Bitcoin Undergoing “Supply Shortage” as Retail Demand Is Skyrocketing

Bitcoin is being bought en-masse by retail investors amid this strong rally higher, market data shows. Recent analysis found that PayPal’s addition of cryptocurrency purchases could be a key factor behind BTC’s rally to $28,000. Bitcoin Being Bought En-Masse by Retail Investors Pantera Capital CEO Dan Morehead recently shared the chart seen below to his Twitter. Pantera Capital is a leading digital asset investor, with large positions in Bitcoin and many leading altcoins. The chart shows the “implied” purchases of BTC via ItBit, which is PayPal’s crypto exchange partner for the retail integration. Per the analysis, there may be more Bitcoin bought each day by PayPal users alone than there are being mined. As Morehead, a long-time macro investor, explained to his followers: “When @PayPal went live, volume started exploding. The increase in itBit volume implies that within two months of going live, PayPal is already buying more than 100%…

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