Bitcoin Analysis: Week 17 - (Part 1 out of 7) Bitcoin is curr | House Of Chimera

Bitcoin Analysis: Week 17 - (Part 1 out of 7)

Bitcoin is currently trading at 54,316$ with an intraday volume of ~45 billion. In this analysis, the fundamentals of Bitcoin and its implications will be highlighted, and an on-chain analysis on Bitcoin will be performed.

PayPal
PayPal is one of the biggest payment providers in the world, and processed 15.4 billion payments with a value of 963 USD billion in solely 2020. The company has about 30 million merchants in its network. A month ago PayPal let US users pay with Bitcoin, Ethereum, and Litecoin and the anticipation is that these services will be rolled out to the rest of the world very soon. The CEO of PayPal, Dan Schulman, told in an interview that the demand for these services is multiple folds of the initial expectations. He also added that the financial system is going to change drastically in the next 5 to 10 years, adding to the narrative that cryptocurrencies are here to stay.

Interestingly, the retail demand on PayPal their cryptocurrency services is much higher than expected, which adds to the narrative that retail users are willing to use an alternative financial system. Besides that, it pushes other payment providers to the cryptocurrency industry due to the fact they don’t want to miss out.