Weekly payment limitations have been increased by a factor of five by the payment processor.
PayPal‘s Bitcoin spending restrictions have been increased, allowing customers to spend more on cryptocurrency than previously.
The weekly limit has been raised to $100,000.
PayPal‘s new limitations allow US clients to spend up to $100,000 in cryptocurrency every week, with no yearly limit.
“We are pleased to announce that we have recently raised the purchase limits of cryptocurrency,” PayPal wrote. “These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.”
This is a five-fold increase above PayPal’s prior limit. Users may only spend $20,000 in Bitcoin per week, $20,000 each purchase, or $50,000 per year, according to earlier versions of PayPal‘s instruction manuals.
PayPal has risen above several of its main competitors as a result of the update. For example, Coinbase’s payment card has a daily spending limit of $2,500, whereas BitPay’s card has a daily spending limit of $10,000.
Adoption of PayPal and Crypto
PayPal enabled consumers to buy cryptocurrency in October 2020, but it did not offer crypto transactions or withdrawals right away. In March, it finally accepted bitcoin payments.
The “Checkout with Crypto” function allows users to spend their cryptocurrency holdings anyplace that accepts PayPal, as PayPal converts Bitcoin to fiat at the point of sale.
PayPal‘s willingness to accept cryptocurrencies signals a broader acceptance of cryptocurrency by the general public. However, critics may claim that widespread use contradicts cryptocurrency’s purpose of offering independence from prominent financial institutions.