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Mizuho Analyst: Bitcoin Will Make PayPal 'Center of People's Financial Lives'
Mizuho sees bitcoin not as a source of revenue itself, "but as a vehicle to boost engagement on the app," and that could drive revenue growth.
PayPal's (PYPL) foray into bitcoin could become a "game changer" for both the payments company and its users, said Mizuho Securities analyst Dan Dolev in an interview with CNBC on Friday.
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- During the "Fast Money" interview, the analyst said the investment bank had surveyed almost 400 PayPal users and found nearly 20% had started using PayPal's new bitcoin buying and selling service. Of those, half had indicated increased engagement with the firm's services.
- Mizuho sees bitcoin not as a source of revenue itself, "but as a vehicle to boost engagement on the app," and that could drive revenue growth, he said.
- Further, as people start to use PayPal services more "it's going to make PayPal more the center of their financial life," according to Dolev.
- The same applies to Square (SQ), the Jack Dorsey-led payments firm that offers bitcoin buying and selling through its Cash App, he added.
- Dolev predicted that in 2021 there will be an "inflection point" as more and more people start using these apps, and the "trigger is bitcoin."
- PayPal announced it would allow crypto buying and selling as well as crypto merchant payments on Oct. 21 and soon after launched the service early for U.S. users.
See also: PayPal, Venmo to Roll Out Crypto Buying and Selling: Sources
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
