Bitcoin has rallied $1,000 in the last 24 hours after payments platform PayPal (PYPL) announced that it would begin accepting payments in digital currency.
PayPal has over 26 million merchant accounts and 345 million users on its platform that will soon be able to buy, hold, and sell Bitcoin. The announcement also stated that Ethereum, Litecoin, and Bitcoin Cash would also be supported with the full rollout coming in 2021.
PayPal’s President and CEO Dan Schulman said in the press release:
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly”.
The move has reverberated around the financial markets and excited the cryptocurrency enthusiasts, who have waited patiently for signs that cryptocurrency payments would enter the mainstream.