Paypal Bought a massive chunk of All Newly Mined Bitcoin
A few months now, Paypal, the American online money transfers company offers cryptocurrency services as a payment method.
Paypal customers will now be able to buy BTC, hold, sell Bitcoin and other digital assets using their Paypal accounts.
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 had hit the roof, it observed, adding:
“within four weeks of going live, Paypal is already buying almost 70% of the new supply of bitcoins.”
Bitcoin prices simultaneously with the Paypal news breaching $12K when the service was announced and has maintained the momentum hitting a $51K on Feb. 18.
The letter also argues that bitcoin’s current rally is much more “sustainable” than 2017’s because of rising institutional demand, making buying bitcoin easy.
An increase in the number of regulatory institutions that allow the use of Bitcoin enables stable and fertile ground and pushes its value higher
As some analysts believe that an upcoming $52K threshold is not the end but the start of Bitcoin’s impending explosion, it may still not be too late to get into Bitcoin.
Bitcoin’s supply is capped at 21 million coins, but you don’t need to have thousands of dollars to own some.
You can get started buying Bitcoin with as little amount as $15, bringing about 0.0008 BTC in return, according to the BTC price at publishing time.
The only question that needs to be asked are YOU a believer?