Will Users Be Able To Withdraw BTC Purchased On PayPal

The Crypto market saw a huge wave after PayPal announced that its users can now able to buy, sell, and pay for items using digital assets like Bitcoin (BTC) and Ethereum (ETH). 

Square and CashApp were the first ones to step into crypto but none have a user base as large as PayPal’s.

Bitcoin price started making its way towards $13,000 – setting fresh highs for 2020.

Though the news is bullish, there are some analysts are calling it a “nothingburger.” Analysts are pointing out that users who buy BTC on PayPal won’t be able to withdraw it. From the past few days, there were rumors of PayPal entering into the crypto industry but it was not clear. But PayPal announced crypto trading and many crypto users were surprised. One of the best features of this new service is the ability to use one’s digital assets as a means of payment at over 26 million global merchants that accept PayPal.

Once the hype started fading, few analysts stated that the fine print explains that users who buy crypto via PayPal will not be able to transfer it off of PayPal.

 A famous bitcoin analyst ‘PlanB’ said in a tweet that it is just a “nothingburger.”

“OK, we can forget this Paypal ‘news’. ‘Crypto in [the Paypal] account cannot be transferred to other accounts on or off PayPal.’ So, this is all a big PayPal nothing burger, just entries in a central PayPal database, nothing to do with Bitcoin.”