Nearly one-fifth of PayPal users have already traded bitcoin using the PayPal app, according to a report published Tuesday by Mizuho Securities and obtained by CoinDesk.
- 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.
- Per the Mizuho PayPal Bitcoin (BTC, -1.82%) user survey, about 65% would use bitcoin as a currency at PayPal's 28 million merchants.
- Bitcoin exuberance boosts user engagement, the survey found, with bitcoin traders reporting more than 3 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."
- Citing the results of the survey, the firm raised its stock trading target on PayPal to $290 per share. It wasn't immediately known what the prior target was. In recent trading, shares of PayPal were up about 2.37% to $219.20.
The story is developing and will be updated when more information is known.
Mizuho survey responses to buying and paying with bitcoin on PayPal.
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