According to a proprietary survey conducted by Mizuho Securities USA on Dec. 01, 65 percent of PayPal’s 346 million active users are ready to spend the cryptocurrency for purchases at nearly 28 million merchants around the world supported by the payments giant.
According to U.today, the fact flies in the face of Bitcoin detractors who think that the cryptocurrency cannot serve as a viable means of payment.
Almost 20 percent of all PayPal customers have already tried out the new cryptocurrency service which was officially announced on Oct. 21.
Bitcoin purchases became accessible for all U.S. users on Nov. 12 when it removed its waitlist following outpouring demand. Their global rollout is slated for early 2021.
Another significant tidbit from the report is that Bitcoin traders see three times higher usage frequency.
For the reason of upbeat data, Mizuho has boosted its target for the PayPal (PYPL) stock by 35 percent.
PayPal’s cryptocurrency offering was widely credited with pushing Bitcoin to record highs that have been reached over the course of 24 hours across almost all major exchanges. Apart from Bitcoin, PayPal also offers Ethereum, Bitcoin Cash and Litecoin
