PayPal and Square Are Buying Every New Mined Bitcoin… And More!

[Em00n01]

According to Pantera Capital, PayPal and Square are driving the Bitcoin rally, buying every single mined Bitcoin and causing a shortage in the markets.

Here is full details
https://cryptopotato.com/paypal-square-buying-every-mined-bitcoin/

[pooya87]

surprise surprise another shitty news site is trying to bait clicks by publishing a shitty "article" from a shitty investment firm that is advertising their business.

they don't even understand the difference between "newly mined coins" aka "block reward" and "circulating supply on exchanges" that determines whether there is any "shortage" to cause any kind of surge.
they also seem to be incapable of looking at price charts to see volume was already high and price had gone up a lot before the PayPal news even came out.
not to mention that there is absolutely no evidence whether PayPal owns a single Satoshi let alone mass buying $15-$16 million worth of bitcoin per day (total value of newly mined bitcoins per day). and not to mention that this amount is not even putting a tiny dent in the total trading volume let alone affecting it with a "shortage".

[crwth]

You would know that PayPal has given hundreds of millions of people access crypto to what they probably don't have yet, an opportunity to buy crypto. It's making it easier and easier. I'm not sure how much PayPal has applied to their approach, but I have seen some articles that you cannot send or receive the BTC that you bought in your account to another platform, so I don't get the point now why they did it. Not your keys, not your coins come into play.

Anyway, I want to see how much they are holding, but I seem to have failed. Probably because they don't want to disclose how much they have right now. Probably it's also the reason on pooya87, no evidence to their holdings.

Could you really buy the newly minted coins? You have to contact miners, right? Maybe they have a connection there or something.

[pooya87]

Could you really buy the newly minted coins? You have to contact miners, right? Maybe they have a connection there or something.

considering the fact that there are at least a million bitcoin miners around the globe, they can't just contact "miners" and buy all their bitcoins. but there is still a market for it and miners do sell their coins in there.
also newly mined coins are more expensive than any other bitcoin even though there really isn't any difference the "freshness" of these coins gives them more value. that means it makes even less sense for a service like PayPal to attempt buying these coins when there is much easier and a lot cheaper methods of buying bitcoin.