On October 21st, Paypal announced a new service enabling its customers to buy, hold and sell cryptocurrency directly from their PayPal account, and signaled its plans to significantly increase cryptocurrency’s utility by making it available as a funding source for purchases at its 26 million merchants worldwide. This is a huge news for crypto believers and created a wave of news all over the world.
Most of the banks in the Wall street were in Crypto denial for years and they even compared cryptocurrency to tulip bubble by Jamie Dimon, CEO of JPMorgan Chase and Warren Buffet said Bitcoin is a Delusion without understanding cryptocurrency.
Furthermore a long time prominent crypto adaptor, CEO of Social Capital Chamath Palihapitiya tweets saying every major banks is having a meeting about how to support bitcoin. He further mentions banks do not have options anymore than to adopt cryptocurrency. So far most of the major wall street banks were in total denial and considered Cryptocurrency as a threat of their system. Now with the Paypal news, banks should rethink about what they said and start to adopt cryptocurrency or else they may loose the edge on the banking system.