• Mike Novogratz, CEO of Galaxy Investment Partners, believes traditional financial players are beginning to invest in the crypto markets.
• PayPal’s new stablecoin project PayPalUSD (PYUSD) is evidence of this trend.
• According to Novogratz, Tether (USDT) is stable and there is no significant risk of a “run” on the currency.
Billionaire Mike Novogratz Sees Investment Opportunities in Crypto Space
Billionaire investor Mike Novogratz believes traditional finance institutions are reappearing in the crypto space according to a Bloomberg report. As CEO of Galaxy Investment Partners, Novogratz is confident that institutional investors are starting to invest in cryptocurrency markets again after last year’s major volatility.
PayPal’s Stablecoin Project “PayPalUSD”
Novogratz points to PayPal creating a new stablecoin called PayPalUSD (PYUSD), which aims to keep a 1:1 peg with the US dollar, as evidence of the reappearance of major financial players in the crypto space. He believes this could disrupt banks by offering interest on deposits, something not currently available for cryptocurrencies.
Tether (USDT) Remains Stable
Novogratz also expressed confidence in the stability of Tether (USDT), one of the most popular stablecoins by market cap. He noted that there was no significant risk or real risk associated with it and reassured investors that there was no fear of a “run” on Tether.
“Bitcoin Bull” Advocates For Cryptocurrency Revolutionizing Financial System
Novogratz has been referred to as a “Bitcoin Bull” due to his vocal advocacy for cryptocurrency and its potential for revolutionizing the financial system. He believes it will be the currency of the future and that it will bring about widespread change within traditional finance institutions if allowed to grow and mature properly without excessive regulation or suppression from existing governments or institutions.
Conclusion
It appears that traditional banking giants such as PayPal are beginning to explore opportunities within cryptocurrency markets and blockchain technology, signaling an overall shift from skepticism towards embracing digital assets as viable investments for their portfolios and interests. With positive sentiment from leading figures such as Mike Novogratz regarding both stability and potential growth opportunities for various cryptocurrencies, it appears that this trend is here to stay moving forward into 2021 and beyond.