PayPal And Square Are Currently Buying All Freshly Mined Bitcoin
A report by Pantera Capital has revealed that PayPal and Square have been buying up all the recently mined Bitcoin off the market. This move sees both ventures guilty of causing the shortage in supply of the digital asset in the crypto market. Another great ripple effect that comes from the action is that the price of the digital asset will continue to surge as long as they continue buying the asset off the market.
Notably, the former CEO of PayPal, Bill Harris, at a point in time during his tenure described Bitcoin as one of the greatest scams on the face of the earth in an article. When Bill made the declaration, what he was not aware of then was the role that PayPal will later play in adopting the Digital asset.
PayPal witnessed a massive climb after its Bitcoin adoption announcement
Bill Harris made that declaration in 2018 after the bears took over the leading digital assets briefly. At that point, Harris said that the big bubble around the digital asset had finally exploded. After Harris stepped down and a new CEO took the reins, Bitcoin’s price returned to normal and has made a massive surge since then. After this surge, PayPal now decided it was high time to venture into the crypto community and adopt the digital asset.
The report also claims that PayPal has witnessed a bullish climb after it announced its support for Bitcoin. One thing that will work for PayPal is its ability to adapt to the crypto sector by making some relative changes to its philosophy while simplifying the adoption process of digital assets.
In its report, Pantera Capital talked about the ease at which PayPal offers crypto services to its users, and that has been seen as one of the reasons why the firm has seen a surge in the number of its users across the globe. Even though the crypto community was taken aback by how PayPal explained all the crypto assets, users are still flocking into the platform to get a whiff of its crypto services.
PayPal is simplifying the process of buying crypto
“To buy Bitcoin, you would have to go through some stringent measures like taking your pictures for verification and wait days before you finally get approved, daily limits, and other things that limit you. With PayPal enabling crypto assets, it means the firm has just given about 300 million people the access to trade the digital assets,” the report reads. One thing that will definitively put PayPal in an advantaged position is the number of clients the outfit possesses.
According to the report, PayPal has about 300 million clients, which is more than the total number of Bitcoin wallet addresses worldwide. This move by PayPal will make it easy for most people who have no prior knowledge about digital assets to dabble in them. Pantera also believes that the continued adoption of Bitcoin by firms like PayPal, Cashapp are healthy and will boost the current bull run. There is an increased rally because PayPal is currently on a shopping spree, buying every token in its wake.