Analyst predict bitcoin business to rake PayPal $2 billion in revenue. Don Dolev, analyst of Mizuho Securities predicted that Paypal will rake in as much as $2 billion in revenue from its bitcoin business by the year 2023. He expects the firm’s total revenue to surge by 20% this year.
Dolev says there has been a “dramatic increase in engagement due to crypto,” with 50% of Paypal crypto users using the app daily. In a note to clients this week, Dolev shared “Both our survey and management commentary unveil a dramatic increase in engagement due to crypto,”
Dolev’s study discovered that bitcoin (BTC) traders use the Paypal app three times as much as non-bitcoiners and that they had significantly higher cash balances on their Paypal digital wallets.
Dolev increased his target price for the Paypal stock to $350 from $290. The stock closed 0.94% down at $239.79 on the Nasdaq Stock Exchange on Friday. Over the past 52 weeks, the shares have reached a high of $249.85 and a low of $82.07.