Galaxy Digital’s Mike Novogratz says the banking industry will soon be in a race to launch bitcoin and crypto services. 

In a tweet published October 21, Novogratz highlighted an update by PayPal to pursue crypto adoption. 

According to the announcement, Paypal will soon allow clients to purchase, sell and store cryptocurrency on its platform, opening access to crypto-assets to its 346 million users and 26 million merchants. Users will initially have access to bitcoin, bitcoin cash, litecoin and ethereum. 

Novogratz called the announcement the “biggest news of the year” for crypto and said it represented an exciting day for the industry.

Novogratz, a former Goldman Sachs partner and hedge-fund manager, has been vocal about looming adoption for bitcoin and the industry of cryptocurrency. Speaking in a BlockFi interview earlier in the month, Novogratz said COVID had provided a strong “macro backdrop” for bitcoin to establish itself as a hard asset. 

He said, 

[BTC is] now a legitimate macro asset. Two years ago it was in what I call the ‘venture sandbox’ […] When you’re thinking about mom and pops, when you’re thinking about institutions that have a fiduciary responsibility they need a lot of surety to get there and Bitcoin’s made it.

Novogratz continued, saying bitcoin’s price would be even higher if it could lower the barrier to entry and be easier to purchase. He predicted banks such as Goldman Sachs and JP Morgan would be getting involved in crypto in the coming years to meet client demand. 

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