A survey by Mizuho Securities USA found out that nearly one-fifth of users have already traded with Bitcoins in the PayPal application.
The rising price of Bitcoin elevated senior markets commentator for CNBC, Michael Santoli, who has provided the facts as to why Bitcoin is gaining momentum.
Michael Santoli wrote:
Bitcoin ripping in part because PayPal and Square are buying loads of it to facilitate customer trading.
He substantiated this claim with a survey conducted by Mizuho Securities USA, in which we learn that almost a one-fifth of users have already traded Bitcoins in the PayPal application. Another surprising finding was that 65% of respondents are ready to use Bitcoin as currency for 28 million traders.
PayPal Bitcoin user survey, Mizuho Securities USA also stated:
Bitcoin traders reported over 3x higher usage frequency vs. others, larger cash balances, and wider use of services like Pay-in-4 and QR code, boosting PYPLs monetization potential.
Bitcoin is currently trading above $ 19K and is highly likely to continue on its way up.
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