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By now, most of us have heard that PayPal has begun to enable buying and selling of cryptocurrencies in recent weeks in the US and will roll it out to select international markets in the first half of 2021. Initially it includes four crypto staples – Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC).
It cannot be overstated that this is a major leap in crypto’s utility. Over 361 million active PayPal users will be able to use their cryptocurrency balances to pay for goods and services with 26 million merchants worldwide.
For investors, this means that these four cryptocurrencies will enjoy big demand tailwinds in the next 6-12 months as PayPal users, especially millennials, begin to buy up these coins. We suspect that other digital payment card competitors to PayPal and Square (Cash App) are not far behind in their own cryptocurrency initiatives.
Since PayPal’s announcement on October 21, Bitcoin’s