PayPal's income from cryptocurrency trading will be $ 2 billion

PayPal's revenue from operations with the Bitcoin cryptocurrency could grow to $2 billion, an analyst came to this conclusioncommercial Japanese bank Mizuho Dan Dolev, 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 writing, PayPal's (PYPL) share price is $ 240.

With revenue of $ 2 billion in 2023, billingthe giant will increase its own income by 10% of the current level of profit. Dolev calculated that the activity of people trading bitcoin through the PayPal app is three times higher than that of ordinary users.

Retail money

Mizuho Bank analyst also found thatCryptocurrency users have more balance in PayPal than regular users. Lisa Ellis, an analyst at research firm MoffettNathanson, is also optimistic about the company's future.

"Longer term, we believe PayPal's cryptocurrency initiatives are strategically important in helping diversify PayPal and Venmo applications ..."Ellis wrote in a Friday mailing to the firm's clients.

The total daily size of crypto transactions on the platform reached almost $ 250 million in mid-January, doubling from the previous record high of $ 125 million.

Meanwhile, PayPal has invested in Taxbit,startup for processing taxes from cryptocurrencies. 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 this writing is $ 35,000.

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