PayPal Now Handles $20 Million a Day in Bitcoin Trading Volumes

paxos paypal bitcoin volumes nov 2020

Americans are buying and selling some $20 million worth of bitcoin every day on PayPal after the latter began offering its service just last month. According to Paxo’s trading desk, itBit, some $4 million was exchanging hands daily before PayPal began offering bitcoin services on October 21st. Now, around $25 million is traded a day, suggesting demand has increased by $20 million in the past three weeks. PayPal has some 346 million users and plans to expand bitcoin services to their 26 million merchants. Something that is likely to make ubiquitous the acceptance of bitcoin for payments, marking its beginning towards mainstream. Bitcoin’s price has risen considerably since PayPal’s announcement when it stood at $11,600. Now it is trading at more than $16,000. There are many other factors for its rise, but the ease of diversifying into crypto now facilitated through PayPal is most likely one of those factors. Not…

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