What’s behind Bitcoin’s recent rise? It could be PayPal.
The Hustle

What’s behind Bitcoin’s recent rise? It could be PayPal.

Bitcoin’s recent rise may be related to Paypal onboarding 300m+ potential buyers.

Source: Giphy

Whatever you think of the crypto community, one thing’s for sure: they love memes. And, if there was an appropriate meme for the moment, it would be John Wick proclaiming that he’s “back.”

Bitcoin hit an all-time high of $19,783 on December 17, 2017, before falling 80%+ over the next 12 months. Now, the digital currency is back up over $18k.

BTC has gained ~160% in 2020

Izabella Kaminska from the Financial Times maps out a few popular theories for why people are buying up Bitcoin:

Another more recent catalyst is PayPal. On October 21st, the fintech leader announced it would facilitate the buying and selling of cryptocurrency. Since then, BTC is up 40%+.

PayPal brings 300m+ verified buyers into the fold

An industry insider tells Kaminska that trading activity from PayPal’s crypto broker-dealer (itBit) has spiked since PayPal entered the game.

Even if PayPal is creating a demand boost, it should be noted that Bitcoin is becoming more mainstream than the rah rah 2017 days:

We have no idea what comes next, but are pretty sure that one of these John Wick memes will be able to explain it.

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