Well, it’s finally happening.
Popular digital payment platform and longtime champion of digital currencies, PayPal (PYPL) is paving the way for mainstream cryptocurrency transactions. And today the company — and the world of cryptos, themselves — took a massive step forward when it announced it will begin allowing U.S. consumers to use their cryptocurrency holdings to make purchases.
The move instantly increases the viability of digital assets within everyday commerce as Paypal says customers will soon be able to convert holdings in bitcoin ether, bitcoin cash and litecoin, into fiat currencies at checkouts of its 29 million merchants around the world.
The hope, according to PayPal President and CEO Dan Schulman, is that the process of using digital assets will be just as easy as using the credit cards you have stored in your PayPal account:
“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet.”
It’s becoming much tougher to not buy into the future of cryptos. Just look at what’s taken place over the past few months…
As of the fourth quarter of 2020, PayPal reported 377 million active users, just as the price of Bitcoin has soared and digital currencies have gained enormous interest from large financial firms like Visa (V), Mastercard (MA), BNY Mellon (BK).
It appears the mass adoption of cryptos many have been forecasting could be just around the corner. As inflationary fears grow stronger, investors will keep running into commodities and alternative currencies to the U.S. dollar. And with the ability to use cryptos at millions of online merchants, bitcoin and others will inevitably only grow in appeal.