With ~350 million users & 26 million merchants using PayPal, this is global adoption of crypto that could only be dreamed of a few years ago in the depths of crypto winter.This week in CryptoIt\u2019s hard to find bearish sentiment anywhere at the moment and this past week was no exception. The expectation of new money entering the space and taking entire industry market cap upwards is palpable. As predicted, BTC dominance has increased simultaneously as Bitcoin\u2019s price surged during the last 7 days, catalyzed by the confirmed news that payments behemoth, PayPal had made good on the rumors and speculation from earlier this year that they would be integrating crypto into their global infrastructure. With ~350 million users globally and 26 million merchants using PayPal, this is global adoption of crypto at a level that could only be dreamed of a few years ago in the depths of crypto winter.Although PayPal will not allow users to self-custody the Bitcoin, Litecoin, Ethereum, and Bitcoin Cash that it will offer, it will allow users to gain price exposure to these assets and use them to transact across the PayPal network. In turn, this will enhance the medium of exchange utility to the select assets that the platform will offer. As the dust settles from this story, it appears that PayPal will essentially become a layer2 payment rail and custodian for users of BTC, LTC, ETH, and BCH, which does actually satisfy most retail users\u2019 needs but is antithetical to Bitcoin and crypto\u2019s self-sovereign fundamental principles. Currently, what PayPal is proposing is that users, much like the fiat currencies in their bank, will not own their Bitcoin as they will not hold their private keys \u2014 #notyourkeysnotyourcoins.PayPal will own the digital assets and provide an IOU to the users of their platform.\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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