Words by Danny Scott
It’s only been a matter of time before PayPal offered their customers a way to buy Bitcoin. Earlier in the summer, they announced that they were looking at the option, having dropped out of the Libra association a little over a year ago.
The news hasn’t really come as a surprise to the industry. One of PayPal’s competitors in the US, Square, had seen revenue of $306 million in Q1 2020 surpassing its fiat revenue stream by around $100 million.
PayPal is currently only offering this service to the US and by the sounds of the functionality, it’s very basic, meaning that it’s a closed loop — aka, you can’t withdraw your Bitcoin and use it elsewhere, or send your Bitcoin from outside of PayPal into their system. …
In late September we saw Bitcoin hit another all-time high (ATH) record.
“62 days ending above $10,000”
Take a moment and let that sink in. The last time we saw Bitcoin price activity like this was for 61 days from the 1st December 2017 👌
Throughout Q3 there’s been an unmistakeably bullish tension building around Bitcoin and especially with its more recent weeks of little movement (something we don’t find ourselves saying often!).
Bitcoin did finally move above the $11,000 region 👀 recently, leaving the community waiting to see where it goes next.
As always, Bitcoin has been riding the wild news wave over the past 3 months with stories around big business, scams, and more. …
Earlier today, the UK’s Financial Conduct Authority (FCA) issued a ban on the sale of crypto-derivatives and exchange traded notes (ETNs), including products like CFDs, options and futures, for retail customers.
Aiming to protect the consumer market, the new ban which comes into effect on 6 January 2021, will stop the sale, marketing and distribution of such products and help to reduce trading losses.
Our CEO and Co-Founder, Danny, shared his views on the update:
“First we need to make it clear that they’re banning products such as derivatives (CFDs, futures, etc) for retail offering, they’re not banning the sale or use of Bitcoin. For example, companies offering CFDs may offer leverage on a trade, meaning you can buy £1,000 worth of a Bitcoin CFD, but with 5x leverage you’re trading with the equivalent of £5,000. …