Credit Unions Seeking Approval to Hold Crypto Directly to Compete with Banks

Credit Unions Seeking Approval to Hold Crypto Directly to Compete with Banks

Credit unions risk losing members to banks and seeing their industry “start to shrivel” if they can’t offer products that people want.

Credit unions are now looking for approval to hold crypto assets directly.

This comes after the federal regulator clarified that federally insured credit unions were allowed to partner with third-party crypto service providers last week.

The National Credit Union Administration (NCUA) said in a letter that credit unions can now allow their members to buy, sell, and hold digital assets, as long as certain conditions are met.

The guidance is part of a broader trend toward the traditional financial services industry increasingly embracing crypto assets.

The recent letter from the regulator gives credit unions assurance that they may need to move forward with partnerships, said Lance Noggle, senior director of advocacy for payments and cybersecurity at the Credit Union National Association.

According to Noggle, credit unions would ultimately like to offer crypto-related products and services directly, much like banks. Last year, the banking regulator Office of the Comptroller of the Currency (OCC) gave banks the green light to offer custody services for crypto. More recently, they had written permission from their supervisory office first.

Without similar guidance as OCC, credit unions risk losing members to banks and seeing their industry “start to shrivel” because they cannot offer financial products and services that their customers want, Noggle said.

“It’ll help credit unions that have been kicking the tires move ahead and have a bit of a road map of what the regulator will expect,” he added.

Ann Kossachev, vice president of regulatory affairs for the National Association of Federally-Insured Credit Unions, told Bloomberg that her trade group is also looking for explicit approval for credit unions to offer crypto custody services.

Meanwhile, Bitcoin service provider NYDIG is already working with banks and credit unions and is expecting a couple hundred to roll out Bitcoin products to their customers by next summer.

With the federal regulators have made it “abundantly clear” that such partnerships are permitted, Patrick Sells, chief innovation officer at NYDIG, is expecting these numbers to rise further.

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Author: AnTy

Australia’s Largest Bank to Allow its 6.5 Million Users to Buy, Sell, & Hold 10 Crypto’s via its App

Australia’s Largest Bank to Allow its 6.5 Million Users to Buy, Sell, & Hold 10 Cryptocurrencies via its App

BTC, ETH, LINK, UNI, COMP, AAVE, MATIC, and other cryptos are allowed for now, with CBA planning to offer shopping with crypto next year.

The Commonwealth Bank of Australia (CBA) is the latest banking giant planning to integrate cryptocurrency into its CommBank app, allowing nearly 6.5 million customers to hold and use cryptocurrencies.

Currently, the pilot is only available “for CommBank staff members” with plans to “expand to a small number of pre-selected customers in the coming months,” said the bank on Twitter.

Australia’s biggest lender is partnering with New York-based exchange Gemini to offer crypto exchange and custodial service through a new feature in its mobile banking app. It would also work with the blockchain data platform Chainalysis for compliance efforts.

“We believe we can play an important role in crypto to address what’s clearly a growing customer need,” Commonwealth Bank Chief Executive Matt Comyn said in a statement.

Joining In

CBA, along with its “Big Four” peers, National Australia Bank (NAB), Westpac Banking Corp, and Australia and New Zealand Banking Group Ltd, dominate the country’s banking sector, but it is the first one in Australia to start offering crypto services.

In September, the group faced criticism for refusing to do business with crypto providers.

“I am pleased the tide is turning as digital assets are mainstreamed,” said Liberal party Senator Andrew Bragg, who led an inquiry into the sector.

“For too long, banks have cast aside cryptocurrency as an illegitimate fringe pursuit.”

During hearings of the Senate committee, CBA said the blockchain technology that underpins bitcoin “will have a far-reaching impact for financial services” and recognizes that the fintech sector is growing rapidly.

“As the sector grows, there is both local and global interest in better understanding the growing risk of [money laundering/terrorism financing], particularly in relation to crypto-assets.”

More Features Coming

CBA said the growing demand from its clients drove this move to crypto and because local crypto services are being offered by fintechs like Paypal, Revolut, and Square.

“Nothing that I know, particularly from a bank of this size, enables retail clients to directly buy crypto through their platform, to the best of my knowledge. So it’s really exciting,” said Caroline Bowler, CEO of Australian crypto exchange BTC Markets.

