by amy armstrong
Cryptocurrency Comes Out of the Shadows
PayPal provides access for the masses
Cryptocurrency ownership was once the domain of the ultra-wealthy or patrons who wanted anonymity to prevent tracing of illegal activity – or didn’t want others to know what they were purchasing.
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ot so much anymore, at least not if recent moves by one of the world’s leading electronic payment companies go according to plan. Cryptocurrency is hitting the financial mainstream in 2021 as PayPal moves forward with steps to add the online-based coins to its payment options. Not only is PayPal facilitating the buying and selling of several cryptocurrencies, according 6 / ADVISORS MAGAZINE
MAR 2021
to its press releases, but the company is shepherding the inclusion of cryptocurrency into everyday retail transactions by creating an option for its more than 350 million users and 26 million vendors to use and accept as payment for purchase of goods and services. “With over 300 million active users worldwide, this could become a pivotal turning point for an industry that has
been previously described as “niche,” “complicated,” and “inaccessible,” said the “Insider Monkey” in an article posted on Yahoo Finance, concluding that the move is, “allowing anybody from PayPal’s diverse userbase demographic to gain exposure to the cryptocurrency boom.” In other words, it sets the stage for a revolution in how the “not so wealthy” might access cryptocurrency in the future. Being able to purchase cryptocurrency via PayPal significantly increases the convenience factor. Recent moves by cryptocurrency brokers to offer fractional
