PayPal is accelerating the cryptocurrency users’ amount and they can buy it by five times. The users of PayPal now can purchase a $100,000 bitcoin price and all other virtual assets every week, which is much up from the past limit of $20,000. The organization is also throwing away its final buying limit of $50,000.
The vice president of PayPal and blockchain, Jose Fernandez da Ponte opined his statement in a report that “these changes will enable our customer to have more choice and flexibility in purchasing cryptocurrency on our platform.” This statement came out on Thursday from Jose Fernandez da Ponte, also the vice president of digital and cryptocurrencies.
At first, PayPal began with letting users purchase cryptocurrencies in 2020’s October. Later on, it started adding the ability to purchase bitcoin, bitcoin cash, litecoin, and ether on its personalized Venmo mobile payment app. This product has the requirement of a $1 spending and then enables users to share crypto buyings with their friends and family by its Venmo social feed.
During the time, this forthcoming move was considered as a remarkable step to bringing virtual assets to the mainstream purchasers and fueled the rally of bitcoin on this year’s earlier phase. The world’s largest and first cryptocurrency has roughly lost half of its price since its all-time high number above $60,000 in April. Bitcoin was nearly doing business of $31,000 till Thursday afternoon when PayPal shares have closed more than 1.4% lower.