65% of PayPal customers willing to use Bitcoin as a payment method

65% of PayPal customers say they are prepared to pay with Bitcoin for goods and services at 28 million points of sale, according to a survey by Mizuho Securities USA, the U.S. arm of the Japanese bank.

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

A fifth of customers have already tried trading Bitcoin in the PayPal app.

Bitcoin traders, on average, used the service three times more often than other customers, held higher balances, and showed greater interest in additional features, such as QR code payments.

Based on these observations, Mizuho Securities USA pegged PayPal’s stock target price at 35% above current levels.

“Bitcoin is rising, in part, because PayPal and Square are buying it in large volumes,” writes CNBC senior market commentator Michael Santoli, who shared the report.

PayPal stated that PayPal’s support for Bitcoin affects the supply shortage of the leading cryptocurrency and its price rise.

PayPal opened access to Bitcoin and several altcoins for its U.S. customers in November.

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