One of the best things that could ever happen to the cryptocurrency industry, especially, Bitcoin (BTC) was PayPal. Since PayPal’s announcement of integrating Bitcoin (BTC) alongside other major cryptocurrencies into its platform has taken the entire world by a surprise.
Ever since the announcement, the price of Bitcoin (BTC) is constantly growing higher, which is attracting even more investors. The most surprising thing that happened was that since PayPal’s announcement, the market capitalization of Bitcoin (BTC) has far-exceeded than that of PayPal itself.
However, still, it is a fact that it is PayPal that has caused a dramatic impact on the current position of Bitcoin (BTC). In the light of the recent events and announcements made by PayPal, Bitcoin (BTC) has started running short on supply.
One of the major crypto investment firms ‘Pantera Capital’ revealed some information around PayPal’s current take on Bitcoin (BTC). The firm revealed that the recent shortage of Bitcoin (BTC) is indeed caused by the amount of investments being made via PayPal.
On top of that, even the majority of Bitcoin (BTC) is now being minted through the PayPal platform. This has caused a significant shortage in the supply of Bitcoin (BTC) in the crypto-markets.
The firm also revealed the scale at which the PayPal is currently impacting the position of Bitcoin (BTC). It confirmed that PayPal is currently pulling in more than 70% of all the Bitcoin (BTC) that are currently in the circulation.
The firm confirmed that another platform ‘Cash App’ is also responsible for snatching away all the remaining Bitcoin (BTC) in circulation. The Pantera Capital confirmed that the Cash App and PayPal together are responsible for buying all of the Bitcoin (BTC) currently in circulation.
The Pantera Capital firm informed that PayPal currently has more than 300 million unique users. It plans on rolling out the crypto-platform to all its users in the beginning of the year 2021.
However, PayPal has already its crypto-trading services in the United States from the current month. Initially, the payment firm has allowed its users to trade in cryptocurrencies for up to $20,000 per week.
As PayPal has now entered the crypto-market with its unique and really high fan base, things have started taking a whole new turn for Bitcoin (BTC) and other major cryptocurrencies.
As per many analysts, it was really difficult to buy Bitcoin (BTC) back in 2017 when it had hit its highest price. However, now the situation has changed as PayPal, Cash App and platforms such as Robinhood have made Bitcoin (BTC) purchase way easier.
Furthermore, Bitcoin (BTC) prices are now showing significant stability and very less volatility with respect to its price. This is again very promising for the Bitcoin (BTC) as its bullish nature would bring in even more investors.