Can PayPal Bear Any Responsibility For The Recent Bitcoin Rally?

The last couple of weeks has been interesting for Cryptocurrency with Bitcoin once again recording numbers of growth and value. When there is a rally in digital currency like this, there are mixed opinions on what may have caused it and what it means for the future. One theory with the recent increase in Bitcoin value is that the launch of PayPal UK’s Cryptocurrency has something to do with this.

Although PayPal in the US has supported Cryptocurrency trading on its platform for over a year, it is only very recently that the e-wallet provider has followed suit in the UK. Cryptocurrency is something talked about and acknowledged much more vastly in the US, so it is no surprise that it launched here first. However, digital currency is increasing in popularity throughout the UK so it makes sense that the UK arm of PayPal started to offer the same services.

PayPal being involved in Cryptocurrency and giving people an accessible platform to buy, sell and hold digital currency has been seen as a positive move by most. This is especially true because they give you the option to invest in the likes of Bitcoin for just £1, which is an extremely low and accessible amount of money for most households. The fact that a mainstream brand has come on board to offer Cryptocurrency also means that the options are opening up and this is likely to mean a reduction in fees across many platforms which can only be a good thing for the everyday consumer.

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A Change In Bitcoin Value

As you might imagine, a household name of this magnitude making such an announcement caused a bit of a stir. For many the idea that Bitcoin and other digital currency is starting to become more accessible means that there is likely to be more people that want to invest – and it could be this that drove Bitcoin to an all-time high in October 2021. That said, 2021 has already been a great year for Bitcoin with it reaching a previous all-time high in February 2021 and again in April 2021 – it’s been a fascinating year for digital currency!

Although Bitcoin has once again reached an all-time high, that doesn’t mean that people should rush out and make an investment. Whenever a digital currency reaches new records in value, there will be a handful of people that feel it has reached its cap and will do no further – however, so far Bitcoin has proven the doubters wrong time and time again.

What Else Is Happening In The World Of Cryptocurrency?

Although it is the big names that we hear about when it comes to digital currency, they’re most definitely not the only movers and shakers within this industry. There are several smaller name Cryptocurrencies that are gaining the attention of investors, and people are waiting to see what a number of these are likely to do – for example, with the launch of DBuy which is officially happening in November. The value of DBuy has rollercoastered over the last couple of months however investors are confident that much like Bitcoin, this Cryptocurrency will rally in value following a positive announcement,

What Industries Are Making Use Of Cryptocurrency?

Although there is no denying that the likes of PayPal being on-board will have helped the value of Bitcoin, it is the fact that Cryptocurrency is becoming more popular in the mainstream that will also have helped massively. Several industries have adopted Cryptocurrency onto their platforms and it is this that will have helped drive up its value too. For example, the online casino industry is one that has embraced Cryptocurrency onto its platforms and this is something that has been well received by online betting punters.

A previous criticism has been transaction time and fees – withdrawal speeds are a key factor for consumers, but recent developments in technology mean that this is no longer a problem. Gone are the days where winners had to wait for 3 to 5 working days for any winnings to be made available as actual funds in their bank account – and instead, players can now expect pretty much instant access to any winnings that they choose to withdraw.

Although not all of this will be down to the introduction of Cryptocurrency, the fact that online banking and finance transactions have been sped up over recent years is something that consumers have enjoyed and made great use of. As such, it makes sense that Cryptocurrency which also allows fast-paced and adaptable transactions to take place is also embraced by both consumers and the industries that can make use of it.

What Is The Future Of Cryptocurrency?

Opinions about the future of Cryptocurrency vary depending on who you ask, and you’ll get strong opinions on both ends of the scale. There will be some financial experts who will tell you that Cryptocurrency has run its course, the hype is fading and that we’ll start to see a decline in the use of them; including the fact that the likes of Bitcoin have already reached their ceiling value and won’t rise further. Then there will be others who insist that this is simply a drop in the ocean when you consider the capabilities of Cryptocurrency and that there is plenty more to come.

Although there are mixed opinions, it is the likes of brands such as PayPal coming on board that is likely to help the continued growth of Cryptocurrency – after all, if well-known brands are jumping on board then consumers are much more likely to trust in the longevity of Cryptocurrency.

The truth is that there are no guarantees with any investments and Cryptocurrency is no exception. We simply do not know what the future holds for digital currency and that is why, if you’re someone that does want to invest in it then you need to do more research than just relying on the fact that a brand such as PayPal that you already know and trust are on-board.

If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.

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