Looking at the charts today
What might be driving the upward swing in this? Could Joe Biden being elected have something to do with it, given that Joe is going to raise taxes and spend more?
Or might something else be in play?
https://panteracapital.medium.com/bitcoin-shortage-172a9205dc0
An interesting article from Pantera Capital outlines a few things.
"BITCOIN SHORTAGE
In last month’s investor letter we discussed that after 30 months of operation, Square’s Cash App is estimated to be buying around 40% of all newly-issued bitcoin."
"PayPal’s crypto infrastructure provider is Paxos. Prior to PayPal’s integration of crypto, itBit, the Paxos-run exchange, was doing a fairly constant amount of trading volume — the white line in the chart below.
When PayPal went live, volume started exploding. The increase in itBit volume implies that within four weeks of going live, PayPal is already buying almost 70% of the new supply of bitcoins.
PayPal and Cash App are already buying more than 100% of all newly-issued bitcoins."
Or are we just in another FOMO idiot wave?
The technology didn't really get any better. Nothing significant is happening or is projected to happen to BitCon.
My theory is some governments are now participating in buying crypto and driving price up to make profits, what do you think?
I know that there’s not enough bitcoin printed to give it to everyone that ‘holds’ it on an exchange like Coinbase and others. Will we get ours out before the big companies is the question?