Huge: PayPal Rumoured To Integrate Bitcoin On Its Platform It is not every day that you get to hear about a huge legacy financial institution joining
Huge: PayPal Rumoured To Integrate Bitcoin On Its Platform
It is not every day that you get to hear about a huge legacy financial institution joining the crypto industry. But reports have widely circulated that PayPal of all companies will integrate Bitcoin soon in its platform. This is really bullish news, one that will have a lot of positive impact on the industry. It could also signal to other players to step up their game.
PayPal Integrating Bitcoin
At this point, it is almost a surety that this particular news is right. Multiple factors point towards it. First off, the company’s own site has some job listings pointing towards crypto expertise. The first one that grabs attention is titled “Technical Lead – Crypto Engineer.” They even have the same job listing for India where the fate of crypto remains uncertain.
The job description directly points towards building crypto infrastructure. It says, “The role includes designing, developing, and maintaining key crypto products or features.” It is clear that PayPal doesn’t want to get left behind in terms of financial innovation. And the best way to remain “with the times” is to join the crypto party.
There is another job listing as well but it is only about a blockchain research engineer. However, even this points towards a coming bitcoin integration with PayPal in the future. On top of this, the job requirements include specific skill sets that relate to crypto development. Some of them are – experience with C++, asymmetric cryptography, and cryptographic libraries.
If all of this was not sufficient proof, there is more. PayPal recently admitted in a 10-K filing that it could get left behind in the dust. The rise of cryptocurrencies and blockchain technologies could really hamper its business.
Massive Boost To Adoption
The stepping in of PayPal into the crypto arena will have a huge impact. More than anyone realizes. One of the first things that you should notice is the user base of the company. They have more than 300 million users. If they introduce buying bitcoin and selling on their platform, these people will suddenly have access to them.
To put that number into context, there will only ever be 21 million Bitcoins. So, there are not even enough bitcoins for every one of those users to have 0.1 Btc. And at the current prices, it is quite easy for an average Joe to afford at least 0.1 btc. So, imagine what could happen if people actively started to accumulate crypto. Not only would the prices rise, but the whole industry would also become mainstream overnight.
This piece of news is a twist of fate. PayPal’s former CEO, Bill Harris, once said that Bitcoin is a huge scam. He called it a colossal pump and dump scheme. Many people in the legacy industry have called crypto similar things. However, PayPal now needs crypto to not get left behind. This has to be a hard joke that fate has played on them. Maybe the should have not questioned bitcoin exchange and instead, better understand them.