Ari Paul, Chief Investment Officer at Block Tower Capital, has predicted that digital payments behemoth PayPal will announce Bitcoin support by the end of this year. He mentioned that Jack Dorsey backed investment company Square’s recent $50 million Bitcoin investment in a tweet, saying that PayPal has 10x more users than Square.
Square news is cool, but Paypal has 10x the users. I think we'll see Paypal announce support for BTC by year end.
— Ari Paul ⛓️ (@AriDavidPaul) October 9, 2020
The Bitcoin industry was all praise as the news of Square’s investment move broke out. Industry leaders, right from Binance’s Changpeng Zhao and Nischal Shetty, CEO of WazirX crypto exchange, to Morgan Creek Digital’s Anthony Pompliano, appreciated the move, and some said that every corporation would have to adopt Bitcoin sooner or later.
Jack Dorsey has been a long-time supporter of Bitcoin and other cryptocurrencies, along with other tech giants, Tesla chief Elon Musk. However, conventional investment tycoons like Warren Buffett and Peter Schiff have been staunchly against Bitcoin. This love-hate relationship with the non-crypto financial world has prevented Bitcoin from witnessing mass adoption. PayPal, too, has had a contrasting journey in the crypto industry. It was one of the founding members of Facebook’s ambitious crypto project, Libra. Soon after the project got caught up in regulatory issues, PayPal was among the firsts to abandon the ship.
Things have been changing, especially since the beginning of the global economic slowdown. Demand for crypto and DeFi has been on a spectacular rise, which might have been one of the key factors that convinced Square’s board to make the $50 million investment in Bitcoin. Therefore, though PayPal has been mulling over its crypto expansion, the time has never been more apt than it is now.