‘Get Your Money Out Right Now’—Elon Musk And PayPal Mafia Lead ‘Insanity’ Backlash Against Shock Blunder That’s The ‘Best Thing’ To Ever Happen To Bitcoin And Crypto

$PayPal (PYPL.US)$ the internet payments pioneer cofounded by Tesla billionaire Elon Musk, sparked a huge backlash yesterday with a shock new policy that was quickly reversed.
The company, after helping to jump-start last year's huge crypto bull run with its support for $Bitcoin (BTC.CC)$ and a handful of other cryptocurrencies, has scrapped a policy change that would have seen users fined by up to $2,500 for spreading what it called "misinformation," claiming the update had gone out "in error."
The reversal followed a flood of accusations from former management and regulators that branded the policy "insane," "Owellian" and "the best thing that has happened for the adoption" of bitcoin and crypto.
However, the company’s change of direction only happened after members of the so-called PayPal mafia, former PayPal president David Marcus, founding chief operations officer David Sacks and cofounder $Tesla (TSLA.US)$ Elon Musk, publically criticized the policy while the bitcoin and crypto community pointed to it as evidence of the need for decentralized, digital payment alternatives.