Paypal has become an important agenda item in the crypto world last year and included crypto currencies on the platform. Analysts predicted that the world’s largest payment processor’s decision to enable its users to buy and hold cryptocurrencies would provide the milestone required for crypto to become mainstream.

 

Revenue growth expected

Paypal, which launched this service, expected to witness a revenue growth similar to that of its rival Cash App, which recorded $ 1.63 billion in bitcoin revenue. He starts playing the script after months.

A survey by Mizuho Securities USA showed that about a fifth of Paypal’s 346 million active users were already trading bitcoin before the poll was published on December 1, 2020, but 65% of 28 million traders using Bitcoin were ready to buy.

PayPal (PYPL) on the exchange has performed well since enabling Bitcoin transactions. It experienced an increase of 20% in the last quarter and this increase is expected to continue in a similar trajectory. Mizuho expects the stock price to reach around $ 350 in the coming months.

Efficiency and transaction volume

The activity and transaction volume in PayPal has also reached unprecedented levels. Statistics show that half of Bitcoin holders on Paypal use the app every day, and about three times more than those who don’t. This increased benefit and activity of the owners is perhaps the record $ 242 million bitcoin trading volume witnessed by Paypal on Monday.

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The great growth experienced in the short term indicates that Paypal is closely following Square’s Cash App route. Dan Dolev, a Fintech research analyst at Mizuho, ‚Äč‚Äčestimates that PayPal’s cryptocurrency services could generate up to $ 600 million in revenue this year, and up to $ 2 billion in 2023.

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