Bitcoin exploded to close to $13000 per Bitcoin (21/10/2020). This came off the back of PayPal announcing they will allow Bitcoin and Crypto transactions.
This move is the first in which a big mainstream payment service accepts crypto.
The rollout will start over the next few weeks.
The other cryptocurrencies to be added first will be Ethereum, Litecoin, and Bitcoin Cash (a spin-off from Bitcoin).
Even with the rise in cryptos, Bitcoin is by far the most popular. Yet they are still seen by many as a dark web payment option and a little bit niche.
With PayPal moving in to this level and fully committing will open up new possibilities and start the new reign of currencies.
Many experts have said that they would not be surprised if Bitcoin hit $100k within the in 12 to 24 months. This comes down to the limitations which are in place for “mining” Bitcoin.
Along with the news from PayPal, CoinMama a cryptocurrency exchanged launched it’s new partnership with ApplePay. This partnership will allow you to purchase Bitcoin using ApplePay. Not quite at the stage in which you will be able to purchase with Bitcoin, however this again takes us one step closer.
Standard currencies and Cryptocurrencies all have one fundamental rule. Supply and demand, if a currency is in high demand and supply is low the price goes up, if demand is low and supply is high the goes down. If supply and demand are at a similar level (high or low), then the price remains consistent.
These moves but Paypal and Apple, will surely increase demand, add to that we know that there is limited supply of Cryptocurrencies.
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