U.S. Markets open in 35 mins
  • S&P Futures

    3,902.00
    +4.25 (+0.11%)
     
  • Dow Futures

    31,241.00
    +39.00 (+0.12%)
     
  • Nasdaq Futures

    11,838.00
    -40.25 (-0.34%)
     
  • Russell 2000 Futures

    1,771.50
    -3.40 (-0.19%)
     
  • Crude Oil

    110.35
    +0.46 (+0.42%)
     
  • Gold

    1,845.10
    +3.90 (+0.21%)
     
  • Silver

    21.87
    -0.03 (-0.13%)
     
  • EUR/USD

    1.0562
    -0.0026 (-0.2429%)
     
  • 10-Yr Bond

    2.7870
    -0.0680 (-2.38%)
     
  • Vix

    29.43
    +0.08 (+0.27%)
     
  • GBP/USD

    1.2495
    +0.0020 (+0.1587%)
     
  • USD/JPY

    127.8500
    +0.0560 (+0.0438%)
     
  • BTC-USD

    30,424.21
    +313.92 (+1.04%)
     
  • CMC Crypto 200

    650.34
    -23.03 (-3.42%)
     
  • FTSE 100

    7,389.98
    +87.24 (+1.19%)
     
  • Nikkei 225

    26,739.03
    +336.19 (+1.27%)
     

Almost 20% of PayPal Users Have Used App to Trade Bitcoin, Mizuho Says

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Nearly one-fifth of PayPal (PYPL) users have already traded bitcoin using the PayPal app, according to a report published Tuesday by Mizuho Securities and obtained by CoinDesk.

  • Per the Mizuho survey of 380 users, about 65% would use bitcoin as a currency at PayPal’s 28 million merchants; 17% of these users have already used the app to buy and sell bitcoin.

  • Bitcoin exuberance boosts user engagement, the survey found, with bitcoin traders reporting more than three times higher usage frequency compared with non-bitcoin traders. They also held larger cash balances, the survey found.

  • “About 50% of PayPal bitcoin traders reported increased usage of the PayPal app after beginning to trade bitcoin,” the survey found. “This compares with just 9% who reported reduced engagement.”

  • The survey comes over a month after PayPal announced its plans to support bitcoin and other cryptocurrencies, as CoinDesk reported at the time, and only a few weeks after the payments firm removed the waitlist to access the service, citing overwhelming demand.

  • But converting non-bitcoin traders into cryptocurrency users is a challenge for PayPal, the survey found. Only 8% of non-bitcoin traders said they would plan to trade the leading cryptocurrency in the future on PayPal’s app while 42% said they “don’t know yet,” according to Mizuho.

  • Citing the results of the survey, the firm raised its stock trading target on PayPal to $290 per share, up from the prior target of $270. In recent trading, shares of PayPal were up about 2.37% to $219.20. Mizuho maintained its “buy” rating on the payments giant.

Read also: PayPayl Removes Waitlist for New Crypto Service, Boosts Weekly Purchase Limit to $20K

UPDATE (Nov. 2, 01:50 UTC): Added number of users surveyed by Mizuho to the first bullet point.

Related Stories