All Your Bitcoins...
looorg writes:
PayPal appears to be vacuuming the bitcoin market. They apparently bought 70% of all mined coins last month. I guess they need a large buffer if they want to allow all their customers to convert transactions from all types of currencies into BTC. Then it's probably just a hop and a skip until EBay (the parent company) does it, too.
Bitcoin shortage": PayPal bought 70% of all mined BTC last month:
Crypto hedge fund Pantera Capital revealed global payments processor PayPal purchased over 70% of all Bitcoin mined in the past month, as per an investor letter published last week.
PayPal began its crypto offering to US clients earlier this month to a warm response, with data suggesting purchases of up to $20 million in Bitcoin (and other cryptocurrencies) daily.
[...] Pantera, in its note, said it calculated the amount of Bitcoin on PayPal using metrics from the latter's exchange provider Paxos-owned ItBit. 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," said Pantera.
It added that after PayPal's crypto service went live, ItBit's volume exploded" and implied that PayPal users were already buying almost 70% of the new supply of mined BTC. As per mining tracker site BTC.com, over 900 BTC are mined and sold in the open market by mining firms daily.
Read more of this story at SoylentNews.