Paypal Bought 70% of All Newly Mined Bitcoin Last Month as Demand Rockets

Paypal Bought 70% of All Newly Mined Bitcoin Last Month as Demand Rockets
фото показано с : news.bitcoin.com

2020-11-22 00:10

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 volume… [but] when Paypal went live, volume started exploding,” it observed, adding:

The increase in Itbit volume implies that within four weeks of going live, Paypal is already buying almost 70% of the new supply of bitcoins.

Paypal announced in late October that its customers – running in excess of 300 million active users – will now be able to buy, hold and sell bitcoin and other digital assets using their Paypal accounts.

The decision also meant users could use their coins to buy things from the 26 million merchants that accept Paypal, it said. Paypal rolled out the crypto service to U.S. customers early this month, with the rest of the world set to be integrated later.

Bitcoin prices rose alongside the Paypal news, breaching $12,000 at the time the service was announced, and has maintained the bullish momentum ever since, hitting a three-year high of $18,997 on Nov. 20.

Pantera Capital noted that the Paypal crypto service is “already having a huge impact”. As shown in the graph above, it predicted that if the “growth persists, Paypal alone would be buying more than all of the newly-issued bitcoin within weeks.”

The letter also argues that bitcoin’s current rally is much more “sustainable” than 2017’s because of rising institutional demand from entities such as Paypal, Cash App, and Robinhood, which make buying bitcoin easy.

“Previously the friction to buy bitcoin was pretty onerous: take a selfie with your passport, wait days to a week to get activated, daily limits,” said the letter.

Data shows bitcoin’s current rally has in large part being driven by institutional buyers. According to the bitcointreasuries.org website, which curates bitcoin investments by publicly traded companies, about 21 firms, including Microstrategy Inc and Galaxy Digital Holdings, hold a combined $14.42 billion of BTC in reserve. That’s 832,351 BTC or over 4% of bitcoin’s circulating supply.

A number of these purchases have happened in the last few months, pushing the price of bitcoin higher. Pantera Capital says the shortage of bitcoin resulting from high corporate demand means that the likes of Cash App, which recently reported a record $1.6 billion bitcoin revenue, will have to pay more for each coin.

“When other, larger financial institutions follow their (Cash App) lead, the supply scarcity will become even more imbalanced. The only way supply and demand equilibrates is at a higher price,” it explained.

What do you think and Paypal scooping 70% of newly minted bitcoin? Let us know in the comments section below.

The post Paypal Bought 70% of All Newly Mined Bitcoin Last Month as Demand Rockets appeared first on Bitcoin News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Allion (ALL) на Currencies.ru

$ 0.0002904 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0.0002904 - H: $0.0002904
Капитализация $1.8k Rank 99999
Доступно / Всего 6.199m ALL

paypal bitcoin mined bought all newly manager

paypal bitcoin → Результатов: 126


Что значит сегодняшнее объявление PayPal для крипторынка?

PayPal разрешила клиентам из США использовать криптовалюту для оплаты. Пользователи, которые держат на своих кошельках биткоины, Ethereum, Bitcoin Cash и Litecoin, смогут конвертировать их в фиатные валюты в момент покупки в 29 млн торговых точек, которые работают с платежной системой.

2021-3-31 20:59


PayPal Says It’s a ‘Little Early’ To Embrace Bitcoin (With Its 125,000% Gains)

PayPal CFO John Rainey says it is “too early” for the company to invest in Bitcoin – despite the fact the cryptocurrency has appreciated 125,000 percent in 7 years. PayPal: We Love Blockchain Speaking in an interview with Yahoo! Finance this week, John Rainey said that the merchant experience of accepting Bitcoin payments was suboptimal due to market volatility.

2019-5-11 20:00


Основатель PayPal назвал bitcoin бесполезным платежным инструментом

Основатель и бывший CEO PayPal Билл Харрис заявил, что bitcoin — бесполезное и неэффективное платежное средство. По его прогнозу курс первой криптовалюты продолжит снижаться до тех пор, пока не достигнет нуля.

2018-8-16 21:02


Экс-глава PayPal: как средство платежа биткоин бесполезен

Бывший генеральный директор PayPal Билл Харрис полагает, что биткоин не может использоваться как средство платежа, и первую криптовалюту ждёт падение к значениям, близким к нулю. «Культ биткоина утверждает — btc мгновенен, свободен, масштабируем, эффективен, безопасен, глобально принят и полезен — он не соответствует ни одной из этих характеристик».

2018-8-16 14:53


Фото:

AMA With Origin Team Reveals Plans for Decentralized Sharing Economy

Matt Liu, Josh Fraser and former PayPal head Yu Pan want to bring the blockchain to the sharing economy. The trio is devising a platform with an emphasis on inclusive, peer-to-peer service hubs designed to decentralize the same consumer cost-friendly business models that have made companies like Airbnb, Uber and Lyft so popular in recent years.

2018-8-16 23:25


Экс-директор PayPal считает биткойн «бесполезным культом»

Бывший генеральный директор PayPal, Билл Харрис, заявил в Fast Money CNBC, что криптовалюта биткойн - бесполезный культ. Сообщение Экс-директор PayPal считает биткойн «бесполезным культом» появились сначала на Freedman.

2018-8-15 16:36


Фото:

Ex-Paypal CEO Labels Cryptocurrency ‘A Cult’ That’s ‘Headed Straight to Zero’

Today, PayPal CEO Bill Harris debuted on CNBC’s Fast Money where he provided a no holds barred lambast of bitcoin and other cryptocurrencies. Bitcoin is a “Cult” The world hasn’t heard much from Bill Harris since April 24th, when his inflammatory claims of Bitcoin being “the greatest scam in history” and “a colossal pump-and-dump scheme, the likes of which the world has never seen.

2018-8-15 15:00


Фото:

Square Crypto Trading App Beats PayPal’s Venmo With 3x Growth

Square Cash, a cryptocurrency-enabled trading app, is growing three times faster than PayPal’s fiat-based Venmo, trading giant Nomura has revealed. ‘More Than Just A Bitcoin Play’ The company’s Square Cash app, which added cryptocurrency functionality in January, has defied Bitcoin price trends ever since, growing its user base despite overall Bitcoin market activity decreasing.

2018-7-13 20:00


PayPal купил Hyperwallet за Ripple XRP?

PayPal согласилась заключить сделку стоимостью 400 миллионов долларов на приобретение компании Fintech Hyperwallet Systems Inc. Но заплатила ли компания по обработке платежей за приобретение с использованием наличных средств или с помощью криптовалюты Ripple (XRP)? Сообщение PayPal купил Hyperwallet за Ripple XRP? появились сначала на Freedman.

2018-6-29 17:20