BREAKDOWN: A Bitcoin Shortage? PayPal and Cash App Buying More Than 100% of New Supply
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 23 November 2020
⏱️ 14 minutes
🧾️ Download transcript
Summary
When demand from these two sources alone exceeds the entire supply of newly minted bitcoins, expect serious supply pressure to follow.
This episode is sponsored by Crypto.com and Nexo.io.
Today on the Brief:
- AstraZeneca and University of Oxford release third positive COVID-19 vaccine trial data
- Trump administration ratchets up pressure on China
- Another DCEP lottery trial coming
Our main discussion: a narrative shift, growing attention and a bitcoin shortage.
What happens when demand exceeds supply and supply is being gobbled up aggressively by new market actors? That’s the question posed by Pantera’s recent investor letter and today’s Breakdown episode.
NLW also looks at
- The reappearance of bitcoin in mainstream media, like today’s Wall Street Journal
- The rise of celebrities coming out as HODLers
- BlackRock’s CIO suggests bitcoin could replace gold for many
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Transcript
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| 0:00.0 | Here is the key quote from Pantera's newsletter. The increase in Itbit volume implies that within |
| 0:05.8 | four weeks of going live, PayPal is already buying almost 70% of the new supply of Bitcoins. |
| 0:12.7 | Together, PayPal and Cash App are already buying more than 100% of all newly issued Bitcoins. |
| 0:19.6 | So where would Cash App get their coins? That's where the |
| 0:22.6 | finite supply inelasticity part comes in at a higher price. Welcome back to the breakdown with me, |
| 0:32.3 | NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:39.4 | The breakdown is sponsored by crypto.com and nexo.io and produced and distributed by CoinDes. |
| 0:47.0 | What's going on, guys? It is Monday, November 23rd, and today we are talking about a Bitcoin shortage. PayPal and Cash app combined are buying |
| 0:58.0 | more than 100% of newly issued Bitcoins. What does that mean? First, however, let's do the brief. |
| 1:05.3 | First upon the brief today, a new positive vaccine trial, this time from AstraZeneca and the University of Oxford. |
| 1:12.7 | This is the latest and third in a row positive vaccine trial. This one was slightly less effective |
| 1:18.7 | than Pfizer and Moderna. It prevented 70% of participants from falling ill, although effectiveness |
| 1:24.3 | rose to 90% in one of the regiments that was tested. |
| 1:28.0 | This trial was held in the UK and Brazil, and there is now a larger trial starting in the U.S. |
| 1:33.7 | Before we get too focused on the actual numbers of prevented infections, however, it's |
| 1:38.5 | important to note other benefits over the Pfizer and Moderna trials. |
| 1:42.6 | This vaccine can be kept at regular refrigerator temperatures, |
| 1:46.0 | whereas the MRI tech of Pfizer and Moderna requires freezing. This means, of course, |
| 1:52.0 | that AstraZeneca's could be easier to deploy around the world, especially in developing countries. |
| 1:57.0 | It also makes it cheaper. Being able to have a solution that's viable for the whole world, |
| 2:02.8 | of course, strikes me as super important. Now, interestingly, AstraZeneca was down 2.2% initially on the |
| 2:09.1 | news, I guess because the trial results weren't as high as the 90, 95% numbers of prevented infections |
... |
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