PayPal to enable users to buy crypto assets, fueling strong Bitcoin momentum

PayPal, the $236 billion digital payments giant, will allow users to buy and sell crypto assets.

"We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role."

Industry executives, especially BlockTower Capital's Ari Paul, predicted PayPal to announce Bitcoin support by the year's end.

"Square news is cool, but Paypal has 10x the users. I think we'll see Paypal announce support for BTC by year end."

Reports about PayPal potentially supporting cryptocurrencies have circulated since early 2020.

In June, Coindesk reported that PayPal and Venmo plan to roll out crypto buying and selling.

"My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo. They are going to have some sort of a built-in wallet functionality so you can store it there," a source told the publication at the time.

The anticipation towards PayPal supporting crypto-asset purchases continued to build.

PayPal has over 346 million users, its second-quarter report revealed.

The support for crypto assets by one of the largest digital payments companies could boost the mainstream adoption of Bitcoin and other cryptocurrencies.