News breaking today that payments giant PayPal would be supporting cryptocurrencies sent the price of Bitcoin rocketing over $1,000 in a single day. But it was another asset that soared to a new all-time high on the news. Here’s how PayPal’s stock shares also benefitted from supporting the emerging asset class.
Bitcoin Blasts Over $1,000 In 24 Hours On Heels Of PayPal Support Announcement
Today was a monumental day for Bitcoin and cryptocurrencies. A company that was once vehemently opposed to the emerging asset class, even going as far as to block payments made to and from service providers associated with the financial technology, is now changing its tune.
PayPal, the payments giant, has revealed support for Bitcoin and other “virtual coins” according to a statement.
Related Reading | Bitcoin Retests 2020 High Following PayPal News, Will BTC Roar Higher?
The company serves over 346 million users worldwide and will let these users spend cryptocurrencies at over 26 million merchants globally.
Bitcoin currently has roughly 187 million users, so the exposure to the mainstream userbase PayPal commands cannot be understated.
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