PayPal removes annual purchase limits on bitcoin
PayPal removes annual purchase limits on bitcoin
Crypto

PayPal removes annual purchase limits on bitcoin

By Eleonora Spagnolo - 16 Jul 2021

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PayPal is increasing bitcoin purchases to $100,000 per week. The maximum purchase limit previously set at $20,000 per week has been increased. In addition, the annual purchase limit which was at $50,000 has been removed. 

PayPal has therefore decided to increase the weekly purchase limit by five times and remove the annual limit.

Jose Fernandez da Ponte, VP & GM, of PayPal’s section dedicated to blockchain, crypto and digital currencies, explained:

“As part of our efforts to meet the ever-changing needs of our customers, we are pleased to announce that we have recently raised the purchase limits of cryptocurrency for eligible PayPal customers in the U.S. to $100,000 per week with no annual purchase limit. These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform”.

PayPal will also continue and release guides and educational resources for customers to

“help demystify some misconceptions customers may have about crypto”. 

Da Ponte concludes:

“We look forward to working with our customers as they explore crypto with PayPal and hearing about the enhancements they would like to see in our services”.

PayPal crowns bitcoin

PayPal’s news applies to all supported cryptocurrencies. Since the launch of the cryptocurrency buying and selling service, PayPal has only enabled the service for 4 coins:

  • Bitcoin;
  • Ethereum;
  • Litecoin;
  • Bitcoin Cash.

The purchase proves to be very straightforward: simply access the crypto section directly from the app and make the purchase. In addition, PayPal has recently implemented the cryptocurrency payment function. Finally, compared to the initial launch, it is now also possible to withdraw bitcoin and crypto, which can thus also be moved to external wallets.

This policy is leading to a sharp increase in the volume of bitcoin trading on the platform.

PayPal’s choice and the changes announced today confirm the financial service’s willingness to implement the possibilities offered to its users in the crypto sphere.

However, cryptocurrencies on PayPal are currently only available to users in the United States. 

Bitcoin’s reaction

When PayPal announced the launch of its cryptocurrency service in October 2020, it kick-started a rally for bitcoin, which by December was back at $20,000. Then in April bitcoin reached $65,000.

Today the news concerning PayPal did not have the same effect on bitcoin. In fact, BTC lost almost 3% today and returned to $31,600. However, bitcoin has been fluctuating between $30,000 and $35,000 for some time now and seems unable to break through the $35,000 wall.

 

Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

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