PayPal to Generate $2 Billion in Revenue from its Bitcoin Business

Following the payment giant announcement in October that its 346 million active users can now buy, hold and sell bitcoin and other digital assets using their PayPal account.

Analyst forecast that PayPal will earn up to $2 billion in revenue from its bitcoin business, with an expected 20 per cent increase in its overall revenue.

This analysis was based on a recent report of how 50 per cent of PayPal crypto users open the application daily to perform various transactions using the digital currency.

In a related development, the analyst also foresees PayPal’s crypto business contributing up to $600 million revenue in 2021.

PayPal’s cryptocurrency initiative will help shape the long time role of cryptocurrency in the consumer payment system.