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Crypto Corner Episode 481: Binance Sees Record Trading Volumes, PayPal (NasdaqGS: $PYPL) CEO on Crypto Adoption, and Possible U.S. Treasury Secretary Janet Yellen's Views on Bitcoin

 

Point Roberts, WA and Delta, BC - November 25, 2020 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving cryptocurrency stocks and the crypto market.

Listen to today's Crypto Corner Podcast:

https://www.investorideas.com/Audio/Podcasts/2020/112520-CryptoMarket.mp3

Crypto Corner Episode 481: Binance Sees Record Trading Volumes, PayPal (NasdaqGS: $PYPL) CEO on Crypto Adoption, and Possible U.S. Treasury Secretary Janet Yellen's Views on Bitcoin

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Stocks discussed: (NasdaqGS:PYPL)

Bitcoin (BTC) continues to rise, having broken through past a trading price of $19,000 early on Tuesday, and at present is trading for about $19,230, according to data from CoinMarketCap. This, of course, brings Bitcoin very close to its all-time high, reached on December 17, 2017, and which has been measured variously from around $19,600 to as high as roughly $20,050. Peter Smith, co-founder and CEO of Blockchain.com, commented on the possible impact of a new all-time high to CoinDesk:

"We could see massive movements in the bitcoin price over Thanksgiving. A new all-time-high won't be a surprise to some who've seen it as a 'not if, but when' scenario. It's an inevitability, but the world will take notice, and that's good for adoption."

Concurrent with Bitcoin's rally in trading price, Cointelegraph reports that crypto exchange giant Binance is witnessing its trading volume hit an all-time high of $37 billion in the past 24 hours. This represents an increase of 40.5 percent in the same 24-hour period. Also, the company's Bitcoin futures open interest reached an all-time high of $1.17 billion, according to data from crypto analytics site Glassnode.

Financial news outlet the Wall Street Reporter recently published some industry leader commentary regarding digital payments. Among those included in the piece was Dan Schulman, CEO of PayPal (NasdaqGS:PYPL), who said:

"Over the next year, both the Venmo and PayPal apps will undergo a fundamental transformation intended to dramatically increase their functionality and drive engagement...This expanded suite of services will include enhanced direct deposit and check cashing, budget and savings tools, bill pay, investment alternatives, including crypto, subscription management, buy now, pay later optionality and all of Honey's shopping tools from wish list, price monitoring, deals, coupons, and rewards...We recently announced that PayPal will allow account holders to buy, sell and hold cryptocurrencies first, in the U.S. and then expanding to international markets in the Venmo platform in the first half of next year...We will rapidly move at the beginning of next year and allow consumers to use cryptocurrencies as a funding instrument to shop across all 28 million of our merchants. This solution will not involve any additional integrations, volatility risk or incremental transaction fees for either consumers or merchants and will fundamentally bolster the utility of cryptocurrencies..."

On Monday the Wall Street Journal reported that President-elect Joe Biden intends to nominate former Federal Reserve Chairman Janet Yellen as the next U.S. Treasury Secretary. CoinDesk has assembled some of Yellen's views on Bitcoin, indicating on the one hand her skepticism toward it:

"I will just say outright I am not a fan, and let me tell you why. I know there are hundreds of cryptocurrencies and maybe something is coming down the line that is more appealing but I think first of all, very few transactions [that] are actually handled by bitcoin, and many of those do take place on bitcoin are illegal, illicit transactions."

...but happily also her reluctance to intervene in the market to stifle it:

"The Fed doesn't have authority to supervise or regulate bitcoin in any way."

Sam Mowers, Investorideas

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