Bitcoin, the first ever blockchain-based cryptocurrency, has made history once again, this time surpassing the market cap of Paypal after it reached a new All-time high of $4,251 and gained a market cap of roughly $70b. Although the ATH was since then been surpassed, the Bitcoin price began declining shortly after reaching the $4400 mark.
Image courtesy of ZeroHedge
Currently sitting at $4,050, Bitcoin has dipped below the $70b mark on the USD markets. However, Bitcoin is still ahead of Paypal when looking at the exchange rate in Japan which is trading with a premium when compared to the USD. Sitting at $4298, Bitcoin has seen over 269k BTC exchanged in the last 24h on the JPY/BTC market.
The continuous Bitcoin rally can be attributed both to the recent updates with regards to SegWit2x and overall scaling along with the changing outlook of governments and regulators towards the cryptocurrency. Japan, for one, the leading country when it comes to trading volume, has seen the recent legalization of BTC as a payment method.
Paypal and Bitcoin
Although we don’t expect to see PayPal providing Bitcoin exchange or wallet services in the recent future, the two actually have some small aspects in common. Since several users have had problems with selling Bitcoin on PayPal due to the company’s buyer protection policies, Paypal and Coinbase came together to allow users to sell bitcoin to Coinbase and have the funds deposited to their PayPal account.
Not only has PayPal recognized Bitcoin and made an effort to accommodate Coinbase users in their services, but some of the leading personalities in the company have also expressed their support fot Bitcoin. David Marcus, former president of Paypal, previously stated:
“I really like Bitcoin. I own Bitcoins. It’s a store of value, a distributed ledger. It’s a great place to put assets, especially in places like Argentina with 40 percent inflation, where $1 today is worth 60 cents in a year, and a government’s currency does not hold value. It’s also a good investment vehicle if you have an appetite for risk. But it won’t be a currency until volatility slows down.”
Bitcoin’s market cap surpassing that of PayPal marks a monumental point in the history of the cryptocurrency, but it’s also worth noting that PayPal is still ahead of Bitcoin when it comes to transaction throughput or user base. Although Bitcoin still has a long way to go, the future looks bright.