Posts

Paypal Is Buying 70% Of The New Supply Of Bitcoins..

avatar of @hitmeasap
25
hitmeasap
@hitmeasap
·
·
0 views
·
2 min read

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. Bitcoin prices rose alongside the Paypal news, breaching $12,000 at the time the service was announced. We're sitting at $19K+ at the time I write this.. So it's safe to say that we have seen a very bullish momentum since the announcement from Paypal.

According to estimates by hedge fund manager Pantera Capital, Paypal have been buying up to 70% of all the newly mined bitcoin since the day of the announcement.

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.

I don't invest in bitcoin, in fact, I don't really invest in any cryptocurrencies at all.. With Hive and LEO as the only two exceptions, but things are likely to change in the near future. I actually sold my bitcoins in 2016, a total amount of 5.5 BTC and to tell you the truth, I could have been close to a millionaire in my local currency today, so it stings a bit, but I don't look back.. Because history is there for a reason.

That being said, if the price of BTC is going up this much because of Paypal..

  • Are we likely to see similar moves with ETH, LTC and BCH next?

I don't mean that they will be worth the same as BTC, but if Paypal decides to buy the majority of those tokens as well, the price should increase rapidly.. Just like it did with BTC.

  • Could it be possible that we will have a new bull run even before the current one ends?

Posted Using LeoFinance Beta