PayPal Pumps the Price of Bitcoin

When Bitcoin Goes Mainstream
Coin Cloud Team
, published on 
October 21, 2020
PayPal Pumps the Price of Bitcoin

What happens when Bitcoin goes mainstream? Well, if today is any indication, the price goes up. Earlier today, PayPal announced that it was going to open up its services to include buying and selling Bitcoin, Bitcoin Cash, Litecoin and Ether. The news prompted the price of Bitcoin to soar over 8% to almost $13,000 before starting to decline again. And then … wait for it … going back up.

And eventually settling at OVER $13,000!

With the right timing and the right stash, that could have been a good day’s profit for strategic day traders.

But either way, it’s worth noting that today’s price is the highest Bitcoin has been since July, 2019. And billionaire investor Michael Novogratz, known to be bullish on bitcoin, said PayPal’s move was "the biggest news of the year in crypto."

Great Week for Bitcoin

Yesterday, bitcoin's price broke the $12,000 barrier, which many people had been looking forward to with bated breath. These milestone numbers are considered psychological barriers, meaning that once people accept the new price point ($10,000 then $11,000 and then $12,000, and now $13,000), the price has a new plateau to dance around.

It’s kind of like if you have a job that pays you $10 an hour and you long for $15 … then you get $15 and you start going for $20 … eventually the $20 seems like nothing, and you have to have $25 or $30 (and so on). It’s a psychological barrier because at first you didn’t think you were worth more than $10, so that’s where you stayed, and eventually you knew you were worth more than double that.

If this is starting to sound like a Tony Robbins seminar, well … the mind works in amazing ways, and limiting beliefs are one of the things that hold us back. On the flipside, true confidence can move us forward. So conceivably, as the public becomes more confident in Bitcoin (for example, because a mainstream payment processor like PayPal makes an announcement about not only supporting it but offering it), this drives the price up.

What About Other Crypto?

Other cryptocurrencies also went up with this news, including Ethereum, Bitcoin Cash, Litecoin and XRP (Ripple).

Obviously, this is a developing story. Tomorrow at this time, we might have passed the $13,000 psychological barrier for good, and seeing prices over $13k will suddenly become normal. Or, just as easily, we could see prices drop right back down to where we were before.

Either way, this is a fun ride, and we’re happy and proud to be part of this growing industry.

Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.

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