitcoin Cash – all of which are accepted at the best crypto casino sites.
The PayPal brand is synonymous with quality. They are the perfect ambassador to bridge the decentralised world with everyday Joes and Janes. Because they are trusted so widely, we believe that many people will start using their services as a reliable way to transact in Bitcoin.