By
Svetlana Soroka
April 24th, 2024
However, the survey revealed that PayPal has a challenge with making non-Bitcoin traders grow interests in digital assets.
About 20% of all PayPal Holdings Inc (NASDAQ: PYPL) users have traded Bitcoin via the PayPal app. CoinDesk noted that the data was revealed by investment banking company Mizuho Securities on the 2nd of December.
According to Mizuho’s survey, 65% of 380 PayPal users would make their payments in Bitcoin to PayPal’s 28 million merchants across the world. Also, the survey showed that 17% of all users had purchased and sold Bitcoin on the PayPal app.
The survey report by Mizuho showed:
“About 50% of PayPal bitcoin traders reported usage of the PayPal app after beginning to trade bitcoin. This compares with just who reported reduced engagement.”
Bitcoin Trading via PayPal App
In addition, the survey revealed that PayPal has a challenge with making non-Bitcoin traders grow interests in digital assets. Per Mizuho’s survey, only 8% of non-Bitcoin traders hope to trade the king coin in the future, using the PayPal app. Also, 42% said they “don’t know yet” if they would trade Bitcoin on the PayPal app in the future or not.
Furthermore, the investment bank had raised its price target on PayPal from $270 to $290. According to the firm, the target raise is due to the encouraging results of the survey. Also, Mizuho Securities still rates PayPal shares a “buy.”
Currently, PayPal is down 0.36% to $215.75 at after-hours trading. According to data by MarketWatch, PYPL closed at $216.54. In the last twelve months, PayPal has been recording gains. The company increased by 105.08% over the past month and over 100% since the beginning of January. Also, PayPal jumped 3.64% over the last three months. In addition, the payment giant has surged 20.43% in the past month and 5.12% in the last five days.
PayPal Supports BTC On New Crypto Services
In October, PayPal announced its partnership with Paxos Trust Company to provide crypto services. At the time of the announcement, PayPal revealed it had acquired a conditional Bitlicense from the New York State Department of Financial Service (NYDFS).
Also, the payment giant said the service would initially be available to its US customers. PayPal said the crypto service would expand globally to other countries in the coming year.
For now, the new PayPal crypto service supports only four digital assets. The supported cryptocurrencies include Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum (ETH). Customers can sell, hold, or pay PayPal merchants with either of the supported cryptocurrency.
Following PayPal’s unveiling of its crypto service, Bitcoin’s price surged in reaction to the news. According to a Coinspeaker report, BTC climbed 8% to $13,000 shortly after PayPal’s announcement.
Since then, Bitcoin has pulled in constant increases and recorded new highs. At press time, Bitcoin is trading at $19,251.51.