We’ve all seen the FUD coming from within the banking and investment communities, which lends to the fact that they are afraid of the freedom an open-sourced decentralized currency can offer. Recently some of you may have come across a letter from PayPal condemning Bitcoin. Don’t worry, it’s fake.

What’s presumed to be a phishing scam began to appear recently in the inboxes of a number of PayPal account holders. It didn’t take long before images of the letter began appearing causing a flood of worry across countless message boards. The fake notice from PayPal stated in part that users were no longer allowed to use PayPal to make cryptocurrency purchases.

The messages began circulating yesterday, March 16th, but have since been proven to be fake. A quick look at PayPal’s user agreement will show that there is nothing for their users to fear when it comes to cryptocurrency related transactions.

Those familiar with with PayPal know that Peter Theil, the current CEO of PayPal, has and continues to be a powerful advocate of digital currencies. In fact, it has been reported that the early investor in Facebook and his group “Founders Fund” singlehandedly caused the value of Bitcoin to spike by 13% in January of this year after he reportedly purchased millions of dollars worth of Bitcoin.

In late October of 2017 Theil made bold statements about cryptocurrency at the Future Investment Initiative held in Riyadh, Saudi Arabia and said it's one thing that many are underestimating.

"I'm skeptical of most of them (cryptocurrencies), I do think people are a little bit, maybe underestimating Bitcoin specifically because it is like a reserve form of money, it's like gold, and it's just a store of value. You don't need to use it to make payments..."

"If bitcoin ends up being the cyber equivalent of gold it has a great potential left."

Click here to hear Theil’s comments in full with Maria Bartiromo at the Future Investment Initiative. His comments on cryptocurrency begins around the 22 minute mark.