Is bitcoin having a bigger impact on PayPal than we think?

Quick take

1 minute read

• At the start of this week, stocks for PayPal reached record highs which ended a long period of outperformance in relation to the NASDAQ and overall United States stock market.

• Earlier this year, the company revealed that it would be getting heavily involved with crypto assets and is even set to release its crypto services in the coming year.

At the start of this week, stocks for PayPal reached record highs which ended a long period of outperformance in relation to the NASDAQ and overall United States stock market.

Earlier this year, the company revealed that it would be getting heavily involved with crypto assets and is even set to release its own crypto services in the coming year.

As the company has been very open about its entrance into the crypto space, it has more than likely had an impact on its positive performance but it won’t be the only reason.

Some enthusiasts and analysts have predicted that the bitcoin price could have had a big impact on the prospects for PayPal.

Interestingly, some have even given the idea that PayPal is having an impact directly on the price of bitcoin according to recent data. The data specifically says that PayPal could have gotten to the position of up to 70% of the newly mined bitcoins in the weeks prior to the platform doing live in the US.

If these analysts are to be believed, then the world of crypto could have a much more significant impact on the business of PayPal than previously believed. A good example is the Square cash app that saw its revenue spike massively ever since it enabled bitcoin purchases. 80% of the applications third-quarter revenue came from the leading cryptocurrency.

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