Here’s your crypto, bitcoin and cryptocurrencies update for Friday, November 16th, 2020 (11-16-20).
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Popular payment company PayPal has joined the crypto game and is now allowing customers to buy and sell cryptocurrencies using their platform.
After making the announcement earlier this week, users are now able to purchase Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
PayPal’s website also explains a beginners guide to cryptocurrency, including tips for getting started and understanding risk when purchasing crypto.
With Square Cash making the jump into crypto earlier this year, PayPal’s decision to follow them into the digital marketplace shows stability for the platform, and further legitimizes cryptocurrencies moving forward.
Meanwhile, Stone Ridge Holdings Group, an asset management company with $10 billion in assets, recently made waves in October when they purchased 10,000 bitcoins.
Purchasing the crypto as part of their “treasury reserve strategy,” the value of the transaction is currently worth over $162 million.
Stone Ridge co-founder Robby Gutmann explained: “Given our personal interest in Bitcoin, the idea of launching a cryptocurrency fund, or a Bitcoin fund, had been on the list from the very beginning.
He continued: “What we really found is that there was a mismatch between how much we were talking about it and how much exposure we had to the idea.”
With massive firms getting involved in bitcoins and crypto, the possibilities are bottomless for this evolving technology as we head into 2021.
Finally, the price of 1 bitcoin shot past $16,000 this week, currently sitting at $16,357 per coin.
This is the highest price of a single Bitcoin since 2018.
Joseph Guagliardo, a technology and blockchain lawyer at Troutman Pepper explained to Fox Business: “At a high level, there’s no question the pandemic has had an impact on the underlying technology of cryptocurrencies themselves, but that’s not the only factor.”
He continued: “concern over U.S. inflation and global inflation,” have made Bitcoin a “digital gold and a safe haven.”
According to Coinbase, Bitcoin is up 123% year-over-year and 50% this quarter.
With experts predicting the price of a Bitcoin to top $20,000 in the very near future, the prospects and opportunities in this emerging new digital field are endless.
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