PayPal Purchased Approximately Seventy Percent of Newly Mined Coins

In the past month, PayPal has come under fire as the e-commerce giant purchased more than seventy percent of the total amount of available bitcoins. The results of the financial mogul’s actions have caused a skyrocketing demand for the coins and driven up Bitcoin’s price value substantially.

Just a few short weeks after PayPal began accepting and processing cryptocurrencies, it began buying as many newly mined coins as possible. PayPal isn’t the only digital business that has taken an opportunity to prey on blockchain technology’s potential advantages. Cash App, which is operated by Square, has also joined PayPal in hoarding virgin bitcoins.

PayPal’s newly launched crypto services run on Itbit, which is a fiat-to-crypto Paxos exchange. The platform’s trading volume started strong and soon exploded far beyond any predictions or expectations. PayPal has more than thirty million users currently active that now wield power to conduct transactions using Bitcoin technology.

For now, PayPal stands as the only provider of crypto services for users located in the United States. Bitcoin is scheduled to hit the mainstream on a global scale with integration plans already underway.
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