Anatoliy Knyazev, Co-Founder at EXANTE, provided a commentary for the Financial Times (FT) article ‘PayPal is shilling crypto on the internet’. In this overview, FT Alphaville covered PayPal’s inroads into the crypto economy. Global payment giant PayPal with a market cap of $240 billion will enable US users to purchase and sell cryptocurrencies: Bitcoin, Bitcoin Cash, Ether and Litecoin.
As crypto penetrates the traditional markets, Bitcoin’s rates skyrocketed on the back of the news. At one point, BTC soared above $13,000 - its all time high since July 2019. PayPal’s move is a bullish signal for investors. Both PayPal and BTC have gained users’ trust over the years, enabling instant fiat and decentralised payments, respectively.
In his commentary to Financial Times, EXANTE’s Co-Founder Anatoliy Knyazev looked at the Bitcoin dynamics from a different angle. He noted that the upcoming US elections would benefit Bitcoin whatever the outcome.
“A Trump win will probably be welcomed by the stock market players and Bitcoin will keep on growing along with other assets. However, a Biden win, which may lead to a stock market fall, could also work in Bitcoin’s favour based on expected USD depreciation,” commented Knyazev. The EXANTE expert also shared that “$14,000 will be the psychologically important milestone” for investors.
About FT Alphaville
Launched in 2006, FT Alphaville is the daily markets and finance blog of the Financial Times. It serves as a news and commentary service for financial market professionals. FT Alphaville includes an email-based morning brief, blog and two message boards. Alphaville scooped a 2007 Harold Wincott Award in the online journalism category. In 2008, the Webby Awards jury named it the ‘Best Business Blog’.
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