Leading payment provider and digital wallet PayPal hit an all-time high on Monday as its stock climbed to over $222.28, marking a 17% increase since November 12.
While there have been other factors contributing to the strong growth, PayPal's decision to embrace crypto has been a big incentive for investors and shareholders, convincing markets of the company's staying power and strong business outlook.
On the flipside, Bitcoin may actually be benefiting from PayPal's endorsement, leading to less volatility. PayPal has also been acquiring a lot of Bitcoin during the period leading up to the official roll-out of the crypto solution in the US.
Should the numbers about the correlation between PayPal and Bitcoin's well-being prove true, it could be the basis for introducing volatile cryptocurrencies into the mainstream with some degree of confidence.
Yet, a true test of that will come in 2021 when PayPal is planning to go global with its crypto solution. PayPal's support for crypto means that more crypto casino users can benefit from the powerful payment solution at places such as Bitcasino, FortuneJack, and 1xBit.
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