Uses PayPal Bitcoin
What has PayPal said about Bitcoin in the past?
Back in April 2018, the CEO of PayPal said that Bitcoin was the biggest scam in history. Bill Harris used the words "speculative", "gambling", "fraud" and "bubble" to describe the cryptocurrency. He warned people to beware of what he called a "pump-and-dump scheme," with risks the world had never seen before.
That announcement seemed to undo an earlier proposal by a PayPal executive to make Bitcoin a popular payment option. In February 2018, John Rainey, Chief Financial Officer, was interviewed by the Wall Street Journal. In part of the interview titled "Crypto Factor," he claimed that there is a likelihood that Bitcoin will become a popular payment option.
However, Rainey pointed out that it would be years before this would ever become a reality. This is a position shared by the co-founder of PayPal. Max Levchin was quoted in December 2017 as saying that digital asset technology was revolutionary. Still, Levchin felt that PayPal wasn't ready to adopt the technology just yet.
PayPal is changing its attitude towards Bitcoin
On July 22, 2020, Coindesk announced that PayPal would soon be adding Bitcoin and other crypto purchases through its platform. At this point in time, we don't know when PayPal will launch this service or which coins it will support, although it is almost certain that Bitcoin will be among the coins on offer.
However, we do know that the service is provided through the Paxos Crypto Borkerage API. Paxos takes care of custody, the KYC and compliance. PayPal only allows you to use your PayPal balance on or linked cards to buy and sell Bitcoin through its own user interface.
PayPal has already partnered with Coinbase, BitPay and GoCoin for transactions with digital goods. This enabled merchants using PayPal to also accept cryptocurrencies with minimal effort. John Donahoe, eBay's chief executive officer, said he believes such a partnership will bring tremendous benefits to his company in the future.
However, it is important to note that this notice is from an anonymous source and has not yet been verified by PayPal at this time. However, the source indicated that an announcement is due to be made later this week. We will update this page accordingly as we learn more about it.
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