FinancialBuzz.com News Commentary
Photo: Jose Fernandez da Ponte, Vice President and General Manager, Blockchain, Crypto and Digital Currencies at PayPal.
Over the last several years, the perception regarding cryptocurrencies has changed drastically. Many major corporations and financial institutions have since started to accept cryptocurrencies like Bitcoin as a viable option for payment. For example, just earlier last week, PayPal announced the launch of a new service enabling its customers in the UK to buy, hold, and sell cryptocurrency with PayPal. Customers can choose from four types of cryptocurrencies—Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. By accessing their PayPal account via the website or the mobile app, they can view real-time crypto prices, access educational content to help answer commonly asked questions, and learn more about cryptocurrencies, including the opportunities and risks. “The pandemic has accelerated digital change and innovation across all aspects of our lives— including the digitization of money and greater consumer adoption of digital financial services,” said Jose Fernandez da Ponte, Vice President and General Manager, Blockchain, Crypto and Digital Currencies at PayPal. ISW Holdings Inc. (OTC: ISWH), Ebang International Holdings Inc. (NASDAQ: EBON), Support.com, Inc. (NASDAQ: SPRT), HIVE Blockchain Technologies Ltd. (NASDAQ: HVBT), CleanSpark, Inc. (NASDAQ: CLSK)
While many industries and governments have become more open minded about digital currencies over the last several years, obstacles remail. For example, according to a report by Yahoo Finance, China continues its crackdown on crypto mining. However, since the clampdown by the Chinese government on crypto mining began, Bitcoin miners in China have begun looking to relocate their operations to U.S. states like Texas, South Dakota and Tennessee, The Washington Post reported. And now, the U.S. has become the new hub of the Bitcoin mining market. In fact, it is the second-biggest mining destination on the planet, accounting for nearly 17% of all the world’s bitcoin miners as of April 2021. That’s a 151% increase from September 2020, according to CNBC.