Paypal Bought 70% of All Newly Mined Bitcoin Last Month as Demand Rockets
Paypal bought up to 70% of all the newly mined bitcoin since the payments giant started offering cryptocurrency services four weeks ago. Now that’s according to estimates by hedge fund manager Pantera Capital, as revealed in its latest monthly blockchain letter. Together with Square’s Cash App, the two companies are buying more than 100% of all newly issued virgin bitcoin (BTC), it says. The letter said demand for Paypal’s crypto service, which runs on Paxos fiat-to-crypto exchange, Itbit, had hit the roof. The exchange “was doing a fairly constant amount of trading....
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When demand from these two sources alone exceeds the entire supply of newly minted bitcoins, expect serious supply pressure to follow.
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Bitcoin's supply crunch could be having a dramatic impact on price, according to Pantera Capital. PayPal’s entry into the cryptocurrency market could be having a dramatic impact on the Bitcoin (BTC) price. In a newly published report, crypto investment firm Pantera Capital says a Bitcoin shortage is at the heart of the recent price surge and that the majority of newly minted BTC is being scooped up by PayPal. PayPal’s new crypto service is “already having a huge impact,” Pantera claims, adding that the payment merchant is snatching up roughly 70% of all the new BTC in circulation.Citing....