A new service from global online payment system PayPal pushed the world's first cryptocurrency to new highs. The company announced its decision to join the cryptocurrency market, allowing its customers to buy, sell, and hold bitcoins using their online wallets. Since then, the cryptocurrency has surged in value and keeps gaining ground.
The official release of PayPal's new service helped the bitcoin price get closer to $13,000, then break that level, as well as approach the $14,000 mark. PayPal account holders in the United States already have access to operations with bitcoin, ethereum, bitcoin cash, and litecoin. Next year, the service is expected to be available to users from other countries. Starting in 2021, PayPal customers would be able to use cryptocurrencies to shop at the 26 million merchants around the world, PayPal President and Chief Executive Dan Shulman said, adding that the shift to digital forms of currencies would bring with it clear benefits in terms of financial inclusion and access.
In addition to the expanded opportunities for the international payment system's users, the weaker US dollar and continuing institutional demand contribute to a rise in the bitcoin price.
