Paypal Trading App For Selling & Purchasing Bitcoin's - Report.

Paypal Trading App For Selling & Purchasing Bitcoin's - Report.

2020-12-02 | Robin Williams

Paypal Trading App For Selling & Purchasing Bitcoin's - Report.

Around one-fifth of PayPal [PYPL] users have already traded Bitcoin [BTC] using the PayPal application, consistent with a report published Tuesday by Mizuho Securities.

According to the Mizuho survey of 380 users, around 65% would use bitcoin as a currency at PayPal's 28 Mln merchants; 17% of those users have already used the application to shop and sell Bitcoin [BTC, -3.78%].

Bitcoin [BTC] exuberance boosts user engagement, the survey found, with bitcoin traders reporting over 3x times higher usage frequency compared with non-bitcoin traders. They also held larger cash balances, the survey found.

"Over 50% of PayPal bitcoin traders reported increased usage of the PayPal app after starting 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 reported at the time, and only a couple of weeks after the payments firm removed the waitlist to access the service, citing overwhelming demand.

But converting non-bitcoin traders into cryptocurrency users may be a challenge for PayPal, the survey found. Only 8% of non-bitcoin traders added that they might decide to trade the leading cryptocurrency within the future on PayPal's application while around 42% said that they “still don't know yet,” consistent with Mizuho.

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

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