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Thursday

26 November 2020

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

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


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Paypal bought up to 70% of all the newly mined bitcoin since the payments giant started offering cryptocurrency services four weeks ago.

Together with Square’s Cash App, the two companies are buying more than 100% of all newly issued virgin bitcoin (BTC), it says.

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.

Pantera Capital says the shortage of bitcoin resulting from high corporate demand means that the likes of Cash App, which recently reporteda record $1.6 billion bitcoin revenue, will have to pay more for each coin?

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