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Banks Have To Support Bitcoin And Crypto If They Want To Remain Relevant

Bitcoin and crypto have been growing in popularity, especially in 2020 when we’re in the middle of a global crisis.

Bitcoin started a bull now which looks like the one in 2017 and crypto enthusiasts are expecting to see the king coin hitting an ATH soon.

The mainstream adoption of the digital assets has been one of the most important goals that the crypto industry has set, and there have been massive moves taking place towards the achievement of the final result.

It’s been recently revealed that PayPal, for example, is helping a lot in this direction.

​PayPal has announced it is ready to get on the crypto train. The platform has revealed new features that will allow users to buy, sell, hold, and pay with cryptocurrency within their PayPal accounts.

Banks have to support BTC to remain relevant

The online publication the Daily Hodl just noted that Paxful CEO and co-founder Ray Youssef said that banks would have to support crypto if they want to remain relevant in the new economy.

In an interview with The Cryptonomist, Ray Youssef said that PayPal is doing the right thing by adopting Bitcoin (BTC) and that banks and more digital wallets should be following its footsteps.

“I think every bank and wallet in the world will have no choice but to enter crypto. Because if they don’t enter, crypto is entering their space and it’s going to leave them in the dust. So, the smart ones are getting in early. The small ones have already gotten in. And as far as PayPal doing this, I think it’s good,” he said.

He also believes that PayPal and the whole crypto industry could be doing a lot more to innovate if the authorities provide accurate regulatory guidance that they need.

“That’s all people want is clarity. I think PayPal, there’s a lot more they could do… There’s a lack of clarity. There’s some regulation like the BitLicense, which you know could have been a lot better,” he said.

He continued and pointed out to the fact that “It could have fostered a lot more innovation. But what we’re seeing is that the regulators are now only just starting to figure things out. It’s taking them some time, naturally.”

Head over to the original article in order to check out more about what he had to say.

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