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Analyst Don Dolev, from Mizuho Securities, has forecasted that Paypal will bring in up to $2 billion in revenue from bitcoin by the year 2023. This year, he says he expects the payment giant’s total revenue to increase 20%.

Dolev says there is a “big increase in engagement because of crypto,” with half of Paypal crypto users using the app daily. “Our survey shows a large increase in engagement” said Dolev in a message to clients.

Paypal revealed this past October that its 346 million users can now buy and sell bitcoin within their Paypal accounts. The giant’s crypto service, which uses the fiat-to-crypto exchange called Itbit, has exploded with public interest since then.

During this unveiling, Paypal was buying as much as 70% of all new bitcoin. Dolev’s research discovered that bitcoin traders use the app three times as often as non-bitcoiners and that they had much more significant cash balances in their Paypal accounts.

Dolev boosted his target value for Paypal stock from $290 to $350. The stock ended at $239.79, down 0.94%, on Friday. Over the previous 52 weeks, the stock has claimed a top value of $249.85 and a low mark of $82.07.

In another related piece of news, Lisa Ellis, and analyst for Moffett Nathanson, said that Paypal’s crypto service will give the company a potential $600 million in revenue in 2021. “Over the long haul, we think Paypal’s cryptocurrency goals have huge strategic benefit,” she said to Market Watch.

Ellis went on to say this will aid in “making the Paypal app a ‘go to app’ for a broader spectrum of financial services, and  help them shape the long-term position of cryptocurrencies in the consumer payment industry.”

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