PayPal crypto payments plan seen favorable by Wall Street

Back in 1492, when the Santa Maria set ashore in the Americas for the first time, Christopher Colombus is rumored to have told his men: Welcome to the new world.

Earlier this week could be just such a moment for the crypto world as the announcement that PayPal (the electronic payment processing company once founded by Tesla’s Elon Musk) was seen favorable by Wall Street because it allowed crypto payments is really an upside down world.

Before, any hint of PayPal’s cooperation with crypto would have meant that the behemoth Silicon Valley payment processor was finally agreeing to let a crypto exchange include its logo. Nowadays only eToro accepts PayPal as a payment methods to buy cryptocurrencies.

Credit Cards and PayPal are not available for deposits to the eToro balance of users under the FCA regulation.

“It’s at the forefront of all the e-commerce and digital payments … we also like that PayPal is working with merchants to bring crypto into the fold,” says Aspiriant’s Sandi Bragar on $PYPL. pic.twitter.com/Ld6gKySaG0

— Squawk Box (@SquawkCNBC) September 17, 2020

Astor and Vanderbilt

By September 2020 the world has turned the other way round and Aspiriant’s managing director, Ms Sandi Bragar, declared on the popular MSNBC program SquawkBox that her company liked PayPal because it:

Is working with merchants to bring crypto into the fold, and we think that’s gonna become more important as more of the cryptocurrencies become more mainstream.

Aspiriant is a well known wealth management firm in Wall Street, which reaches in all echelons of Manhattan. In other words, they manage the funds of wealthy families and invest these in stocks and bonds usually. If you know that the wealth of the legendary Astor, Vanderbilt and Rothschild families still represent most of today’s fortunes (10% of today’s fortunes are created, 90% are inherited), a strategically important quote if there ever was one.

We could agree more with Ms Bragar and also believe that crypto is ready to go mainstream.