In this video, the host from BitcoinMYK.com discusses PayPal's groundbreaking move to let U.S. users buy, hold, and spend Bitcoin, Bitcoin Cash, Ethereum, and Litecoin through its wallets, highlighting PayPal's massive user base (over 300 million accounts) and its potential to trigger mass adoption of cryptocurrencies. The host reviews the Business Insider announcement, noting PayPal's partnership with Paxos, its conditional New York crypto license, and the fact that crypto transactions will be settled in fiat, meaning merchants receive dollars, not coins. He then analyzes the immediate market reaction—Bitcoin and Bitcoin Cash both surged roughly 7% after the news—and speculates that this could spark a repeat of the 2017 rally, possibly pushing Bitcoin toward $20,000 and Bitcoin Cash to significant gains. The host emphasizes Bitcoin Cash's suitability for payment processing compared to Bitcoin. Throughout, he promotes his own coin‑tracking platform, BitcoinMYK.com, which rewards users with its native token for simply tracking their assets, urging viewers to set the site as their homepage, join the community, and share price predictions.
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Welcome back to the channel. I hope you're having a great day. So exciting news here today, unexpected news. PayPal has come out and is now allowing Bitcoin to be accepted, but not only Bitcoin, there's also going to be Bitcoin Cash, there's going to be Litecoin and Ethereum, right? So this is probably the biggest news we've received in cryptocurrency. PayPal has well over 300 million wallets. This dwarfs the Bitcoin wallet ratio several times over. PayPal is well branded like Facebook, and we're speaking of being on the cusp of mass adoption through a move like this. Just want to remind everybody, you're here on the BitcoinMYK.com website, coin tracking site, um, and we love very much if you make this your home page. If you're a cryptocurrency enthusiast, uh, you can track your favorite cryptocurrencies here. But not only that, we do something with our service that nobody else does that I know of. When you go on our site, you're actually earning the cryptocurrency of BitcoinMYK.com. That's right, for doing nothing but what you have to do anyway, which is track your cryptocurrency assets. Now Bitcoin's went crazy, it's up over, um, $12,739 since this announcement, and everything's, uh, pushing to the green based on this, uh. Now of course some are probably going to push more than others. I'm going to assume it's going to be probably your Litecoins, right? Your Bitcoin Cash up 7%. Your Ethereum up 6%, and of course Bitcoin up 7%. That is because these are the included cryptocurrencies that are going to trade, uh, or be available on PayPal, right? Very exciting stuff. This probably, as I said, might be the most exciting thing that's ever happened in cryptocurrency. We could potentially see a 2000 2017 repeat, right? We could potentially see Bitcoin once again hit that $20,000 per coin. And for those Bitcoin holders, I'm sure they're gonna be very, very happy about that. Again, as the days go by, we're tracking the data. Make sure you track it here on BitcoinMYK.com. Earn some of our cryptocurrency. Um, now Let's get over to some of the article and get a little bit more in depth about PayPal's move and what exactly this means for the cryptocurrency space. All right, so on the Business Insider, PayPal will start letting people use cryptocurrency to pay for things online starting in 2021. PayPal will start allowing people to use cryptocurrency as a form of payment when shopping online. Customers will be able to use Bitcoin and other virtual coins at the 26 million online merchants that are part of PayPal's network starting in 2021. Other fintech firms such as Square and Robinhood already allow users to buy and sell cryptocurrencies, but PayPal's foray into the market is noteworthy given the service's global user base. PayPal Holdings joined the cryptocurrency market on Wednesday, allowing customers to buy, sell, and hold Bitcoin and other virtual coins using the US digital payments company's online wallets. PayPal customers will also be able to use cryptocurrencies to shop at the 26 million merchants on this network starting in early 2021. The company said in a statement. PayPal hopes the service will encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by central banks and corporations, President and Chief Executive Dan Schulman said in an interview. We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role, he said. US account holders will be able to buy and sell and