PayPal’s share plunge would affect Bitcoin price

Bitcoin price has witnessed notable growth over the recent years. However, January 2022 has been considered one of the worst January’s for the asset since its establishment. Over the last month, BTC has lost more than 50% of its price value while impacting the entire crypto market. Recently, PayPal, the global payments giant, faces its shares price declining by more than 25%.

Following PayPal’s share price actions, Peter Schiff, one of the prominent BTC opponents and the CEO of Euro Pacific Capital and founder of SchiffGold, took the discussion to Twitter. According to Schiff, the decline of PayPal’s shares would be unfavorable for the flagship crypto coin.

PayPal’s share is indirectly linked to Bitcoin price

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Earlier last month, the share price of PayPal, the US payments giant, saw a significant fall of 25%. Schiff, who often voices against Bitcoin, commented that such actions might have a negative impact on the leading cryptocurrency.

According to Schiff’s tweet, the payments giant is deep in the crypto ecosystem and has adopted BTC with three other major players. Notably, PayPal is one of the top choices for investors who strive to put their money in established stocks that have high chances of rising along with digital assets.

However, we can now witness how Bitcoin prices dipped with other significant players in the crypto market. Schiff also claimed that the leading crypto coin would witness a price level below $30k. Indeed, if such trends arise, BTC would see a flash crash below $10k.

Will BTC wreck PayPal’s business?

Michael Sonnenshein, the chief executive officer of Grayscale Investments, the most crucial Bitcoin trust, interviewed CNBC on Wednesday. In the interview, Sonnenshein highlighted that be it BTC or a digital dollar. If the United States Federal Reserve adopts it in the future, no cryptocurrency could potentially disrupt PayPal’s margins.

Notably, BTC and other decentralized crypto have already been included by PayPal in its business model. Following the fact, Sonnenshein assured that PayPal’s profit would never be harmed.

Besides, Robert Kiyosaki, the author of the popular book “Rich Dad Poor Dad,” believes that BTC is a hedge against the FED destroying the US dollar. Moreover, Kiyosaki urged the community to acquire BTC with some precious metals as safe havens against the USD.