Bitcoin Continues to Stay Strong Thanks to PayPal

Yes, the company is allowing users to purchase items and services with bitcoin and other forms of digital currency, but this pales in comparison to what they believe is the real reason. Apparently, PayPal is buying up almost 70 percent of the new bitcoins that are being mined, meaning the company is set to own nearly three-quarters of the new BTC supply.

The news comes by way of Pantera Capital, which claims in a recent statement that thanks to PayPal, there is likely to be a bitcoin shortage in the coming weeks and months thanks to its newfound purchases. The statement goes on to say: Eduardo Arenas – director of Bitso Alpha, a crypto exchange in Latin America – mentions that there is a huge wave of new bitcoin users and bitcoin buyers, and that while PayPal likely inspired the price action, individual traders are the ones keeping it up.

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