hold cryptocurrencies in their PayPal wallets over the coming weeks, the company said. It plans to expand Venmo in some countries in the first half of 2021. Other mainstream fintech companies such as mobile payments provider Square and stock trading app firm Robinhood Markets allow users to buy and sell cryptocurrencies, but PayPal's Lunch is noteworthy given, given its vast reach. The company, based in San Jose, California, has 346 million active accounts around the world and processed $222 billion in payments in the second quarter. Cryptocurrencies tend to be volatile, making them attractive to speculators but a lot less appealing to merchants and shoppers. Transactions have been slower and more costly than other mainstream payment systems. Cryptocurrency payments on PayPal will be settled using fiat currencies such as the US dollar, meaning merchants will not receive payments of virtual coins, the company said. Many central banks around the world have expressed their intention to develop digital versions of their currencies in the coming years. While Facebook Inc., led the creation of a cryptocurrency project called Libra in 2019. PayPal was a founding member but dropped out after a few months. PayPal, which has secured the first conditional cryptocurrency license from the New York State Department of Financial Services, will initially allow purchases of Bitcoin and other cryptocurrencies called Ethereum, Bitcoin Cash, and Litecoin. It said it partners with Paxos Trust Company to offer the service. So only thing I could say is wow, guys, wow. And for the Bitcoin Cash community, you know, back in 2017, and this may seemingly be a repeat of that, we saw Bitcoin Cash go to what, $2,000, $3,000, $4,000? So that could be a huge leap for Bitcoin Cash. It is one included cryptocurrencies. It doesn't have the mass as Bitcoin, so it's possible that people might want to jump on Bitcoin Cash to push it up a bit. I do feel like Bitcoin Cash fits the payment processing arena a lot greater than Bitcoin. But imagine that in only a few weeks— no wonder the market's going so crazy— in only a few weeks We're gonna see PayPal wallets enabled to allow people all around the globe. We're talking the cusp of mass adoption, 300+ million users, plus the chain reaction I believe it's gonna cause with many other payment services. Because once PayPal does it, everybody has to do it. So you're talking about the whole world now. And that's big, that's huge and amazing. Never thought it would come about like this, but this could be the catalyst to many things. Now, this doesn't necessarily mean that we're gonna see a million-dollar Bitcoin or $100,000 Bitcoin. You know, what I found is that sometimes when these type of situations enter the market, You can see a great deal of liquidity, however, to Bitcoin, just a lot of cash flowing, but the price is somewhat remaining stable, right? And if you're a merchant, if you're more into the utility of Bitcoin, you're probably going to be more worried about the liquidity and the deflationary value of Bitcoin than the speculation. When you're dealing more with the mass people, you know, mass people, more the institutions and the banks and people entering in that, they're gonna be probably more interested in those things, right? But this is definitely a big step for cryptocurrency. I think it would have to be like number 2, if not number 1, since the dawn of cryptocurrency. Before we get out of here, just want to remind you all Want to quickly remind you all again to track your favorite cryptocurrency projects, their prices, with our Coin Tracker here on BitcoinMYK.com. It's something you have to do every day anyway, and imagine if you can earn our valuable cryptocurrency every day doing so. We want to have a presence here in the cryptocurrency space, the likes of CoinMarketCap, which was able to be acquired for over $400 million. But you will get, uh, to share in the value of the platform, uh, by collecting our cryptocurrencies every day just for doing your research, coming on the site, using the site. And so we think that's awesome. Make sure you do that. Set us as your home page, uh, join in with our communities. Let us know what you think about where the price of Bitcoin is headed. We're calling about $20,000. Some people are saying it's gonna dump. Some people are gonna say— what do you think is gonna happen with Bitcoin Cash? Is Bitcoin Cash gonna maybe 10x off this? That would be interesting to see. But that's all I got to say in this video. If you like content like this, don't forget to like and subscribe. And until next time, take care.
