It is predicted that PayPal, a global fintech company, will generate close to $2 billion (about 2.2 trillion won) in sales in bitcoin in 2023.
According to foreign media specializing in cryptocurrency such as CoinRivet on the 16th (local time), Mizuho Securities recently released a report containing such details.
PayPal officially launched a cryptocurrency trading and storage service in November of last year, and is providing the service to PayPal app users in the United States.
Dan Dole, an analyst at Mizuho Securities, predicted in this report that “by 2023, 10% of PayPal’s total sales will be generated through bitcoin.”
Analyst Dan Dole heard on the grounds that “user participation has increased dramatically since PayPal launched its cryptocurrency service.”
Analyst Dan Dole said, “According to PayPal, 50% of users of cryptocurrency services open PayPal apps every day, which means they use PayPal apps three times more than users who do not use cryptocurrency services.” He added, “We have confirmed that the average PayPal account balance of cryptocurrency service users is higher.”
Analyst Dan Dole raised the price target for PayPal from $290 to $350.
In addition, the high interest of PayPal users in the trading of bitcoin is revealed by various data.
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Looking at the trading volume of Itbit, a cryptocurrency exchange that PayPal is using for bitcoin trading, at the end of December, it appears that PayPal is absorbing 100% of the newly supplied bitcoins through mining.
PayPal plans to expand its cryptocurrency trading function to Benmo, its simple remittance service in the first half of this year, and make it available overseas. In addition, it plans to support the use of cryptocurrencies held by users for payment at 26 million affiliates around the world.