PayPal’s recent leap into the crypto market is helping to drive the current bitcoin (BTC) rally, according to Pantera, a prominent cryptocurrency and blockchain investment firm.
In an investor letter published Nov. 20, the venture firm compared the ongoing bull market to the last time BTC rose above $18,000, three years ago.
“Previously the friction to buy bitcoin was pretty onerous,” the letter notes, contrasting that difficulty with how e-commerce giant PayPal has now made it easy for millions of users to become potential bitcoin, ether, bitcoin cash and litecoin buyers.
Indeed, all eligible PayPal account holders in the U.S. can now buy, hold and sell those cryptocurrencies – sooner than the payments firm anticipated, due to steep customer interest. Additionally, the firm recently upped its weekly crypto purchase limits to $20,000 from an initial $10,000.
“BOOM! The results are already apparent,” Dan Pantera, chief executive and founder of the eponymous fund,…