Beginner Bitcoin: 25% of newbie traders plan to use PayPal for crypto

More than 25% of future and existing crypto investors surveyed by CivicScience say they’ll buy and sell via PayPal.

‘Intelligent pollsters’ CivicScience also found younger responders were more likely to purchase cryptocurrency through PayPal than their older peers.

13% of 18-24 year olds were “very” or “somewhat likely” to use PayPal to buy and sell digital assets.
35-54 year olds: 5% of responders said they’d use the platform for crypto.
Over 55s seem to trust PayPal the least, just 2% said they’d opt for the fintech giant over any other means.

Still, the survey alludes to a promising start for PayPal’s new crypto services, which launched last October with support for Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

Overall, CivicScience found the number of active crypto investors jumped 50% since 2019 — from 6% to 9%.

The number of people who told CivicScience they’re planning to use crypto increased even more — from 3% to 7%.

However, it’s worth noting that PayPal’s crypto offering will be a “closed-loop” system.

This means any cryptocurrency bought or sold via the platform must stay there — which effectively means users are forced to forever trust PayPal with their private keys.

Remember: Not your keys, not your coins.

[H/T: Axios]