Bitcoin Shortage Is Real, & PayPal Is The Cause?
So says 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 itBit data, Pantera claims:
“When PayPal went live, volume started exploding. 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.”