{"id":176442,"date":"2020-11-23T11:53:37","date_gmt":"2020-11-23T11:53:37","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=176442"},"modified":"2020-11-23T11:53:37","modified_gmt":"2020-11-23T11:53:37","slug":"bitcoin-shortage-paypal-bought-70-of-all-mined-btc-last-month","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-shortage-paypal-bought-70-of-all-mined-btc-last-month\/","title":{"rendered":"\u201cBitcoin shortage\u201d: PayPal bought 70% of all mined BTC last month"},"content":{"rendered":"

Crypto hedge fund Pantera Capital<\/a> revealed global payments processor PayPal purchased over 70% of all Bitcoin mined in the past month, as per an <\/span>investor letter<\/a><\/strong> published last week.<\/span><\/p>\n

PayPal<\/a> 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.<\/span><\/p>\n

\u201cA Bitcoin shortage\u201d<\/b><\/h2>\n

Pantera, in its note, said it calculated the amount of Bitcoin on PayPal using metrics from the latter\u2019s exchange provider Paxos<\/a>-owned ItBit. \u201cPrior to PayPal\u2019s integration of crypto, itBit, the Paxos-run exchange, was doing a fairly constant amount of trading volume \u2014 the white line in the chart below,\u201d said Pantera.<\/span><\/p>\n

It added that after PayPal\u2019s crypto service went live, ItBit\u2019s volume \u201cexploded\u201d and implied that PayPal users were already buying almost 70% of the new supply of mined BTC. As per mining tracker site BTC.com<\/a>, over 900 BTC are mined and sold in the open market by mining firms daily.<\/span><\/p>\n

\"\"
Image: Investor letter via Pantera Capital<\/figcaption><\/figure>\n

For reference, ItBit was doing only $5 million in volume last month. This suggests all of the overhead volumes were indeed from a new source, i.e. PayPal. (However, it\u2019s still significantly lesser than regulated bourses like Coinbase or Kraken which did $1.4 billion and $700 million respectively<\/a> yesterday.)<\/span><\/p>\n

Meanwhile, Pantera noted that if the current buying behavior were to continue, PayPal would end up buying <\/span>every<\/span><\/i> new BTC produced by miners. \u201cIf their growth persists, PayPal alone would be buying more than all of the newly-issued bitcoin within weeks,\u201d the fund said.<\/span><\/p>\n

The San Francisco-based crypto fund added that Bitcoin was poised for a bigger and more sustainable run in the coming months as better fiat-to-crypto on-ramps \u2014 like PayPal and Square\u2019s Cash App<\/a> were now available for new users, providing a trusted and regulated method to access the crypto market compared to using an unregulated exchange.<\/span><\/p>\n

That, in turn, would also see Bitcoin adoption increase among family offices and trust funds, Pantera said:<\/span><\/p>\n

\u201cWhen other, larger financial institutions follow their lead, the supply scarcity will become even more imbalanced. The only way supply and demand equilibrates is at a higher price.\u201d<\/b><\/p><\/blockquote>\n

The case for an undervalued Bitcoin<\/b><\/h2>\n

Dan Morehead, the founder of Pantera, said in the note that Bitcoin was neither overhyped nor overvalued at its current $18,300 figure. Instead, he argued that the asset was <\/span>undervalued<\/span><\/i> considering a basic regression analysis.<\/span><\/p>\n

\u201cAt $18,000, the price of bitcoin is 52% below its long-term regression. The trend would put bitcoin at $37,000 today. Bitcoin is trading at the 22nd percentile of expensiveness relative to trend. Not obvious that it\u2019s overvalued,\u201d Morehead said.<\/span><\/p>\n

To point out the retail crowd was absent in the Bitcoin market as well, Morehead turned to search engine Google\u2019s trends about the pioneer cryptocurrency and compared them with those of 2017.<\/span><\/p>\n

\"\"
Image: Bitcoin prices vs. Google searches<\/figcaption><\/figure>\n

Morehead said that in the market bubbles of 2013 and 2017, Google searches were a leading indicator of the market \u2014 in both the instances surges up \u2014 \u201cand then in their peaking and rolling over.\u201d However, as the above chart shows, Google searches for \u201cbitcoin\u201d remain at low levels and haven\u2019t really moved much. \u201cDoesn\u2019t feel over-hyped,\u201d he said.<\/span><\/p>\n

Bitcoin trades at $18,300 at press time and has a market cap of over $300 billion.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":65,"featured_media":176455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[60786],"post_folder":[],"acf":[],"yoast_head":"\n\u201cBitcoin shortage\u201d: PayPal bought 70% of all mined BTC last month<\/title>\n<meta name=\"description\" content=\"Crypto hedge fund Pantera Capital revealed global payments processor PayPal purchased over 70% of all Bitcoin mined in the past month.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-shortage-paypal-bought-70-of-all-mined-btc-last-month\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u201cBitcoin shortage\u201d: PayPal bought 70% of all mined BTC last month\" \/>\n<meta property=\"og:description\" content=\"Crypto hedge fund Pantera Capital revealed global payments processor PayPal purchased over 70% of all Bitcoin mined in the past month.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-shortage-paypal-bought-70-of-all-mined-btc-last-month\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-23T11:53:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/11\/bitcoin-shortage.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-shortage-paypal-bought-70-of-all-mined-btc-last-month\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-shortage-paypal-bought-70-of-all-mined-btc-last-month\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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