PayPal's daily Bitcoin transaction volume exceeds $100 million

According to PayPal's provider itBit, PayPal's daily Bitcoin transaction volume has increased fivefold since November last year, from about $20 million to $113 million now.

This shows the huge demand for the global platform, which has about 340 million users just weeks after launching bitcoin buying and selling. It is expected to start rolling out bitcoin payments to 26 million merchants soon, which should make bitcoin or ethereum ubiquitous.

This has fueled the Bitcoin bull run, and PayPal’s volume shows that it’s not just institutional investors that are driving the price, but also regular folks.

It also makes it easier for those who already have a PayPal account to enter the Bitcoin market, as they don’t have to open a new account at Coinbase.

Dan Morehead, CEO of Pantera Capital, said: “When PayPal listed Bitcoin, ItBit’s trading volume began to explode.”

“The increase in itBit trading volume means that within two months of going live, PayPal has purchased more than 100% of the new supply of Bitcoin.”

At that rate, PayPal is doing nearly $1 billion in transactions per week, a pace it recently doubled to $80 million a day from its typical $40 million.

Therefore, we can notice an upward trend, as Bitcoin opens up a new market and more and more people buy Bitcoin through PayPal.

Image source: pixabay

byAmy Liu

This article comes from Bitpush.News. Reprinting must indicate the source.