Most of us heard the news about the hedge fund manager Pantera Capital revealing, Paypal bought up to 70 percent of all the newly mined Bitcoin since the payment gateway service started offering their crypto services. PayPal and Square Cash App, the two giants in the industry altogether buying almost 100 percent of all newly mined Bitcoin. A proprietary survey carried out for 380 PayPal users by Mizuho Securities revealed that 17 percent of the respondents are already trading Bitcoin. Paypal started their crypto service journey in October of this year.

The survey also revealed that about 65 percent of users would use Bitcoin as a currency at PayPal’s 28 million users.

“About 50% of PayPal bitcoin traders reported increased usage of the PayPal app after beginning to trade bitcoin,” the survey revealed. “This compares with just 9% who reported reduced engagement.”

The majority of those users are the ones who exhibited a readiness to use Bitcoin for purchases. Paypal has closer to 346 million active users and they are expecting to allow all of them using Bitcoin as a funding source by beginning in early 2021.

Dan Dolev – Mizuho analyst guided that PayPal’s revenue to increase 20 percent in 2021 because of their crypto services. He also stated the share price of PayPal to climb up to $290 per share.

PayPal’s entry into the crypto services has created a massive really in the assets price. Bitcoin price reached its all-time high of $19,864 for a little time on the 30th of November. Bitcoin price is hovering around $19,262 at the time of the writing.