Will we ever see $80 again this year, page-47

I agree, merchants will still offer the likes of Afterpay due to the lead referrals. My concern is that new BNPL customers will be introduced to BNPL through Pay-in-4 rather than the likes of Afterpay due to their existing relationship with PayPal (aknowledging that some of people's and merchants experience hasn't been amazing with them). This could mean slower uptake my consumers resulting in slower growth and that in itself can slow down the growth of merchants.

I'm not saying this is how it WILL unfold, but the risk is there that Afterpay's growth will be slower in an environment where Pay-in-4 exists compared to where it doesn't. But then again, the share price has experienced a rerate, so has some slowing down in growth been priced in at these prices?

If it turns out to be wrong and Afterpay continues it's current growth trajectory despite Pay-in-4 then the sky really is the limit for APT. Only time will tell.