CBA can’t afford to be left behind in the race to build “super apps” attractive to younger customers as an estimated 600,000 taxpayers have invested in crypto assets in recent years, according to the Australian Tax Office.

The bank will offer the ability to buy, sell, and hold selected ten cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Chainlink (LINK), Uniswap (UNI), Compound (COMP), Aave, Polygon (MATIC), Filecoin (FIL) Bitcoin Cash (BCH), and Litecoin (LTC), as part of the pilot this year. The bank said that more features would be rolled out next year with plans to explore crypto payments and options.

“We remain committed to reimagining banking and will continue to bring more functionality into the CommBank app including investing and shopping.”

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Author: AnTy

NYDIG Collaborates with Q2 to Allow its 18.3M Registered Users to Buy, Sell and Hold Bitcoin

NYDIG Collaborates with Q2 to Allow its 18.3M Registered Users to Buy, Sell and Hold Bitcoin

Bitcoin services provider NYDIG is now collaborating with banking and lender provider Q2 holdings. This collaboration will allow Q2 to provide its more than 18.3 million registered users to buy, sell, and hold Bitcoin.

The digital banking platform Q2 powers about 30% of the top 100 banks in the US and enables one in ten digital banking customers to transact.

With this latest step, Q2 will be able to provide its customers with integrated Bitcoin services and further drive end-user acquisition, retention, and engagement along with increasing its fee revenue opportunities.

In the official announcement, Jonathan Price, EVP of Emerging Business, Corporate and Business Development, Q2 noted that a December 2020 study by Cornerstone Advisors found that 15% of US consumers own Bitcoin or some other form of cryptocurrency and that majority of these crypto owners would use their banks to invest in crypto if they had the choice to do so.

As such, they are now enabling “financial institutions to take advantage of this market opportunity and meet the demands of their account holders.”

This week, NYDIG also collaborated with Fiserv, a payments and financial services technology solutions provider with 74.84 billion in assets as of March 31, 2021. With this integration, Fiserv customers can manage bitcoin transactions directly within their customer bank accounts. Nic Carter, founding partner at Castle Island Ventures said,

“Quietly, one of the most important developments in the ongoing integration of bitcoin and financial services is happening right now.”

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Author: AnTy

Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey

Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey

Cryptocurrencies have seen wide adoption in the Australian continent, as reflected by a new survey.

Volatility Deterring Widespread Adoption Of Crypto

In a previous survey by The Finder of 1,004 participants in January, about 1 in 4 respondents revealed that they invest in or plan to buy cryptocurrencies.

The number has nearly doubled according to new findings, per reports by The Australian. Of the unknown number of surveyed respondents, about 1 in six Australians (about 17%) said they now own cryptocurrencies. A further 13% said they are interested in cryptocurrencies and would place a stake in the nascent industry as the months go by.

But most of those who participated in the new survey noted that volatility was a huge deterrent. About 43% said that the erratic price swings were a barrier for them to place a stake in virtual currencies. This reflects a 14% increase from the January survey.

Aside from volatility, the knowledge gap of what crypto does comes in at 19%, and limited utility comes in at 18%. Another barrier is that Australians do not know how to buy it, with 22% of respondents stating this fact.

50% of male participants pointed to volatility as a reason they cannot invest in the nascent sector compared to 37% female respondents.

Speaking on the results, Finder personal finance expert Kate Browne said that risk has continued to undermine the adoption of cryptocurrencies. However, she noted that this is a norm for any investment.

Browne noted that the greater involvement of women in the crypto space was a good sign. According to her, this is because more businesses accept BTC payment, and the use of Bitcoin automated teller machines (ATMs) and debit cards was further aiding the growth of the digital asset.

