28 Sep '14, 5pm
Coin ... - Coin Brief #BitcoinAcceptance #BitcoinExchange #BitcoinMarkets #BitcoinPrice
So why did Paypal produce such a spike in the price? The answer is quite simple. Paypal accepting Bitcoin has been highly anticipated ever since major companies began accepting the currency. Paypal’s integration of Bitcoin into their Payments Hub is one step closer to outright acceptance, so of course the community was ecstatic. Obviously, a news story that has been as highly anticipated and hoped for as Paypal would cause a burst of excitement and buying. That is all it was, though, a burst of excitement, not a signal of an increase in Bitcoin’s legitimacy or staying power. At the end of the day, Paypal is just another merchant. The price reflected that reality, returning to the $390s to $400s range that had established itself before the news — showing that the gains made in response to the Paypal news was merely the celebration of the partial arrival of a long awaited st...