PayPal is one of the main supporters of Bitcoin’s mass adoption. You are probably aware by now of the fact that PayPal made crypto available for US customers.
Back in October, PayPal announced via a press release that they are launching a new service that’s enabling users to buy, hold and sell crypto.
Not too long ago, PayPal’s CEO David Schulman said that the adoption of Bitcoin and cryptos would definitely help increase their utility.
PayPal users buy 100% of new BTC that’s entering the market
Now, it’s been revealed that the Pantera Capital hedge fund said that the new numbers are showing the fact that PayPal users buy 100% of new Bitcoin that are entering the market.
It’s been reported by the online publication the Daily Hodl that in a new market report, Pantera CEO Dan Morehead is tracking the amount of BTC that’s purchased on itBit, which is the Paxos-owned crypto exchange that’s powering PayPal’s Bitcoin ecosystem.
“In the last seven months, we’ve had two huge shifts – one in demand, one in supply – both upwards. On the demand side, we’ve had public companies like PayPal enter the market,” Morehead said.
He continued and said: “That shifts the demand curve much higher. At the same time, the supply of newly-issued Bitcoin was cut in half in May – as part of the every-four years halving of Bitcoin issuance. Fewer bitcoin are available…”
Morehead also pointed out the fact that “When PayPal went live, volume started exploding. The increase in itBit volume implies that within two months of going live, PayPal is already buying more than 100% of the new supply of Bitcoins.”
At the beginning of the month, we were reporting that it seems that 17% of respondents said they have already bought BTC using their PayPal accounts, reported The Street.
Stay tuned for more relevant info.
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