Crypto Is Overvalued

Bitcoin is still the top dog despite volatility with a 9% market share. However, it has lost 4% from the 13% market share it enjoyed in the Jan. survey. Ethereum follows with 8% while parody coin DOGE comes in third 5%. Finally, Bitcoin Cash takes up the rear with 4%. BTC -5.90% Bitcoin / USD BTCUSD $ 35,777.75
-$2,110.89-5.90%
Volume 36.12 b Change -$2,110.89 Open $35,777.75 Circulating 18.74 m Market Cap 670.41 b
2 h NASCAR Driver Becomes the Latest Athlete to Accept Payment in Cryptocurrency In Voyager Sponsorship 3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 5 h There’s “Significant Desire” for Crypto Among Investor says BBVA as it Launches Bitcoin Trading Service
ETH -5.72% Ethereum / USD ETHUSD $ 2,234.15
-$127.79-5.72%
Volume 22.7 b Change -$127.79 Open $2,234.15 Circulating 116.35 m Market Cap 259.94 b
3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 7 h Bitcoin, Gold, Stocks, and Yields Take a Beating as Fed’s Bullard Talks of Tapering 10 h Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin
DOGE -4.53% Dogecoin / USD DOGEUSD $ 0.29
-$0.01-4.53%
Volume 1.84 b Change -$0.01 Open $0.29 Circulating 130.08 b Market Cap 38.05 b
3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 10 h Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin 1 d CoinFlip to ‘Demystify’ Crypto With Actor Neil Patrick Harris who Reveals Himself a Bitcoiner
BCH -5.91% Bitcoin Cash / USD BCHUSD $ 563.24
-$33.29-5.91%
Volume 1.64 b Change -$33.29 Open $563.24 Circulating 18.77 m Market Cap 10.57 b
3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 10 h Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin 1 d 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report

The survey also noted that one-quarter (about 25%) felt that cryptocurrencies were overvalued. This number has grown 9% higher from the earlier survey. In addition, 32% said they would rather buy shares or place their money in savings than purchase crypto assets.

The crypto market has seen negative price action after concerns about BTC mining protocol were aired by Tesla boss Elon Musk. In addition, following China’s ban of digital assets for payment, the crypto market lost 50% of its value and is still struggling. BTC trades at $35,600 on the 24hr chart.

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Author: Jimmy Aki

2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report

2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report

The UK’s financial regulator reported a positive attitude towards crypto, with 38% of investors considering their stake in them as a gamble, versus 47% last year. Also, compared to 15% last year, only 11% regretted buying cryptos.

The Financial Conduct Authority (FCA) has released a detailed report on cryptocurrency, noting that more and more people are now investing in cryptocurrencies.

According to the financial regulatory body, an estimated 2.3 million adults (4.4%) in the UK now hold crypto assets, up from 1.9 million last year. Bitcoin is the most common asset at 66%, followed by Ethereum (35%), Litecoin (21%), XRP (18%), and Bitcoin Cash (15%).

image2

In total, an impressive 78% of adults have now heard of crypto assets – up from 73% last year.

“Today’s crypto asset report from the FCA paints an interesting picture of developments in the crypto asset market in the UK in the last year,” said eToro’s Dan Moczulski. “These numbers show it has gone truly mainstream in the UK.”

More than half of those who are already invested were considering buying, even more, the research found. Also, fewer people regretted buying cryptos, down from 15% to 11%.

FCA’s research further notes that attitude towards crypto is changing, with 38% of investors currently considering their stake in crypto assets as a gamble, down from 47% last year.

Moreover, it found that about 14% of crypto buyers surveyed said they borrowed to invest.

image1

The regulator is now issuing a warning that these investments are not regulated and, “If consumers invest in these types of products, they should be prepared to lose all their money.”

One in 10 who had heard of crypto actually said they are aware of consumers warning on the FCA website. While most consumers recognize that crypto investments are not protected, 12% of crypto users believe otherwise. The report noted,

“The 2021 research follows heightened public interest and media coverage, alongside continued growth of the cryptocurrency market, including high cryptocurrency prices. It also comes after more widespread involvement of financial services firms in the market, and significant institutional investment. With these trends in mind, it is unsurprising that our research shows that both ownership and awareness have risen.”

image3

Bitcoin is currently trading around $39k, down 40% from its all-time high in April. The total cryptocurrency market is around $1.65 trillion, down just under $1 trillion from its peak of $2.55 trillion last month.

While the crypto market expects the space to mature with the entry of institutional investors and experience shallower and shorter bear markets, billionaire investor Mark Cuban recently called for bigger downsides, comparing the current market dynamics to the internet boom.

