'Every Major Bank Is Having a Meeting About How To Support Bitcoin'
The news of Paypal launching a service that will enable customers to buy, hold, and sell cryptocurrencies directly from their Paypal accounts has triggered much discussion within the crypto industry. Users will also be able to pay for goods and services at 26 million stores that accept Paypal as a form of payment with the cryptocurrencies in their Paypal accounts.
The crypto industry has largely viewed the news as extremely bullish, sending the price of bitcoin above $13,000. Virgin Galactic chairman Chamath Palihapitiya tweeted in response to the Paypal news Wednesday:
After Paypal's news, every major bank is having a meeting about how to support bitcoin. It's no longer optional.
Regulations in the U.S. permit banks to provide cryptocurrency services. The U.S. Office of the Comptroller of the Currency (OCC) has already confirmed that federal banks are allowed to provide cryptocurrency custody services.