The cryptocurrency community was left flabbergasted, When PayPal announced the integration of Bitcoin and other cryptocurrencies on its platform in October, considering it as a major push to the cryptocurrency industry.
A recent report established the success of the move, as nearly one-fifth of the PayPal users used the PayPal app to trade bitcoin.
Bigger Bitcoin Trading On PayPal
PayPal’s cryptocurrency inclination is much discussed as the payments giant announced integrating Bitcoin on its platform, allowing its 346 million users to trade, buy, and hold Bitcoin on its platform.
The payments giant later announced allowing the use of Bitcoin as a funding resource across its 28 million merchants. While the crypto watchers were optimistic about the move, the recent report by Mizuho Securities stated that around one-fifth of the users on the payment giant have already done bitcoin trading on the app.
The survey included 380 users in which it noted that 65 percent of the users would prefer using Bitcoin as a payment method on the merchants across the PayPal network. Around 17 percent confirmed already using the app for buying and selling BTC.
As per the survey “About 50% of PayPal bitcoin traders reported increased usage of the PayPal app after beginning to trade bitcoin,” “This compares with just 9% who reported reduced engagement.”
Mizuho Securities estimated that PayPal’s target share prices would grow by 35 percent than the current value. With Bitcoin price rallying up tremendously, the high-value investors are likely to gain massively. The recent inflow of capital in Bitcoin from mainstream firms has boosted the price of the cryptocurrency. Bitcoin trading would go substantially high on the platform as, in general, Bitcoin traders are more likely to use the platform. The Survey also found that the BTC traders have higher account balances and are keen on trading on PayPal and newer features.
With Bitcoin price rallying, PayPal would see increased activity on its platform; however, it is less likely that the non-bitcoin traders would diverge towards cryptocurrencies. As per the Survey, only eight percent of the non-crypto traders were keen on trading in Bitcoin on the PayPal app, while 42 percent were unclear of their plans yet.
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