“We always talk about the crypto winters or these big declines in pricing. We ain’t seen nothing yet,” said Cuban.

“In every category, there was a ton of competition, but it really was a zero-sum game. Maybe one big winner, and a couple of follow-up number twos, and then the other 90% going out of business.”

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Author: AnTy

TIME Will Hold Bitcoin on its Balance Sheet In Partnership with Grayscale Investments

TIME Will Hold Bitcoin on its Balance Sheet In Partnership with Grayscale Investments

TIME Magazine is ready to go all the way with Bitcoin.

The renowned publication will start accepting Bitcoin as a form of payment in partnership with the world’s largest digital asset manager Grayscale Investments.

More interesting is that TIME will take a similar approach as Tesla, and instead of converting the receiving BTC into fiat, they will be HODLing it. TIME will then be holding these BTC on its balance sheet. BTC 5.98% Bitcoin / USD BTCUSD $ 63,647.18
$3,806.105.98%
Volume 70.07 b Change $3,806.10 Open $63,647.18 Circulating 18.68 m Market Cap 1.19 t
4 h Kraken CEO Jesse Powell: You Can’t Rule Out A Crackdown On Cryptocurrencies 6 h Riot Blockchain Now Holds 1,565 BTC on Balance Sheet After Mining 104 BTC in March 6 h House Republican Leader Urges Govt. to ‘Better Start Understanding’ Bitcoin

“Thrilled Grayscale is partnering w/ TIME on a new video series coming this summer explaining the crypto space. Equally as important, Keith Grossman & TIME has agreed to be paid in Bitcoin and hold the BTC on their balance sheet. A first for our media partnerships!” tweeted Michael Sonnenshein, CEO of Grayscale, which holds over 3% of Bitcoin’s circulating supply in its Bitcoin Trust (GBTC). GBTC 6.01% Grayscale Bitcoin Trust tokenized stock FTX / USD GBTCUSD $ 56.48
$3.396.01%
Volume 217.77 K Change $3.39 Open $56.48 Circulating 0 Market Cap 0
9 h TIME Will Hold Bitcoin on its Balance Sheet In Partnership with Grayscale Investments 1 d Bitcoin Volatility Continues to Fall to Dec. Low, While Market Makes a Shift to Short-term Hodlers 3 d Institutions Eyeing High Yield Through Bitcoin Futures Trading at a “Very Steep Contango,” JPMorgan Report

Sonnenshein was then retweeted by TIME President Grossman, who has been retweeting a lot of other Bitcoin-related tweets.

TIME is the latest one to have Bitcoin part of its Treasury, which started with publicly listed business intelligence company MicroStrategy in August last year, which was followed by Jack Dorseys’ Square, and then earlier this year, Elon Musk’s Tesla invested $1.5 billion in Bitcoin.

A few weeks ago, the company had also announced that they were looking to hire a CFO “comfortable with bitcoin and crypto” to transform its “98-year old brand for the next 100 years & beyond.”

Now, TIME is holding Bitcoin on its balance sheet just as MicroStrategy announced on Monday that they would be paying their board of directors in BTC instead of cash while New York Stocks Exchange (NYSE) is launching NFTs, and Coinbase much-anticipated IPO on Wednesday has a valuation of a whopping more than $100 billion, aiming to be the largest one in history.

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Author: AnTy

100,000 BTC Scooped Up by Bitcoin Funds in the First 3 Months of 2021

Exchange-traded bitcoin investment vehicles now hold 4.3% of the circulating BTC supply, as per Arcane Research.

A steady amount of Bitcoin has been gobbled up from the market throughout the first quarter of 2021, as per the data shared by Vetle Lunde, an analyst at Arcane Research.

Exchange-traded bitcoin investment vehicles had just under 695k BTC under management at the end of last year, which has increased to 800,416 as of March 26th. This represents 4.3% of the circulating bitcoin supply.

During the same period, the price of Bitcoin went up more than 100%, from about $27,500 to $55,000.

These Bitcoin-related products added more than 40k BTC in the month of January. While only half of this was added in February, and about 43,692 BTC were added in March. Overall, this year, 100,000 BTC have been absorbed by Bitcoin funds.

