PayPal's cryptocurrency holdings increased by $339 million (56%) from $640 million in the previous quarter.
The coins that PayPal handles include Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
a. Bitcoin $291 million => $499 million
b. Ethereum $250 million => $362 million
c. Bitcoin Cash and Litecoin have increased from a total of $63 million => $82 million respectively.
A noteworthy point is that the volume of cryptocurrency held has explosively increased by 56% compared to the previous quarter. It suggests that providing users with the convenience to access cryptocurrencies can lead to a significant increase.
Since I started hosting a cryptocurrency-focused broadcast in 2018, I have received many inquiries from those around me and viewers who would give me money directly to purchase cryptocurrencies for them. There are plenty of people in the market who want to invest in cryptocurrencies. However, there are many complex aspects such as exchange registration and cryptocurrency wallet management when they actually try to invest.
Especially for older people, they need help from their children to invest in 'cryptocurrencies'. But children refuse, fearing that their parents will lose money.
If banks start offering cryptocurrency trading services, the number of cryptocurrency investors will explode. The Bank for International Settlements (BIS) has already issued guidelines that permit investment of up to 2% of their own capital in cryptocurrencies.
When platforms like Apple, Twitter, and PayPal handle cryptocurrencies, and when banks handle cryptocurrencies, the cryptocurrency market will experience explosive growth.
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