Reports show that the fin-tech company gained around 6.5% in early November in Nasdaq, while the wider S&P 500 index of large-cap stocks went up by 3.5% at the same time.
Major Updates
- PayPal stocks increase by 17% after introducing bitcoin purchases
- PayPal, announces launch of crypto services for its global customers in the first part of 2021
- Reports have indicated that about 80% of Cash App revenue was from Bitcoin buys.
PayPal stock soared to an all-time high earlier this week, after a brief period of stability and strong performance in both the Nasdaq and broader stock market.
While some people believe that PayPal's adoption of bitcoin greatly influenced the meteoric rise of their stocks, few others argue that the cryptocurrency is just a factor amongst many others.
Notwithstanding the arguments, crypto analysts believe that it is not a mere coincidence that the rise of PayPal's stock was heralded by their adoption and launch of its crypto trading portal in the U.S.
Evidence abounds that PayPal recent relationship with bitcoin seems to be of mutual benefit, as analysts suggest the fin-tech company may have contributed to bitcoin's rising value. Research reports points that PayPal may be the biggest beneficiary of the recently mined BTC, meaning that they may have gotten up to 70% of the new-found bitcoin.
Following the massive growing adoption of bitcoin in the United States and other parts of the world, PayPal current growing stocks may just be the starting point of newer heights.
Square Cash App has already shown how much Bitcoin can influence revenue inflow positively. Reports have indicated that about 80% of Cash App revenue in the third quarter of the year was generated from Bitcoin buyers.
Dan Schulman, CEO of PayPal further asserts that the company's voyage into the world of cryptocurrency is well-planned and they will support digital currencies from central banks going into the future.
Which payment providers in your country allow Bitcoin transactions?
