CRYPTONAIRE
WEEKLY CRYPTO investment journal
Bitcoin Shortage is Real; PayPal & Cash App Buying More Than 100% of All Newly-Issued BTC
Ever since the Bitcoin halving on May 11, a mere 900 BTC have been generated every day, half of what has been mined before that day. At the time, BTC price was around $8,500, and legendary investor Paul Tudor Jones had just come out with his Bitcoin bull thesis calling it the fastest horse as an inflation hedge. While Square’s Cash App and Grayscale have been all in Bitcoin’s business, eating up more than half of the bitcoin supply, things were relatively very smooth. Now, nearly seven months following the halving, BTC’s price has increased 10x, currently trading around $18,500. This jump in price in the backdrop of zero and sub-zero interest rates, money printing by the central banks, and their ever-expanding balance sheets has captured the interest of companies like MicroStrategy and Square, celebrities like Maisie Williams and rapper Logic, high-profile investors like Stan Druckenmiller, Bill Miller, JPMorgan and BlackRock changing their tunes on BTC – seeing it replacing gold. Read more...
Cryptonaire Weekly | November 24th 2020
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