Editor’s note: Ken Miller was VP of risk management at PayPal executive and adviser to Square. Recently, PayPal announced several partnerships aimed towards enabling certain PayPal merchants to be able to accept bitcoin as a form of payment from their customers. This was a significant announcement on multiple fronts as many had wondered if and what PayPal’s foray into the cryptocurrency space would be. As further validation of the power of this news, the USD price of bitcoin shot up over $30 within the first few hours of the announcement, generating close to an incremental half a billion in bitcoin market cap in those few hours. That increase was short-lived, as the price came back down the following day, but the spike showed the power that this kind of tectonic announcement could have on the bitcoin world.

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