A research report indicates that almost 20% of PayPal users have used the app to trade Bitcoin
In what is probably the most shocking news I have read this past week, and I read some doozies btw, a new research report claims that roughly 20% of PayPal users have used the app to trade bitcoin.
The survey was done by Mizuho Securities and claims that of the 380 users they surveyed, roughly 17% have already used the PayPal app to buy and sell bitcoin.
The report was obtained by coindesk and can be seen here:
Did you catch that little tidbit though?
Great news right!
Well, sort of, but probably not nearly as great as this headline might have you believe...
The survey was of 380 users! That's it!
For some context, PayPal has roughly 277 million registered accounts.
Do you see what I am getting at here?
Polling only 380 users out of potentially 277 million probably doesn't give us a real accurate picture of what is going on.
That being said, it's better than nothing I guess.
Even more interesting (and probably more worthwhile? though still from a small data set) is the survey done by this same firm which indicated that roughly 65% of those polled would like to use bitcoin to pay for things:
But again the sample size is small, and I have found that when bitcoin is going up, not many people are interesting in selling it to buy things.
This guy included.
So, while the headline sounds great I don't put too much stock into this research report compiled by Mizuho Securities due to the sample size.
It was just too small compared with the enormous number of PayPal users.
That being said, the price action tells us at least some of those users have been using PayPal to buy bitcoin as the price has gone up tremendously ever since PayPal went live with bitcoin trading.
Stay informed my friends.
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