Combined, the exchange-traded bitcoin investment vehicles manage $43 billion worth of bitcoin, noted Lunde.

The world’s largest digital asset manager, Grayscale Investments, is the leader in the space, accounting for 82% of the market, managing $36.5 billion worth of bitcoin.

GBTC, meanwhile, continues to trade at a discount, currently at 7.27%, ever since earlier this month.

“It’s a perpetual security, and it charges 2% mgt fee per year. So if duration is 7-10 years, a 15-20 percent discount to NAV makes sense. That’s also where many closed-end funds trade,” commented Mike Novogratz of Galaxy Digital, which also holds GBTC shares, on the discount.

According to Novogratz, GBTC used to be “the only game in town,” which has now changed with the launch of several Bitcoin exchange-traded funds (ETF) in Canada that too at a much lower fee.

“The ethos of crypto has always been about ‘transitioning’ to a world that eliminates the rent takers,” added Novogratz.

Arcane Research also noted that the three recent ETF approvals in Canada had pushed Grayscale’s dominance in the market on a decline. The combined AUM of the Purpose ETF, Evolve ETF, and Galaxy ETF has reached a market share of 2.5% in just a couple of weeks.

Grayscale is looking to turn its closed-end fund into an ETF and is currently hiring many executives.

This is why the market is seeing fee compression. Recently, NYDIG cut its cost to 0.30% of net asset value per year.

“Trying to transition the fund to an ETF is difficult but elegant. My firm belief is the community won’t allow rent takers for too long,” said Novogratz adding, “GBTC provided a huge service to the crypto community and accelerated adoption.”

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Author: AnTy

5% of Companies Plan to Hold Bitcoin as Corporate Asset This Year: Gartner Survey

5% of Companies Plan to Hold Bitcoin as Corporate Asset This Year: Gartner Survey

Some companies are worried about the extreme volatility of Bitcoin. But this is actually a feature, not a bug.

The latest survey conducted by Gartner Inc., consisting of 77 finance executives, including 50 CFOs, showed that 5% of them plan to hold bitcoin on their balance sheet this year.

84% of respondents, however, said they do not plan on ever purchasing the leading digital currency as an asset, which is nearing $52,000.

Volatility was the biggest concern of these naysayers, with 84% of respondents saying Bitcoin’s wild price swings pose a financial risk, the February survey said.

“It would be extremely difficult to mitigate the kind of price swings seen in the cryptocurrency in the last five years,” said Alexander Bant, chief of research at Gartner Finance.

According to Mike McGlone, a commodity strategist at Bloomberg Intelligence, who sees $100,000 as a longer-term target, the volatility may continue to rise in the near term “until it settles in around its next plateau.”

For the crypto market, the famed volatility is actually a feature rather than a bug. Antoni Trenchev, the co-founder of crypto lender Nexo, reminded that Bitcoin never moves up in a straight line and

“Short-term volatility is very much a feature of this bull market.”

Besides volatility, broader risk aversion, digital currency’s slow adoption as an accepted form of payment, regulatory concerns, and cyber risks were also among the concerns.

“There are a lot of unresolved issues when it comes to the use of Bitcoin as a corporate asset. It’s unlikely that adoption will increase rapidly until we get more clarity on these challenges,” Bant said.

The survey came while publicly-listed MicroStrategy shared its plan to issue another debt round of $690 million to add to its 71,079 BTC stash. Earlier this month, Elon Musk’s Tesla also bought $1.5 billion worth of Bitcoin.

“The mood, music, and momentum is impossible to ignore,” said Trenchev. “To the annoyance of many, the Bitcoin express has left the station.”

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Author: AnTy

America’s Oldest Banking Giant to Hold and Transfer Bitcoin & Other Cryptos Including Stablecoins

America’s Oldest Banking Giant, BNY Mellon, to Hold and Transfer Bitcoin & Other Cryptos Including Stablecoins

BNY Mellon plans to bring Bitcoin and cryptocurrencies under the same roof as traditional holdings through its platform that is now in prototype, following “heightened interest” and “new demand.”

