New Survey Reveals 65% of PayPal Users Would Use Bitcoin For Purchases

Mizuho Securities USA has conducted a new survey recently in a bid to find out the plans of the users of the online payment giant PayPal regarding their usage of Bitcoin. In its survey, the United States investment banking subsidiary of Mizuho Securities was able to find out that approximately 65 percent of PayPal users have revealed their interest in using the world’s largest digital currency by market cap Bitcoin for purchases.

Proprietary Mizuho PayPal Bitcoin User Survey

The survey called “Proprietary Mizuho PayPal Bitcoin User Survey” revealed interesting results. Out of the all users of PayPal, 65 percent have said that they are gearing up for using Bitcoin for making purchases at 28 million merchants of PayPal. This means that a major part of the user base of the online payment firm is inclined toward utilizing the leading digital currency for paying merchants. 25 percent of them said that they do not intend to use Bitcoin for making purchases.

In addition to this, the survey also revealed that 17 percent of the participants have said that they have already used the PayPal app for trading Bitcoin. While on the other hand, the majority of the participants (83 percent) said that they have yet to use the app for trading Bitcoin.

Source: Mizuho Securities

The survey’s results show that the payment giant is still facing a challenge in diverting the attention of non-bitcoin traders toward Bitcoin. As per the survey, just eight percent of non-bitcoiners have revealed their plan to use PayPal’s application for trading Bitcoin in the future.

While reporting another finding of its survey, Mizuho stated, “About 50% of PayPal bitcoin traders reported increased usage of the PayPal app after beginning to trade bitcoin. This compares with just 9% who reported reduced engagement.”

This survey has come one month after the online payment giant announced to add trading support for the top digital currencies including the first-ranked cryptocurrency Bitcoin. A few weeks before, PayPal opened the full cryptocurrency trading service for all of the eligible customers in the United States after removing them from the waiting list.

Now is the time for cryptocurrencies to go mainstream

Meanwhile, the Chief Executive Officer (CEO) of PayPal Dan Schulman is talking positively about Bitcoin and other cryptocurrencies. While talking about the future of digital currencies in the Web Summit online conference on the 2nd of December, Schulman has said that now is the time for them to go mainstream.