PayPal coming to crypto is big news for adoption, says the investor.
Galaxy Digital CEO and
multi-millionaire Mike Novogratz recently hopped on CNBC Squawk Box for
an interview, detailing the importance of PayPal's upcoming 2021 Bitcoin (BTC) launch.
"I
think that's, in some ways, the shot heard around the world on Wall
Street," Novogratz said in an Oct. 23 interview about PayPal's recent
news. "PayPal has 346 million accounts," he said, adding: "They're the
30th biggest bank in the U.S. in deposits and all of a sudden every
financial institution says, 'Wait a minute, what am I doing?'"
PayPal
plans to add Bitcoin, Ethereum, Litecoin and Bitcoin Cash to its
network sometime in 2021. Following the announcement of these plans,
Bitcoin surged in price, ultimately overtaking the market cap of PayPal itself.
"If
you're in the board room at Morgan Stanley or Goldman Sachs or Bank of
America, you're thinking, 'How do I get engaged?'" Novogratz said of
crypto. Prior to his interview, the CEO said he took a peak at stock
performances for companies involved in crypto, as well as Ethereum's
price. He pointed out that such assets have posted standout price gains
in 2020.
"We are going to see, over the next 10 years, a
rebuilding of the financial infrastructure of this country," Novogratz
said. "It was interesting that PayPal hired Paxos to do their
integration with crypto because there's a domain expertise in this
cryptocurrency space, in this blockchain space, that's needed." Paxos serves as
the entity behind PAX, one of the many U.S. dollar-pegged stable coins
in the crypto industry. The institution also touts other functions, such
as custody.
"It was the COVID virus that really
accelerated — as horrible as that sounds — accelerated adoption of
crypto on two ways: the macro story with Bitcoin and the more maybe
important story of digitalization of all cash, digitalization of the
financial services system, that's going to mostly be built on Ethereum."
Multiple traditional financial players have picked up large stacks of Bitcoin this year, seemingly ushering in an age of mainstream Bitcoin adoption.
source link : https://cointelegraph.com/news/novogratz-calls-paypal-s-bitcoin-news-the-shot-heard-around-the-world-on-wall-street
