PayPal Is Already Boosting Bitcoin Trading Among Users: Survey
updated on:2 Dec 2020
According to a new survey from Mizuho Securities, the investment branch of Mizuho Financial Group, nearly a fifth of PayPal users may already be taking advantage of the app’s new Bitcoin capabilities.
Of the 380 users surveyed, 17% said they’d already used PayPal to trade Bitcoin, and 65% said they would use Bitcoin to pay for goods and services.
That’s good news for the digital payments giant, which recently bet big on the mass adoption of cryptocurrencies. The company announced this past month that it would begin supporting payments in Bitcoin, Ethereum, Bitcoin Cash, and Litecoin for users in the US.
And CEO Dan Schulman has been beating the drum for these cryptocurrencies as actual payment systems, telling CNBC that “when you start to move crypto as a potential funding instrument… that bolsters its utility, and stabilizes it as well.”
The catch is that cryptocurrencies purchased within the PayPal app can’t be transferred out to other wallets, and non-PayPal crypto can’t be transferred in. And when crypto is spent on PayPal, it’s automatically converted into fiat currency, which is what the merchant ends up receiving.
Mizuho also suggested that Bitcoin trading in PayPal’s user base could be a good thing for the stock price—the report has the company’s stock price target at $290, up from $270 (it’s at $218 today), and says that revenue could increase by ~20% next year.
PayPal stock is already up more than 100% since the start of the year. The price of Bitcoin is up nearly 164% year to date.
Share this Blog with your friends
Bitcoin 'Doesn’t Fulfill Basic Properties of Money': ECB Board Member
updated on:10 Apr 2021
Isabel Schnabel, Member of the Executive Board of the European Central Bank (ECB), has described Bit
Bitcoin ETF Approval Will Happen: Morgan Creek’s Mark Yusko
updated on:9 Apr 2021
Morgan Creek Capital Management CEO Mark Yusko has expressed his confidence that a Bitcoin ETF will
Ukrainian Officials Own $2.67 Billion in Bitcoin: Report
updated on:9 Apr 2021
Civil servants and officials in Ukraine are holding a significant amount of Bitcoin (BTC) and other
JP Morgan's Jaime Dimon: Bitcoin Regulation a ‘Serious Emerging Issue’
updated on:8 Apr 2021
The legal and regulatory status of Bitcoin and other cryptocurrencies is something that needs to be
Bitcoin Toys With $60k, BNB Hits All-Time High and Ethereum Creeps Past $2,000
updated on:3 Apr 2021
It’s all systems go for the crypto market. Binance Coin hit a new all-time high of $3