Bank of New York Mellon Corp., the oldest bank in the US, which boasts of $2 trillion assets under management (AUM), has finally jumped on the cryptocurrency bandwagon. This move is made following a shift in sentiments and regulatory clarity regarding cryptocurrencies and because “Digital assets are the future.”

“We’re experiencing heightened interest from current clients who are seeking exposure to digital assets,” Mike Demissie, the company executive who heads its digital assets unit, told Forbes.

“We are also seeing new demand from prospective clients, particularly digital native companies in the digital asset space, who are looking for BNY Mellon’s core investment services.”

The custody bank revealed on Thursday that it would hold, transfer, and issue bitcoin and other cryptocurrencies on behalf of its clients, first reported by the WSJ. The bank is already in talks with its clients to have their digital currencies in its custody.

“Digital assets are becoming part of the mainstream,” said Roman Regelman, chief executive of BNY Mellon’s asset-servicing and digital businesses.

The bank eventually plans to treat digital currencies like any other assets through its platform, which is currently a prototype.

BNY Mellon claims it to be the financial infrastructure’s “first multi-asset digital custody and administration platform” for both traditional and digital assets.

Besides Bitcoin and other cryptos, BNY Mellon will also cover stablecoins, tokenized securities, real assets, and eventually even central bank digital currencies (CBDCs) in its digital asset unit. Regelman said,

“Growing client demand for digital assets, maturity of advanced solutions, and improved regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field.”

The offering is pending approvals and is expected to start later this year.

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Author: AnTy

Two-Thirds of PayPal Users Aim to Use Bitcoin at Merchant Stores: Study

  • Nearly 20% of PayPal users are ready to use and hold Bitcoin (BTC) on the platform, report.
  • Can this push BTC past its recently set all-time high price?
  • Research firm sets PayPal stock price target set at 35% increase due to BTC excitement.

Nearly a fifth of PayPal users are jumping on to the Bitcoin (BTC) train, a Japanese investment bank report, Mizuho Securities, reported. According to the survey carried out by 380 PayPal users, there is an uptake in BTC purchases on the global payments platform as users take advantage of PayPal’s Bitcoin capabilities.

According to the survey, 17% of the respondents said they had already purchased Bitcoin on PayPal, with a further 65% confirming they will use the top crypto in daily purchases of goods and services.

After years of belittling Bitcoin adoption and banning its customers from participating in Bitcoin trading, PayPal finally embraced cryptocurrencies. In October this year, BEG reported PayPal would allow customers to buy and sell BTC alongside other top cryptocurrencies such as Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

Since Bitcoin’s price has exploded to set new all-time highs as retail customers on the payments platform stack up on the top crypto, Michael Santoli, a CBNC markets commentator, explained BTC’s ripping price growth as a factor of PayPal accumulating more BTC for their customers to purchase.

“Bitcoin ripping in part because PayPal and Square are buying loads of it to facilitate customer trading,” he wrote on Twitter.

Read more: Bitcoin Shortage Is Real; PayPal & Cash App Buying More Than 100% Of All Newly-Issued BTC.

Apart from the boost in Bitcoin’s price and usage on PayPal, user engagement, usage frequency, and PayPal’s stock monetization potential have also seen a boost following BTC’s integration. The survey reads,

“About 50% of PayPal’s bitcoin traders reported increased usage of the PayPal app after beginning to trade bitcoin.

This compares with just 9% who reported reduced engagement.”

Moreover, PayPal has found it difficult to convert non-Bitcoiners into Bitcoiners despite the growth in BTC purchases on the platform. Only about 8% of the non-bitcoin owners have purchased crypto through PayPal, with 42% of the non-Bitcoin holders stating they “do not know yet” if they will purchase the top crypto, the report stated.

Despite the hiccups, PayPal’s integration of Bitcoin has seen the company’s share price (PYPL) double over the course of 2020. Mizuho Securities has since increased its PYPL share price target from $270 to $290 due to BTC and crypto excitement on the platform, a 33% increase from the current price of $218 per PYPL share. Bitcoin, on the other hand, has experienced a 190% increase over the course of 2020, despite crashing to $3,500 in March.

NOTE: With over 200 million customers on its platform, a sample size of 380 does not give the full picture of the Bitcoin purchases and sales already made on PayPal.

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Author: Lujan Odera