PayPal (PYPL) reached USD 215.87 on October 21, a few dollars above its previous record high of USD 212.38, reached on September 2, 2020, according to TradingView data.
This price action came shortly after the payment company announced that it would soon include cryptoactives in its platform. PayPal plans to allow its users to buy and sell Bitcoin Investor, Etheruem (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) on its network in 2021.
By opening the day’s trade at USD 206.20, PayPal quickly surpassed its historical high, but just barely, surpassing the level by approximately USD 0.14. Subsequently, the asset fell back before breaking the previous high with conviction, exceeding USD 215.
This is what traders are expecting after the price of Bitcoin reached USD 13,217
Bitcoin also reaped benefits following the announcement of PayPal, briefly reaching USD 12,900, an increase of USD 1,000 in 24 hours. The price fell back to USD 12,750 by the time this article was published.
However, not everyone seems to be impressed. Cryptcoin analyst PlanB described the news as anticlimactic on a tweet, and noted that customers will not be able to withdraw their digital assets from PayPal, according to the FAQ page on the company’s website. „Currently, you can only have the crypto-currencies you buy on PayPal in your account,“ you can read on the page. „In addition, the crypto currencies in your account cannot be transferred to other accounts within or outside of PayPal“.
PlanB reconsidered its opinion in a later tweet, pointing out the action of Bitcoin’s price in response to the event, as well as the potential access to crypto-currencies that PayPal can offer to more conventional users.
PlanB is known in the crypto industry for its stock-to-flow model that predicts Bitcoin’s price could reach $100,000 per currency.