After PayPal announced it would allow its users to buy, sell, and hold the digital token, about 300 million active users got instant access to digital currencies.
The US payments firm’s crypto-exchange platform, itBit, was recording only moderate volumes until PayPal’s announcement.
But once PayPal’s service went live, itBit’s volumes started exploding within four weeks. PayPal is already buying 70% of the newly mined bitcoins while Cash App has bought about 40%, Pantera said.
The graphic above shows a dotted white line, representing the total supply of newly mined bitcoins and original itBit volume. If PayPal’s growth persists, it would be buying more than the new coin supply issued recently, the report said.
The report also argued that Bitcoin’s current rally is more sustainable than that of 2017, which was driven by speculation. One of the chief drivers behind this surge in price is the ease of investing in Bitcoin through platforms like PayPal, Cash App, and Robinhood.
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