{"id":49756,"date":"2020-10-21T20:56:00","date_gmt":"2020-10-21T19:56:00","guid":{"rendered":"https:\/\/english.thesunrisetoday.com\/?p=49756"},"modified":"2020-10-21T20:57:43","modified_gmt":"2020-10-21T19:57:43","slug":"bitcoin-soars-to-new-2020-high-on-paypal-shift-to-crypto","status":"publish","type":"post","link":"https:\/\/english.thesunrisetoday.com\/index.php\/bitcoin-soars-to-new-2020-high-on-paypal-shift-to-crypto\/","title":{"rendered":"Bitcoin soars to new 2020 high on PayPal shift to crypto"},"content":{"rendered":"<p style=\"text-align: justify;\"><img loading=\"lazy\" class=\"alignleft wp-image-7132\" src=\"https:\/\/english.thesunrisetoday.com\/wp-content\/uploads\/2017\/11\/Bitcoin.jpg\" alt=\"\" width=\"904\" height=\"576\" \/>Bitcoin surged to the highest level since July 2019 after PayPal Holdings Inc. announced it will allow customers to use cryptocurrencies. The largest digital coin increased as much as 4.9% to $12,488 Wednesday, surpassing the previous high for the year of $12,473 set in August. Gains among so-called alt coins were even larger, with Litecoin jumping more than 11% and Bitcoin Cash surging 8%.<br \/>\nPayPal customers can use select cryptocurrencies including Bitcoin, Ether, Bitcoin Cash and Litecoin on the platform.<\/p>\n<blockquote class=\"alignleft quote-simple \"><p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script> <!-- Automatic size Responsive --> <ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-1234237307185872\" data-ad-slot=\"7381563475\" data-ad-format=\"auto\" data-full-width-responsive=\"true\"><\/ins> <script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p><\/blockquote>\n<p style=\"text-align: justify;\">Mike Novogratz, who runs Galaxy Investment Partners, on Twitter called it \u201cthe biggest news of the year in crypto,\u201d adding that banks will embark on a race to service digital currencies. \u201cWe have crossed the rubicon,\u201d he said.<br \/>\nThe news sparked an exuberant response from crypto fans who pointed to a string of recent announcements that suggest wider acceptance by old-school financial mainstays. Two public companies \u2013 Square Inc. and MicroStrategy Inc. \u2013 said recently that they invested in Bitcoin. And Fidelity Investments announced in August that it\u2019s launching its first Bitcoin fund, adding its establishment name and star power to the often-maligned asset class.<br \/>\nPayPal said it plans to make the features available as a funding source for purchases at its 26 million merchants worldwide and plans to expand it to Venmo soon.<br \/>\nDan Schulman, the firm\u2019s president and chief executive officer, said in a statement that \u201cthe shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.\u201d<br \/>\nThe Bloomberg Galaxy Crypto Index, which tracks some of the largest digital coins, also advanced Wednesday, rising as much as 5.1%.<br \/>\nBitcoin\u2019s been on a hot streak this month, rising more than 15% in October. Still, cryptocurrency use cases remain limited. Data from blockchain researcher Chainalysis Inc. last year showed hardly anyone used Bitcoin for anything beyond speculation.<br \/>\nPartly it\u2019s due to its wild price swings. The coin is up about 70% this year but is still around $8,000 away from its all-time high of about $20,000 set in December 2017. In March, during a coronavirus-induced selloff, it fell 31%.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">This PayPal news is the biggest news of the year in crypto. All banks will now be on a race to service crypto. We have crossed the rubicon people. Exciting day. ???????? <a href=\"https:\/\/t.co\/hXpiJEDOb3\">https:\/\/t.co\/hXpiJEDOb3<\/a><\/p>\n<p>\u2014 Mike Novogratz (@novogratz) <a href=\"https:\/\/twitter.com\/novogratz\/status\/1318882730118139904?ref_src=twsrc%5Etfw\">October 21, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<div id=\"fb-root\"><\/div>\r\n<script>(function(d, s, id) {\r\n  var js, fjs = d.getElementsByTagName(s)[0];\r\n  if (d.getElementById(id)) return;\r\n  js = d.createElement(s); js.id = id;\r\n  js.src = \"\/\/connect.facebook.net\/en_GB\/all.js#xfbml=1\";\r\n  fjs.parentNode.insertBefore(js, fjs);\r\n}(document, \"script\", \"facebook-jssdk\"));<\/script>\r\n <fb:comments href=\"https:\/\/english.thesunrisetoday.com\/index.php\/bitcoin-soars-to-new-2020-high-on-paypal-shift-to-crypto\/\" font=\"arial\" num_posts=\"\" width=\"\" height=\"\" colorscheme=\"light\"  style=\"background:#FFFFFF;padding-top:0px;\r\npadding-right:0px;\r\npadding-bottom:0px;\r\npadding-left:0px;\r\nmargin-top:0px;\r\nmargin-right:0px;\r\nmargin-bottom:0px;\r\nmargin-left:0px;\r\n\"><\/fb:comments>","protected":false},"excerpt":{"rendered":"<p>Bitcoin surged to the highest level since July 2019 after PayPal Holdings Inc. announced it will allow customers to use cryptocurrencies. The largest digital coin increased as much as 4.9% to $12,488 Wednesday, surpassing the previous high for the year of $12,473 set in August. Gains among so-called alt coins were even larger, with Litecoin &hellip;<\/p>\n","protected":false},"author":1,"featured_media":7132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6,1],"tags":[],"wps_subtitle":"","_links":{"self":[{"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/posts\/49756"}],"collection":[{"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/comments?post=49756"}],"version-history":[{"count":2,"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/posts\/49756\/revisions"}],"predecessor-version":[{"id":49758,"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/posts\/49756\/revisions\/49758"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/media\/7132"}],"wp:attachment":[{"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/media?parent=49756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/categories?post=49756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/tags?post=49756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}