All of these companies are setting themselves up to be the partner for central banks because

they believe that the shift to digital currencies is inevitable.

That's a huge part of this story and really, really important to watch.

Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is sponsored by crypto.com, nexo.io, and elliptic, and produced and distributed by CoinDesk.

What's going on, guys? It is Wednesday, October 21st, and oh man, do we have a crazy one today.

PayPal has added support for Bitcoin and other cryptos, and I'm here to ask, is this the

most bullish news of the year?

So first up, let's get into the actual announcement.

PayPal's press release was titled,

PayPal launches new service,

enabling users to buy, hold, and sell cryptocurrency.

The Reuters headline was PayPal to allow cryptocurrency buying, selling, and shopping on its network.

So there's a lot to unpack here. First of all, right now we're going to have the buying and

selling. People will be able to get crypto and hold it or sell it back. The shopping part, which

has caught lots of people's attention, is slated to roll out in early 2021.

And according to PayPal, that will be for all 26 million of the merchants on the PayPal

network. Now, when we do get that shopping piece, the settlement will happen in dollars.

Here's a quote from the press release. In effect, cryptocurrency simply becomes

another funding source inside the PayPal digital wallet, adding enhanced utility to cryptocurrency

holders while addressing previous concerns surrounding volatility, cost, and speed of cryptocurrency-based

...