PayPal PYPL -0.8% officially announced its plans to allow its ~350 million users to buy and sell Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. This news came amid a steady run-up in the crypto markets, with Bitcoin up ~80% YTD and 3% since its low in March.
This announcement has catalyzed discussion about the adoption and institutionalization of digital assets. There are opposing views from within the community in regards to both the significance of this news, and whether it is supportive or detrimental to the vision of a decentralized financial future.
Not your keys… While this move will allow more individuals the ability to get exposure to these assets, users will not be able to transfer the crypto on-chain: