PayPal is another financial platform that recently opened up to Bitcoin transactions. At one point, PayPal purchased all newly mined Bitcoin tokens, leaving a considerable gap in the supply and demand chain. PayPal’s CEO announced that Bitcoin would become a payment option for Venmo. Deutsche Bank also joined the ranks of centralized banking institutions embracing Bitcoin and other cryptocurrencies. Deutsche Bank stepped into the modern era when it released plans to trade and store cryptocurrencies for investors, specifically institutionalized investors.
After Telsa invested $1.5 billion into Bitcoin, the digital currency’s value experienced a five-day increase of 6.39%. Uber has also expressed interest in accepting Bitcoin as a payment option. Uber and other companies are exploring alternative financial means to come back from 2020’s severe profit losses. Bitcoin has increased more than six hundred percent in the last year, mostly attributed to the COVID-19 pandemic that crippled several financial exchanges. Even companies like Visa, who were previously leery of Bitcoin’s volatility, can’t deny the plausible benefits of avoiding traditional banking systems.