I've read in the media that Paypal is buying Bitcoin using Paxos/itBit, and that Paypal and Cashapp together are buying the majority of the newly-mined supply.
Although there's little evidence of retail fomo (Google Trends), I was satisfied that the current rally was due to these corporations buying in.
However, I have a friend, who's close to some big players in the mining community, who's convinced it's bs, and claims that Paypal's product is simply a paper contract, with no BTC involved. He says that, as Paypal's T&C make clear, users cannot move BTC on or off the platform, so why would the company need to buy it?
Could someone point me to the indisputable on-chain evidence? There are quite a few media articles about it, but none I've found cite their source.
Edit1: As I've already stated - I had read the articles. I'm looking for evidence. An article is not evidence, unless the method, or publicly-available data source, is stated. For example, Paxos or itBit's BTC addresses, historic volume data, or Paypal's addresses etc.
Edit2: It seems like Chico had the same concerns. See Global Shortage of BITCOIN!? The TRUTH or Just HYPE!?, published a couple of hours after I posted this. TLDW: Yes, the Pantera report is BS, due to misinterpreted data. There's little evidence itBit is buying much BTC for Paypal. Levels of supply are roughly normal at the moment. However, this is just the first stage of Paypal's Bitcoin rollout; more will come once the BitGo deal is finalised, and this will be very bullish. However, he advises caution. Due to CCP Government restrictions on crypto, Chinese whales are being prevented from selling their assets, making them over-exposed in Tether and BTC, which is increasing the risk of a big market correction. See BITCOINs Tether “CRASH” Black Swan Event..WHEN!?.
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