PayPal surges to hit record highs! PayPal surges in price per shares, capping off a strong period of outperformance compared to the Nasdaq and the US stock market as a whole.
Since November 12th, the Nasdaq has gained around 6.5%, while the S&P 500 is up 3.5%.
One might think that PayPal’s entry into Cryptocurrency might be the catalyst behind its performance, but in reality, the payment processor is well-positioned to capitalize on the growing adoption of digital assets. A higher Bitcoin price could also have a positive effect on PayPal’s prospects as well.
There’s also evidence that PayPal is helping to positively influence Bitcoin’s price as well. Industry data suggests that PayPal may have bought as much as 70% of newly mines BTC in the weeks leading up to its crypto platform going live.
In 2019, a survey of 5,000 people claimed that 6.2% of Americans above the age of 18 owned Bitcoin. 7.3% of respondents said that they were planning on purchasing BTC for the first time.
If these numbers are to be believed, cryptocurrencies could have a positive impact on PayPal’s business as more people gravitate towards easier on ramps. Case in point – Square’s Cash App has seen an incredible surge in revenue from Bitcoin Purchases.
PayPal Holdings (PYPL) shares have gained an impressive 17% since November 12th, the day that they launched their crypto trading platform.
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