PayPal has said it will allow bitcoin payments, a move that is being seen as a significant step towards the mainstream adoption of digital currencies.
The announcement sent the price of bitcoin up 6%, to its highest level since the summer of 2019. PayPal explained that the pandemic has accelerated the migration towards digital currencies.
Moving forward, customers can now buy, sell and hold bitcoin, bitcoin cash, ether and Litecoin in digital wallets on PayPal. However, the ability to pay for goods and services via the payment provider will not be introduced until next year.