U.S. Markets closed
  • S&P 500

    3,855.36
    +13.89 (+0.36%)
     
  • Dow 30

    30,960.00
    -36.98 (-0.12%)
     
  • Nasdaq

    13,635.99
    +92.93 (+0.69%)
     
  • Russell 2000

    2,163.27
    -5.49 (-0.25%)
     
  • Crude Oil

    52.83
    +0.06 (+0.11%)
     
  • Gold

    1,853.30
    -1.90 (-0.10%)
     
  • Silver

    25.35
    -0.13 (-0.51%)
     
  • EUR/USD

    1.2140
    -0.0004 (-0.0364%)
     
  • 10-Yr Bond

    1.0400
    -0.0510 (-4.67%)
     
  • Vix

    23.19
    +1.28 (+5.84%)
     
  • GBP/USD

    1.3669
    -0.0006 (-0.0451%)
     
  • USD/JPY

    103.7700
    +0.0140 (+0.0135%)
     
  • BTC-USD

    32,546.07
    -38.75 (-0.12%)
     
  • CMC Crypto 200

    658.32
    -18.57 (-2.74%)
     
  • FTSE 100

    6,638.85
    -56.22 (-0.84%)
     
  • Nikkei 225

    28,675.23
    -147.06 (-0.51%)
     

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

Kevin Reynolds and Zack Voell
·2 min read

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