Paypal & Square Are Buying Up Majority Of Bitcoin’s Supply

According to Pantera Capital, PayPal and Square are driving the Bitcoin rally, buying every single mined Bitcoin and causing a shortage in the markets.

When Bill Harris, former CEO of PayPal, described Bitcoin as “the greatest scam in history” in an article for Vox, the last thing that would come to his mind was the role his company would play in the global adoption of this cryptocurrency.

This was in 2018, just when Bitcoin was on a major bearish trend. The bubble —as Harris described it— exploded. But things changed, a new CEO replaced Harris and Bitcoin’s price slowly recovered. Well, slowly until PayPal jumped on the Bitcoin Wagon.

According to a report published by Pantera Capital, PayPal’s foray with Bitcoin has been crucial to its recent bullish rally.

It all seems to come down to how PayPal adapts its philosophy to the crypto-verse, making crypto incredibly easy to adopt. According to Pantera Capital, the simplicity with which PayPal offers its crypto services has had a “huge impact” on the public perception of Bitcoin and on the adoption of other cryptocurrencies:

“Previously, the friction to buy bitcoin was pretty onerous: take a selfie with your passport, wait days to a week to get activated, daily limits. Three hundred million people just got instant access to Bitcoin, Ethereum, and other cryptocurrencies.
BOOM! the results are already apparent.”

PayPal’s user base also plays an essential role in favor. According to Pantera Capital, PayPal’s 300 million accounts are 3 to 1 higher than today’s number of Bitcoin addresses. This makes it easy for many people to jump into Bitcoin.

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