Billionaire Mike Novogratz, who is also the acting CEO of Galaxy Digital, has always been a rather vocal Bitcoin supporter. Novogratz has given bullish predictions regarding Bitcoin’s price in the past, and he has come to be known as the major supporter of the coin and the crypto industry itself.
Now, he made sure to stress how important is the fact that PayPal is getting ready to open its doors to Bitcoin.
Why PayPal’s support of crypto is such a big deal
In his yesterday’s interview with CBDC, Novogratz noted “I think that’s, in some ways, the shot heard around the world on Wall Street.” To him, this is an extremely important development, as PayPal has a massive global reach.
The company has over 346 million users around the world, and it is the 30th biggest bank in the US when it comes to deposits. According to Novogratz, after PayPal’s announcement, every other financial institution can only start questioning its decision to stay away from crypto.
PayPal is also not only going to limit itself to Bitcoin. Instead, it will initially list a total of four coins — BTC, BCH, ETH, and LTC. The arrival of the crypto services will take place in early 2021, However, some of the effects of the company’s announcement have already been felt.
For example, Bitcoin’s own market cap recently skyrocketed enough to overtake PayPal’s own market cap. Novogratz noted that every major bank in the US is currently considering potential ways of getting involved.
Especially since all crypto firms have seen major price gains in 2020, while traditional companies saw huge losses earlier this year, due to the COVID-19 pandemic.
Now, Novogratz seems convinced that over the second decade of crypto’s existence, there will be a massive rebuilding of the country’s financial infrastructure. Novogratz noted that, as horrible as it sounds, it was actually coronavirus that led to the acceleration of adoption.