{"id":133425,"date":"2020-12-15T00:24:47","date_gmt":"2020-12-14T21:24:47","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/paypal-stock-has-surged-17-since-enabling-bitcoin-purchases\/"},"modified":"2020-12-15T00:24:47","modified_gmt":"2020-12-14T21:24:47","slug":"paypal-stock-has-surged-17-since-enabling-bitcoin-purchases","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/paypal-stock-has-surged-17-since-enabling-bitcoin-purchases\/","title":{"rendered":"# PayPal stock has surged 17% since enabling Bitcoin purchases"},"content":{"rendered":"

“# PayPal stock has surged 17% since enabling Bitcoin purchases
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\nPayPal\u2019s stock reached record highs on Monday, capp<\/a>ing off a strong period of outperformance relative to the Nasdaq and broader U.S. stock market. <\/p>\n

Since Nov. 12, the technology<\/a>-focused Nasdaq has gained around 6.5%. The broad S&P 500 Index of large-cap stocks is up 3.5% over the same period.<\/p>\n

PayPal stock’s 3-month performance by barchart.com<\/em><\/figcaption><\/figure>\n

Although PayPal\u2019s foray into crypto isn\u2019t the only catalyst behind its vast outperformance, the merchant processor is well-positioned to capitalize on the growing adoption of digital assets. Some analysts have even speculated<\/a> that a higher Bitcoin (BTC) price could have a positive effect on PayPal\u2019s prospects.<\/p>\n

There\u2019s also evidence that the payment processor may be positively influencing Bitcoin\u2019s price. Recent industry data suggests\u00a0PayPal may have scooped up as much as 70% of the newly mined BTC in the weeks leading up to its crypto platform going live in the U.S.\u00a0<\/p>\n

Although estimates vary, a 2019 survey of 5,000 people claimed<\/a> that 6.2% of Americans above the age of 18 own Bitcoin. The survey said an additional 7.3% are planning to purchase BTC for the first time. <\/p>\n

If these numbers are to be believed, cryptocurrencies could have a positive impact on PayPal\u2019s business as more people gravitate to easy onramps. Case in point: Square\u2019s Cash App has seen its revenue surge since enabling Bitcoin purchases. In fact, nearly 80% of Cash App\u2019s third-quarter revenue was derived from fees charged on Bitcoin buyers. <\/p>\n

Shares of PayPal Holdings (PYPL) have gained a whopping 17% since Nov. 12, the day the online merchant launched its crypto trading platform for eligible U.S. customers.\u00a0<\/p>\n

PayPal plans to launch its global crypto services in early 2021. CEO Dan Shulman asserted that it’s only a matter of time before his company starts supporting central bank digital currencies, or CBDCs, as they become available.\u00a0\u00a0
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