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New giants in the cryptocurrency market

27 November 2020
1831
1 min.
3
New giants in the cryptocurrency market

Square and PayPal can become the new giants in the cryptocurrency market, supporting the demand for bitcoins, opening up trading opportunities for a great many people.

According to our analysis, most of the new bitcoins entering the market every day are bought by Square and PayPal customers. In a couple of years since the launch of new bitcoins for Square customers, the purchase share is about 40%.

PayPal's collaboration with Paxos has boosted the volume of bitcoin purchases through the system and has grown to 70% in recent weeks.

It should also be noted that the convenience of the PayPal and Squarie mobile applications greatly facilitate purchases and transactions for novice traders, which certainly also supports the increased demand.

The attraction of two large corporations that are buying up newly entering the market bitcoins significantly increases the price. The limited number of bitcoins that can be mined adds to the scarcity of this currency and puts it on a par with an asset like gold. Also, it is this quality that makes Bitcoin, according to some analysts, a good way to insure inflationary risks, preferring it to the dollar.

After the fall of the cryptocurrency three years ago, the last maximum was almost reached and is currently 19 thousand. Since the last minimum, the cryptocurrency has grown by 260%, only in the last month it has grown by 40%.

Many analysts and investors deny the opinion that bitcoin is able to replace the oldest asset - gold and consider this idea untenable, referring to the small age of cryptocurrencies in comparison with gold. However, they do not reject the idea that one can complement the other and that this is likely to happen in the future.

Companies3 in the news

Square
1 place
Paxos
2 place
PayPal
3 place
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