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Blog

Date:
23rd Nov 2020
Author:
CryptoAltum Research Team

PayPal and Square Combine Buying all Mined Bitcoin


Since the payment processing giant, PayPal, announced support of Bitcoin buying and selling, they have bought approximately 70 percent of freshly minted coins. Similarly, Square’s CashApp has been on a buying spree, gulping up the remaining 30 percent, a newsletter from Pantera Capital reads.


Details: 

There is a Bitcoin shortage. PayPal and CashApp are ramping up their purchase to satiate ravenous buyers. The result, a pump above $18,000 and the possibility of the coin rallying above $20k to $31k as technical analysis projections shows. If this is the demand PayPal buyers are asserting on the ecosystem barely four weeks after their involvement and enabling of US clients to make purchases, it may be a moon-sling for supported coins once all their customers (over 300 million)--including from outside the United States, are allowed to trade. It also means demand may exceed supply, a perfect recipe for further price gains above 2017 highs.


Impact on the BTC Price: 

Bullish. The participation from Wall Street heavyweights drawn from the coin’s baked-in properties could be the perfect ingredients for the Bitcoin price to rally above $20,000 to new highs in the next six months. With better prices and participation from SEC-regulated investors, better products--like the Bitcoin ETF, may be rolled out further pumping prices.


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