Today CNBC interviewed Dan Morehead, CEO of Pantera Capital, who commented on the current situation at Bitcoin.
Who else can bring a better view of the Bitcoin market than the CEO of Pantera Capital, an investment company that already in September challenged everyone with the slogan “#BuyBitcoin”. The company expressed a clear disagreement with the Fed’s strategy, claiming that the value of paper money would be destroyed.
In today’s interview with CNBC, Dan Morehead also addressed the growing interest in Bitcoin from large public companies, saying:
In 2017, there was obviously a media frenzy around it. There were all kinds of newly issued tokens that really didn’t have any basis to exist. There really was a speculative frenzy. This is being driven by the most famous global macro investors. This is being driven by public companies like Square, PayPal, and MicroStrategy.
As for PayPal until recently, Pantera Capital should have estimated that the payment giant would absorb at least 70% of the issued Bitcoins, stated U.Today. In today’s interview, however, Dan has already changed his mind and is more or less sure that PayPal currently consumes more than 100%.
We have buyers now, like PayPal, who just themselves are consuming more than 100 percent of all the Bitcoins that are issued.
We also recently informed you in our article that there is a high level of interest in trading Bitcoins on the PayPal platform. A survey by Mizuho Securities USA found out that nearly one-fifth of users have already traded with Bitcoins in the PayPal application.
Michael Santoli, a CNBC senior markets commentator, commented on the situation at the time, saying:
Bitcoin ripping in part because PayPal and Square are buying loads of it to facilitate customer trading.
Another surprising finding by Mizuho Securities USA was that 65% of respondents are ready to use Bitcoin as currency for 28 million traders.
Read also: MicroStrategy believes Bitcoin will continue to grow and buys 29,646 BTCs for approximately $ 650M at current prices
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