PayPal CEO claims Bitcoin has been highly profitable and plans to expand crypto operations

Posted: 2 August 2021 2:26 am
BTC 08-03 1800x1000

Bitcoin is currently showcasing bi-weekly gains of nearly 25%.

  • Experts project Bitcoin (BTC) to perform well in the near term.
  • Bitcoin’s native hash rate levels are back above 100 EH/s after having stooped to an all-time low of 83 EH/s recently.
  • In light of BTC’s growing global adoption, PayPal has decided to expand its crypto operations across Ireland.

The last 72-hours have been quite action-filled for Bitcoin, with the world’s largest cryptocurrency by total market capitalization scaling up to a relative high of $42,000 before showcasing a sizable correction and settling around the $40K range. At press time, BTC is trading for $38,384.

After having been in the “red zone” for nearly three months running, BTC is currently showcasing an optimistic near-term growth chart. As per a recent tweet, crypto investor and entrepreneur Alistair Milne exclaimed that Bitcoin had finally returned to form, adding: “Bullish engulfing on the monthly chart for Bitcoin.”

A bullish engulfing pattern is best described as a chart formation witnessed after a small red candle is followed by a large green candle. These charts are widely considered good gauges of Bitcoin’s future price movements and are widely used across the crypto and traditional markets.

Milne’s positive outlook is shared by other analysts, who seem to believe that the coming few months will see the premier cryptocurrency scale up to its all-time high value.

How to buy Bitcoin

Bitcoin’s hashrate recovers

After falling to historic lows — of around 83 exahashes per second EH/s — in the wake of China’s recent mining ban, Bitcoin’s native hash rate levels are once again back above the 100 (EH/s) mark. This suggests that investor sentiment is once again warming up, with HODLers seemingly gaining control of market action again.

Furthermore, Will Clemente, an independent market analyst, tweeted that BTCs fundamentals are back at where they were when the digital was trading at $53K. “Consolidation after 10 straight green days is very reasonable but still remains bullish over the coming weeks,” he pointed out.

Global Bitcoin adoption continues

Paypal, one of the world’s leading payments providers, recently revealed that it is shortlisting candidates for various cryptocurrency-related job positions at its Ireland offices in light of Bitcoin’s growing demand. The firm is looking to hire individuals well versed with crypto tech, especially concerning things like compliance, anti-money laundering and business development.

Since entering the crypto sector, PayPal CEO Dan Schulman claims that his company’s revenue has increased quite sharply, with the firm looking to enter the United Kingdom next. These developments quite clearly suggest an increasing demand for digital currencies, especially with fears of inflation now coming to fruition globally.

Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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