Mizuho Securities analyst Don Dolev has projected that Paypal will earn up to $2 billion in revenue from its bitcoin business by 2023. This year, he anticipates that the payment giant’s overall revenue will soar 20%.
Dolev states that there has been a “dramatic increase in engagement due to crypto,” with 50% of Paypal crypto users opening the app daily. “Both our survey and management commentary unveil a dramatic increase in engagement due to crypto,” remarked Dolev in a note to clients this week.
Paypal published in October that its 346 million active users will now be able to buy, hold and sell bitcoin and other digital assets using their Paypal accounts. The firm’s crypto service, which runs on Paxos’ fiat-to-crypto exchange, Itbit, has seen the center of interest ever since.
Paypal was buying 70% of all newly minted bitcoin. Dolev’s survey found that Bitcoin (BTC) traders use the Paypal app three times as much as non-bitcoiners and that they had considerably more crucial cash balances on their Paypal digital wallets.

Dolev boosted his target price for the Paypal stock to $350 from $290. The stock closed 0.94% down at $239.79 on the Nasdaq Stock Exchange on Friday. Over the past 52 weeks, the shares have reached a high of $249.85 and a low of $82.07.
In a similar development, Lisa Ellis, an analyst at Moffett Nathanson, forecasted that Paypal’s crypto business will provide up to $600 million to group revenue in 2021. “Over the long-term, we believe Paypal’s cryptocurrency initiatives have significant strategic value,” she was cited as stating.
Ellis continued that this will help “diversify the Paypal and Venmo apps into ‘destination apps’ for a broad range of financial services, and positioning Paypal to help shape the long-term role of cryptocurrencies in the consumer payment system.”
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