Bitcoin becomes a payment method – 65% of PayPal users want to pay with BTC
Bitcoin has gained attention again this year. This was mainly due to the announcement by PayPal regarding an integration of Bitcoin. But the interest of institutional investors and listed companies also plays a decisive role.
According to a survey by Mizuho Securities USA, 65% of the 346 million active PayPal users are willing to use Bitcoin for purchases at around 28 million merchants around the world. This would be an Bitcoin Code important step towards establishing BTC as a means of payment. At least for the beginning.
PayPal takes Bitcoin forward
PayPal already integrated Bitcoin and three other crypto currencies on 21 October 2020. This service is currently only available in the USA. PayPal is already working on making crypto currencies accessible in the European market.
According to PayPal, 20% of users have already benefited from the new service. Since 12 November, any US user can buy, hold and sell Bitcoin and Co. via PayPal.
The integration of Bitcoin as a means of payment for over 28 million shops worldwide is also available for early 2021. So if we assume a possible readiness of about 65%, about 225 million PayPal users will use BTC and other crypto currencies via the platform.
Bitcoin ripping in part because PayPal and Square are buying loads of it to facilitate customer trading.
Analyst jacks $PYPL stock-price target 35% above current quote based on Bitcoin excitement.
Quit waiting for the fun part to start folks, you’re in it… pic.twitter.com/mGRpDvApsZ
– Michael Santoli (@michaelsantoli) December 1, 2020
Network effect is becoming stronger and stronger
However, this circumstance should not be reduced to the millions of new users alone. Bitcoin has automatically gained in confidence with the entry of PayPal. After all, PayPal is one of the most popular payment platforms worldwide and enjoys a serious reputation.
As a result, not only the users of PayPal suddenly become aware of Bitcoin, but also other investors, who gain more and more trust. The network effect is also taking effect here and will make Bitcoin even better known in the coming years.
On the other hand, we have institutional investors and listed companies that have already invested in Bitcoin or will do so in the future. Here, too, there will be a network effect among the companies.