PayPal | Bitcoin officially freaks out PayPal
Since PayPal announced the inclusion of BTC in its platform, the market capitalization of the asset has exceeded that of PayP itself. Ironic?
Bitcoin officially freaks out PayPal
At the time of publication, BTC has a market capitalization of nearly $240 billion, recently surpassing PayPal on AssetDash’s list of largest stocks, ETFs and crypto-assets. Bitcoin now holds 21st place on the list, with PayPal just below at just over $238.5 billion
Whenever a company, asset, or otherwise overtakes a rival in valuation, crypto-space loosely refers to the event as “flipping”. In 2017, a number of people speculated about a possible “flipping” of the Ethereum (ETH), in which the market capitalization of ETH would rise higher than that of BTC. As of the editorial deadline, no crypto-asset has ever flipped the market capitalization of BTC.
On October 21, PayPal confirmed rumors that PayPal plans to add Bitcoin, Ethereum, Bitcoin Cash (BCH) and Litecoin (LTC) to its list of payment options in 2021. When used for transactions, the assets are automatically converted into cash in the back-end for merchant recipients.
After the news, the BTC experienced an outstanding price development, which apparently acted as a catalyst to drive the price of the assets even higher after a series of bull market days. In the past 48 hours, the price of BTC has skyrocketed by more than $1,000.
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