Novogratz says PayPal’s adoption of Bitcoin is ‚a Wall Street shot heard around the world

PayPal’s arrival in cryptomorphs is big news for adoption, says the investor.

The CEO and multimillionaire of Galaxy Digital, Mike Novogratz, recently visited CNBC’s Squawk Box program for an interview, highlighting the importance of PayPal’s entry into the Bitcoin (BTC) market in 2021.

„I think this is in a way a Wall Street shot heard around the world,“ Novogratz said in an interview on 23 October about recent PayPal news. „PayPal has 346 million accounts,“ he said, adding: „They are the 30th largest bank in the US in deposits and suddenly all the financial institutions say, ‚Wait a minute, what am I doing?

PayPal has plans to integrate Bitcoin, Ethereum, Litecoin and Bitcoin Loophole Cash into its network in 2021. After the announcement of these plans, the price of Bitcoin skyrocketed, surpassing PayPal’s own market capitalization.

„If you are in the boardroom at Morgan Stanley, Goldman Sachs or Bank of America, you are thinking, ‚How can I get involved in this?‘, said Novogratz about cryptomorphs. Before his interview, the CEO said he took a look at the performance of shares in companies involved in cryptomok as well as the price of Ethereum. He noted that these assets recorded remarkable price gains in 2020.

„We will see, in the next 10 years, a reconstruction of the financial infrastructure of this country,“ Novogratz said. „It was interesting that PayPal hired Paxos to do its integration with cryptomoeda because there is a domain expertise in this cryptomoeda space, this blockchain space, that is needed. Paxos acts as the entity behind PAX, one of the many stablecoins tied to the US dollar in the crypt industry. It also performs other functions, such as asset safekeeping.

„It was the VOCID virus that really accelerated – horrible as it may seem – the adoption of crypto in two ways: the macro story with Bitcoin and perhaps the most important story of digitizing all the money, digitizing the financial services system, this is happening and being developed mainly at Ethereum. „

Several traditional financial players have acquired large amounts of Bitcoin this year, ushering in an era of mainstream Bitcoin adoption.

Bitcoin, more in demand by wealthy Russians than gold? An odd study sows doubt

Dasvidania with gold?

Although the Russian authorities do not make life easy for crypto-enthusiasts, they do not seem to be less interested in digital assets. For example, in a study on the preferred assets of Russian investors, Bitcoin Lifestyle and its peers received slightly more approval than gold itself.
17% of Russian investors buy cryptos

The World Gold Council is an organization dedicated to the gold market. It has just published a report on the most popular investments in Russia.

A total of 2,023 investors were surveyed online about their investment habits.

„The growth of cryptomoney shows that there is a desire for choice and attractiveness among individual investors. „World Gold Council Report

Bitcoin BTC Gold

In fact, we discover that cryptos are the fifth preferred asset of Russian investors, just ahead of gold metal. 17% of those surveyed said they had invested in cryptos in the last 12 months, compared to 16% for gold.
In which assets have you invested in the last 12 months?
The adoption of cryptomoney in Russia is debatable.

In spite of a very restrictive regulatory framework, Vladimir Putin’s country is still quite advanced in the adoption of cryptomoney. As a Chainalysis report in September showed, on-chain transactions are very high, in proportion to the purchasing power of the inhabitants.

The World Gold Council report gives what is certainly one of the main factors in this surge in the adoption of cryptos: the attraction of the younger generation.

„The 18-24 year olds are much more willing to take risks in order to obtain an exponential return (…) about two thirds are considering investing in cryptos. »

Bit Gold Bitcoin Gold

As a result, even though 75% of investors believe that gold never loses value in the long term and 68% consider the precious metal to be a good protection against inflation, cryptomoney seems to them to be an even more interesting investment opportunity.

The adoption of crypto-actives seems undeniably exponential. Until recently, it would have been unthinkable to imagine that cryptomoney could be preferred to a recognized safe-haven value such as gold. Times are changing and 11 years after its creation, Bitcoin is still only at the beginning of its history.

Russia Blocchi P2P Crypto Exchange LocalBitcoins

La Russia ha vietato il sito LocalBitcoins perché diffonde informazioni sull’acquisto e la vendita di BTC. Ma il trading di BTC non sembra essere influenzato.

Il regolatore russo dei servizi di telecomunicazione ha bloccato l’accesso al portale di LocalBitcoins nel paese.
Finora, tuttavia, non sembra aver influito sull’utilizzo.
La Russia è il più grande mercato del P2P crypto exchange.
La Russia è uno dei mercati Bitcoin più importanti al mondo, ma il suo governo sembra disposto a bloccare le transazioni a catena.

Roskomnadzor, il regolatore russo dei servizi di telecomunicazione, ha bloccato l’accesso al portale di LocalBitcoins nel paese, che è una delle principali fonti di traffico verso la borsa peer-to-peer.

Quando si cerca di accedere a – uno specchio del sito .com incentrato sul servizio ai clienti del paese – i commercianti si ritrovano con una pagina vuota dopo essere stati censurati dal regolatore. Per accedere al portale, gli utenti russi devono utilizzare una VPN che maschera la loro posizione reale.

Russo su LocalBitcoins

Cosa vedono i russi quando cercano di trovare informazioni su
Finora, i commercianti russi sembrano essere rimasti abbastanza attivi su LocalBitcoins, e gli annunci dei clienti sul sito non si sono fermati. Ciò potrebbe indicare che i commercianti erano già preparati o utilizzati per questo tipo di censura.

Il commercio di Bitcoin su Localbitcoins è normale in Russia nonostante il divieto. Immagine: Localbitcoins
Il trading di Bitcoin su LocalBitcoins rimane normale in Russia nonostante il divieto. Immagine: Localbitcoins
Cosa che avrebbero dovuto essere. LocalBitcoins era già stata bloccata da Roskomnadzor quattro anni fa. Inoltre, il mese scorso, anche Binance ha annunciato il blocco. Tuttavia, il sito non è più nella lista nera del database del governo.

E la Russia aveva telegrafato le sue intenzioni all’inizio di quest’estate, dichiarando restrizioni all’accesso al portale di LocalBitcoins il 21 luglio 2020, sulla base della giustificazione che il sito poteva diffondere informazioni illegali al pubblico.

Ciò ha coinciso con una revisione delle leggi russe sulla crittovaluta. Anche se rimane legale possedere Bitcoin e altre valute criptate in Russia, sono ora illegali da usare per il pagamento.

La Russia aggiorna la legge sulla crittografia, vieta l’acquisto di merci con Bitcoin
La Russia ha approvato una legge che riconosce legalmente le valute crittografiche come la Bitcoin, Crypto Bank ma non permette di usarle per comprare qualcosa. La terza lettura della legge riconosce la valuta digitale „…

Nonostante il complicato rapporto del governo con Bitcoin, i russi amano il cripto. Il paese rappresenta quasi il 20% delle operazioni totali di LocalBitcoin e si colloca al primo posto in termini di trading di cripto-valuta nei mercati P2P.

LocalBitcoins non ha rilasciato alcun comunicato ufficiale. Decrypt ha richiesto ulteriori informazioni e aggiornerà le notizie in caso di risposta.