Galaxy Digital CEO and millionaire Mike Novogratz recently jumped on CNBC’s Squawk Box for an interview describing the importance of PayPal’s upcoming Bitcoin (BTC) launch in 2021.
“I think this is a kind of shot that I heard all over the world on Wall Street,” Novogratz said in an interview on October 23 about the latest PayPal news. “PayPal has 346 million accounts,” he said, adding, “These are the 30 largest banks in the United States by deposit size, and suddenly every financial institution says, ‘Wait, what am I going to do?’ ”
PayPal plans to add Bitcoin, Ethereum, Litecoin and Bitcoin Cash to its network sometime in 2021. Following the announcement of these plans, bitcoin prices rose, eventually exceeding the market value of PayPal itself.
In cryptocurrency, Novogratz said: “If you’re in the boardroom of Morgan Stanley, Goldman Sachs or Bank of America, you think, ‘What do I do? Prior to the interview, the CEO said that he had peaked in the cryptocurrency companies’ capital ratios as well as Ethereum prices. He noted that in 2020, the prices of such assets have increased significantly.
“Over the next 10 years, we will see the restoration of the country’s economic infrastructure,” Novogratz said. “It was interesting that PayPal hired Paxos to integrate with the cryptocurrency because there is industry expertise in this cryptocurrency area, in this blockchain space.” Paxos acts as the organization behind PAX, which is one of the many stable currencies linked to the US dollar in the crypto industry. The foundation also promotes other jobs such as kindergarten.
“It was the COVID virus that really accelerated – with such fear – the acceleration of cryptocurrency adoption in two ways: the macro history of bitcoin and the main story of the digitization of all cash and the digitization of the financial services system, mainly built on Ethereum.”
Many traditional financial players have acquired large amounts of bitcoin this year, and apparently ushered in a time of mass adoption of bitcoin.