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.