Bitcoin to Add $1 Billion in Revenue to PayPal Says Analyst


PayPal’s stock price is up 30% since November, from $175 to currently trading at $252 thanks to bitcoin. It has more to go according to Mark Palmer of BTIG research who stated this Wednesday: “PayPal (PYPL, Buy, $300 PT): Upgrading to Buy with $300 PT; Recent itBit Exchange Volumes Provide Snapshot of Strong Traction on Cryptocurrency Initiative, with Effort to Promote Merchant Acceptance of Crypto Set to Provide Next Leg Up.” PayPal customers have been buying some $100 million worth of bitcoin a day and as much as $250 million according to itBit volumes, with itBit acting as PayPal’s custodian. Bitcoin could add $1 billion to PayPal’s revenue by 2022 according to Palmer’s estimate who says “the traction seen in itBit’s rising crypto volumes bodes well for PYPL’s active account growth and engagement.” PayPal’s Venmo app is expected to roll out bitcoin later this year, but the real difference may…

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