Pantera Capital: buy 100% of mined bitcoins through PayPal
The CEO of hedge fund Pantera Capital said 100% of all new BTC entering the market is being bought by PayPal users
Dan Morehead studied a new market report on the operation of the itBit crypto exchange, through which PayPal users buy cryptocurrency.
The exchange is operated by Paxos, which has close ties to PayPal. It received funding from this company in a recent Series C funding round.
Both companies have established active cooperation in the field of buying cryptocurrency and custody services. With the mining reward cut in May, the demand for bitcoin is growing.
With the launch of PayPal, sales began to grow. The increase in BTC trading volume on itBit means that after 2 months. purchases of cryptocurrency through PayPal, on the exchange, users of a financial company buy almost 100% of mined bitcoins.
The number of bitcoins circulating in the market (supply) is constantly decreasing. This is evidenced not only by the decreased mining reward, but also by large purchases of BTC in the recent past - MassMutual ($ 100 million), MicroStrategy ($ 1.125 billion).
According to the forecast of the hedge fund Pantera Capital, against the background of all the events described above, the value of BTC by August-October 2021 will reach $ 115 thousand.