PayPal’s Crypto Support Has Triggered Bitcoin Supply Shortage, Says Pantera Chief Dan Morehead

PayPal’s Crypto Support Has Triggered Bitcoin Supply Shortage, Says Pantera Chief Dan Morehead


PayPal has triggered a Bitcoin supply crunch after allowing its users to buy BTC for the first time, according to the CEO of crypto investment firm Pantera Capital.

In a new blog post, Dan Morehead says PayPal customers are already buying 70% of the new supply of BTC entering the market.

“PayPal’s crypto infrastructure provider is Paxos. Prior to PayPal’s integration of crypto, itBit, the Paxos-run exchange, was doing a fairly constant amount of trading volume – the white line in the chart below.

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When PayPal went live, volume started exploding. The increase in itBit volume implies that within four weeks of going live, PayPal is already buying almost 70% of the new supply of Bitcoin.”

Source: Pantera Capital

When you combine those figures with the fact that people are already buying BTC

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