More Crypto Payments from Paypal
In April 2021 Paypal added crypto options to its mobile payment service Venmo. This has been such a huge success.
Pay with Venmo revenues grew by 183% year-over-year. We’re also seeing strong adoption and trading of crypto on Venmo and this quarter we expanded the Venmo value proposition to allow merchants and consumers to pay for goods and services and receive buyer and seller protections for commerce transactions. This has been a very successful feature on PayPal’s P2P (peer-to-peer) services and we expect it will be widely adopted on Venmo.”
The Wealth Gap View: Nice! Paypal has the ability to onboard its huge client data base with a simple movement to support crypto, this all adds to the network effect in rapid user growth over time.
Saudi Aramco denies it's going to mine Bitcoin
Over the weekend word got out that Saudi Aramco were making to plans to mine Bitcoin.
It’s all to do with Gas Flaring…
Gas Flaring is the art of burning off unwanted gas from oil wells, gas wells or some landfill sites. It’s considered the safest way to deal with explosive gases and is a much criticised practice by the climate change industry as it generates lots of green-house gases.
Some companies are working on piping this gas off to generators which can then be used to mine Bitcoin. Sounds like a pretty efficient idea to us but it might cause some cognitive dissonance with the climate change crowd..
Nigerian Government will Submit to Bitcoin Rule
The Nigerian government has been horrified to find that despite its best efforts they can’t stop the huge rise of bitcoin usage by its citizens. More on this later…
Bitcoin is Flying off Exchanges!
Looking at the on-chain metrics we can see that the balances of bitcoin on the exchanges has rapidly depleted. This is due to investors removing their bitcoin from the exchanges and taking self custody.
The Wealth Gap View: This is Bullish activity when investors take bitcoin off the exchange it means that they are not considering selling them anytime soon which highlights positive sentiment in price action. You can see another example of this and its effect on price action in the reduction above in bitcoin volumes from Jan - April on the chart.
Until Next Time
The Wealth Gap Team