The arrival of Bitcoin (BTC) to PayPal and Venmo may be just a rumor, but some of the most well known names in cryptology are becoming bullish.
When the news came that the payment processor was supposedly planning to buy and sell the crypt currency for its 305 million users, the BTC/USD went up to test the USD 9,600 resistance level.
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Despite PayPal’s refusal to confirm their plans, a wave of optimism has swept through social media, with several figures welcoming the move while highlighting its irony.
„Slowly, then suddenly,“ summed up @Bitcoin’s Twitter account.
For Max Keiser, the move seemed to be linked to competitive advantage. Square, Twitter’s sister company, deployed Bitcoin support with great success last year.
„Bitcoin’s built-in game theory strikes again. Paypal, seeing $SQ making a fortune with BTC, is forced to adopt BTC or suffer huge competitive consequences,“ he tweeted.
„The Global Hash War is coming!“
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The feeling of satisfaction among Bitcoin Freedom proponents may be justified. PayPal has made a name for itself in recent years as a critic of crypto currencies, declining the idea of supporting them.
At the same time, the technical problems and pitfalls of being a „fiat“ intermediary mean that PayPal has become a subliminal advertisement for Bitcoin’s profits. However, if the company starts offering Bitcoin, those same issues can plague new users.
As developer Jameson Lopp noted, PayPal can expand its ability to freeze or isolate users and funds without notice for crypto wallets within accounts under its control. Another commentator argued that the implementation of Square is technically no different.
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All eyes on the $12,000 Bitcoin
Meanwhile, the news has caused analysts to alter their perspective on Bitcoin’s price action. A boost above USD 9,600 increases the chances of a return to the five-figure level, at which point a breakout at USD 12,000 is already a firm possibility.
„I’m in a short circuit because I think if we start above 9.9k – 10ks, we’ll see 12k+,“ said popular trader George on Twitter
Cointelegraph Markets analyst Michaël van de Poppe agrees. In a video update this week, he repeated his argument that the strength in Bitcoin is there for a boost to the $12,000, if new resistance levels become support.
The current behavior is similar to the previous behavior of Bitcoin’s 2019 bullish phase, he added.