Mizuho Securities analyst Don Dolev has forecast that Paypal will earn up to $2 billion in revenue from its bitcoin business by 2023. This year, he expects that the payment giant’s overall revenue will climb 20%. Dolev says there has been a “dramatic increase in engagement due to crypto,” with 50% of Paypal crypto users […]
Daily crypto volume on payments giant PayPal have surged to record highs above $240 million.
Global payments provider PayPal has doubled its previous crypto volume record, with $242 million worth of digital assets changing hands on the platform during Jan. 11.
According to crypto market data aggregator Nomics, yesterday’s trading dwarfed PayPal’s previous volume record of $129 million recorded on Jan. 6. Since Jan. 1, daily volume has increased by 950% from $22.8.
With the spike in PayPal’s volume coming amid Bitcoin’s rally into new all-time highs, the U.S.-based payments firm appears to be gathering popularity among retail traders. Nuggets News’ Alex Saunders asserted the spike in PayPal’s volume is a likely sign of increasing adoption among retail traders, tweeting: “retail has arrived.”
Despite many within the crypto community praising PayPal’s entrance into crypto for driving new users toward digital assets, others have criticized PayPal for creating a “gated” crypto community that does not support withdrawal functionality — with Twitter user Toomas Zobel speculating that the surge in volume maybe have resulted from retail capitulation:
“Is there a way to view whether this was buy or sell volume? In this huge dump, it may just be retail sellers capitulating rather than creating buying pressure.”
The discussions regarding whether PayPal's volume milestone is bullish or bearish come shortly after Nexo CEO Antoni Trenchev speculated Bitcoin's recent crash from levels exceeding $40,000 was driven by retail investors rushing to realize profits.
PayPal’s crypto services are accessed via Paxos’ ItBit exchange. PayPal selected ItBit handle its crypto transactions upon launching digital asset trading services during October 2020.
PayPal is expected to offer cryptocurrency services to its 26 million merchants in the coming months, likely driving further demand for the company’s crypto services.
Bitcoin’s record-breaking start to the new year continued on January 5 after the top crypto set another new all-time high (ATH) of $35,879. Based on this new milestone, the top cryptocurrency has now surged by more than 20% in just the first of five days of the new year. Record-Breaking Start to 2021 Interestingly, the […]
During the first week of September, the world’s largest adult web portal Pornhub expanded its payment options by adding bitcoin and support for three other cryptocurrencies. However, after Mastercard and Visa severed ties with Pornhub last week, the company’s premium services payment processor now defaults to cryptocurrency only. Pornhub is by far the largest adult […]
Shapeshift CEO Erik Voorhees believes any asset manager who is ignorant of Bitcoin “needs to seriously check their premises.”
Shapeshift CEO Erik Voorhees has drawn a metaphorical line in the financial sand, stating that every asset manager should understand Bitcoin now based on its astonishing rate of return.
Voorhees made the comments while retweeting data shared by analytics platform Messari co-founder Dan McArdle that shows Bitcoin has dramatically outperformed everything over the last decade. While gold has returned a 32% profit and the S&P 500 has tripled investors’ money, Bitcoin has posted an incredible 7,837,884% gain in ten years.
Looking across its 10-year life, Voorhees believes Bitcoin is “vastly superior to any other investment.” He said that:
“One could be forgiven for not understanding it eight years ago... but any asset manager today who remains ignorant of this phenomenon needs to seriously check their premises.”
Voorhees is not the only one discussing the recent embrace of Bitcoin by traditional finance that is believed to underpin the latest rally. This week alone half a dozen figures with expertise in the traditional finance world made similarly bullish observations. On Dec 2. Crypto trading firm Genesis CEO Michael Moro predicted that 250 publicly traded companies will invest in Bitcoin by the end of 2021.
On Dec. 4, former JP Morgan commodity trader Danny Masters told CNBC that soon it will be a “career-risk for not having Bitcoin in your portfolio.”
Of course, no matter how many pundits back Bitcoin, or how much money institutions put into it, gold bug Peter Schiff, will remain unmoved:
Some have postulated that investors are selling #gold and buying #Bitcoin. Since they have nothing in common, I doubt that's happening. But some speculators may be selling gold stocks and buying GBTC, with gold stocks falling as gold rises, and GBTC trading up to a 25% premium.
At least 65% of people who use the Paypal app to trade bitcoin are prepared to start using the top cryptocurrency to pay for goods and services at the 28 million stores supported by the payments company throughout the world. According to a proprietary survey of 380 Paypal users by Mizuho Securities, 17% of the […]
Paypal bought up to 70% of all the newly mined bitcoin since the payments giant started offering cryptocurrency services four weeks ago. Now that’s according to estimates by hedge fund manager Pantera Capital, as revealed in its latest monthly blockchain letter. Together with Square’s Cash App, the two companies are buying more than 100% of […]
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