PayPal income from cryptocurrency sales bitcoin can grow to $ 2 billion. This is the conclusion reached by Dan Dolev, an analyst at the Japanese commercial bank Mizuho, writes MarketWatch.
The analyst raised the forecast for the company’s shares from $ 290 to $ 350, citing its activity in the cryptocurrency field. At the time of this writing, the PayPal share price (PYPL) is $ 240.
With $ 2 billion in revenue in 2023, the payments giant will increase its own revenue by 10% of its current profit level. Dolev calculated that the activity of people trading bitcoin through the PayPal app is three times higher than that of ordinary users.
Retail money
An analyst at Mizuho Bank also found that cryptocurrency users at PayPal have larger balances than regular users. Lisa Ellis, an analyst at research firm MoffettNathanson, is also optimistic about the company’s future.
“In the long term, we believe PayPal’s cryptocurrency initiatives are strategically important in helping diversify PayPal and Venmo applications…” Ellis wrote in Friday’s mailing list to the firm’s clients.
The total daily size of crypto transactions on the platform reached almost $ 250 million in mid-January, almost doubling from the previous record high of $ 125 million.
Meanwhile, PayPal has invested in Taxbit, a cryptocurrency tax-processing startup. The investment came a few weeks after PayPal stopped negotiating to buy BitGo. Although the size of the investment was not disclosed, the founder of the startup Austin Woodward said that the funds raised will go to the development of the team and the international expansion of the business.
Bitcoin price at the time of writing is $ 37,000.
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