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Expand chart
Data: Investing.com; Chart: Axios Visuals

PayPal's decision to allow customers to hold bitcoin and other virtual currencies in its online wallet and shop using cryptocurrencies sent the value of bitcoin soaring on Wednesday.

Why it matters: With 346 million active accounts around the world and 26 million merchants, PayPal could bring cryptocurrencies into mainstream acceptance.

The big picture: The company hopes the service will prepare its network for new digital currencies that central banks and companies may develop, PayPal president and CEO Dan Schulman told Reuters.

  • “We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role,” he said.

Flashback: Square invested $50 million into a block of nearly 5,000 bitcoins earlier this month, with CEO Jack Dorsey saying he believes one day bitcoin will become the world's "single currency."

  • The integration of cryptocurrencies into Square's Cash App has been a particular point of emphasis.

Go deeper

Affirm files for IPO

Illustration: Annelise Capossela/Axios

Affirm, a fintech company that lets online retailers provide pay-later options for customers, has filed to go public.

Why it matters: The company, founded by PayPal co-founder Max Levchin, is the latest Silicon Valley "unicorn" to file for an IPO as the year draws to a close. A number of tech companies are rushing to go public before the end of the year, including Airbnb and DoorDash, with Roblox and others also rumored to be in the pipeline.

Updated 8 mins ago - Politics & Policy

Sen. Kelly Loeffler to return to campaign trail after 2nd negative test

Sen. Kelly Loeffler addresses supporters during a rally on Thursday. Photo: Jessica McGowan/Getty Images

Sen. Kelly Loeffler's (R-Ga.) campaign announced Monday that she "looks forward to getting back out on the campaign trail" after testing negative for COVID-19 for a second time, following earlier conflicting results.

Why it matters: Loeffler has been campaigning at events ahead of a Jan. 5 runoff in elections that'll decide which party holds the Senate majority. Vice President Mike Pence was with her on Friday.

Updated 4 hours ago - Politics & Policy

Key government agency says Biden transition can formally begin

General Services Administrator Emily Murphy. Photo: Alex Edelman/CNP/Getty Images

General Services Administrator Emily Murphy said in a letter to President-elect Joe Biden on Monday that she has determined the transition from the Trump administration can formally begin.

Why it matters: Murphy, a Trump appointee, had come under fire for delaying the so-called "ascertainment" and withholding the funds and information needed for the transition to begin while Trump's legal challenges played out.