Mizuho Securities reveals 65% of PayPal users are ready to use Bitcoin

Just 3 weeks after PayPal offered its bitcoin service, research from Mizuho Securities reveals 65% of its users are willing to use BTC.

By · Dec 3, 2020 . 6min read

PayPal users are ready to use Bitcoin news

New research from Mizuho Securities, has revealed the nature of PayPal users about the usage of Bitcoin (BTC) as a method of payment. Mizuho securities is a Japanese investment banking and securities firm. As per an update posted on Twitter by CNBC markets commentator, Michael Santoli, Mizuho Securities reported that approximately 65% of the platform’s users say they are ready to spend Bitcoin (BTC) at one of PayPal’s 28 million merchants worldwide.

According to the research from Mizuho Securities, approximately 20% of the platform’s users have previously led one or two transactions utilizing Bitcoin. However, this number is affected by the truth that Bitcoin traders seem to be more loyal to PayPal users. Moreover, half of the Bitcoin traders described an increase in utilizing other PayPal functions after they commenced trading Bitcoin.

Mizuho Securities reveal crypto user engagement will boost PayPal’s revenue.

Mizuho Securities is bullish on the performance of PayPal. This is owing to the increased usage by embracing Bitcoin and the other cryptocurrencies. Mizuho Securities analyst Dan Dolev says that a surge in the crypto user engagement can induce a significant lift to PayPal’s revenue. It is not alone as a payment network that is now supporting cryptocurrency transactions. Industry giants like Square and Visa are also explorers in this regard. 

Michael Santoli states that these institutional players are continually acquiring a considerable supply of Bitcoin and other digital currencies. They intend to service their consumers. Through performing a central role in crypto-based transactions, PayPal and other payment giants will support in fast-tracking the mainstream adoption of cryptocurrencies, mainly BTC. However, it will also further enhance the platform’s growth.

Mizuho is not the only firm to share data about PayPal users. Recently, hedge fund Pantera Capital stated that PayPal users were collectively purchasing approximately 70% of all newly-issued Bitcoins. Pantera Capital alleges that the payment network is the reason behind BTC scarcity and rise in price.

PayPal’s progress seems to have been a tailwind for BTC. Since it revealed its plans to promote Bitcoin trading on Oct. 21, Bitcoin has risen approximately 60% to about $19,000, gains that have led its market cap to $350 billion. 

Follow Cryptodose for more updates.

         All News