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Mike Novogratz: ‘Bitcoin As Digital Gold Is Just Going to Keep Going Higher’

On Friday (October 3), Michael Novogratz, Founder and CEO of Galaxy Digital, explained why PayPal’s support for cryptocurrencies is such a huge deal, and in particular, how it will affect the price of Bitcoin. His comments came during an interview with Emily Chang, the host of “Bloomberg Markets: The Close” on Bloomberg TV. Chang started […]

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On Friday (October 3), Michael Novogratz, Founder and CEO of Galaxy Digital, explained why PayPal’s support for cryptocurrencies is such a huge deal, and in particular, how it will affect the price of Bitcoin.

His comments came during an interview with Emily Chang, the host of “Bloomberg Markets: The Close” on Bloomberg TV.

Chang started the interview by asking Novogratz about the PayPal announcement. As you may have heard, on October 21, PayPal said that in “the coming weeks” it would allow its customers to “buy, hold and sell cryptocurrency directly from their PayPal account.” Furthermore, sometime in H1 2021, PayPal plans to “significantly increase cryptocurrency’s utility by making it available as a funding source for purchases at its 26 million merchants worldwide.”

Novogratz said:

“Well, listen, PayPal has the the most accounts of any bank in the world. And so you’ve got this giant platform — on deposits, it’s the 30th [largest] bank, but in terms of accounts, in terms of reach, it’s the biggest in the world — who just said we’re going to allow Bitcoin, and so if you’re in the C suite at any of the other banks, JPMorgan, Goldman Sachs, Morgan Stanley, you’re starting to scratch your head and say ‘what are we missing here?’.

“One of the things that Covid did [is it] accelerated this idea of the digitalization of everything, and it’s happening at a rapid pace. And so, we’ve got central bank issue digital currencies coming, stable coins.

“The entire payment system of the of the financial system is going to change, and it’s going to change much faster than people thought, and the banks are left kind of looking and looking at their old legacy systems, and so it’s going to be a race…

“If you look at stock prices this year… Ethereum’s up 200%… PayPal up 100%… Bitcoin up 90%, yet JPMorgan, Citibank, and Wells Fargo down twenty to fifty [or] sixty percent, and so [if] you’re a banker, you’re like ‘what am I doing wrong here?’ [It] is pretty obvious, right?

“We’re gonna rebuild the financial architecture of the United States and the world in the next ten years. That’s going to be built in around blockchain.”

Chang then wanted to know how much longer would Bitcoin’s rally would continue and how high the Bitcoin price could go.

Novogratz replied:

“I think it’s gonna go a lot farther. Listen, one of the reasons Bitcoin didn’t go so high is it’s hard to buy, right?
“You can’t call Goldman Sachs, you can’t call JPMorgan, you can’t call Bank of America, you can’t call E-Trade and say ‘buy me some Bitcoin’, right? And so where most of the wealth is in America — 45 to 80 year olds — they’re not used to logging in on a Square app or on a Coinbase wallet.

“They call their brokers, and so what I’m seeing at a rapidly changing pace is more and more infrastructure being put in place to allow easier access to buy. With PayPal, it’s a huge step in how easy it is for people to buy and sell crypto. You are going to see E-Trade come next. You’re gonna see the credit card companies: Visa, Mastercard and then American Express. They are going to — I would bet you within a year — offer a platform where their 30 million merchants can transact in stablecoins and crypto.”

Chang wanted to know how Novogratz felt about rumors of PayPal getting ready to buy crypto custody solution provider BitGo.

Novogratz believes that we can expect to see more acquisitions both internally (i.e. within the crypto space) and externally (i.e. coming from companies outside the crypto space):

“If you think about PayPal, they are a tech company, yet they need it to to bring in Paxos to do their Bitcoin integration. And so, there’s a lot of domain expertise and knowledge in the crypto community that’s been built over the last seven [or] eight years that the legacy community — even the tech guys — need some of.”

“And so, there’s gonna be a war for talent… there’s gonna be a war for companies that are building infrastructure. It’s gonna suck in talent, and so really exciting time to be in the crypto and blockchain space.”

Next Chang asked Novogratz whether PayPal’s entry into the crypto space could push the price of Bitcoin lower.

Although PayPal is going to allow Bitcoin (as well as Bitcoin Cash, Ether,and Litecoin) to be used (next year) as a means of payment, Novogratz does not really see this being a main use for Bitcoin within the next five years, and instead thinks that people and companies are going to mainly invest in Bitcoin because it is a great inflation hedge.

And although he expects in the future there will be even more fiat-backed stablecoins — some issued by central banks — he says central banks will continue to debase fiat currencies, which will increase interest in Bitcoin as digital gold:

“Bitcoin is being used as a store of value. People are worried that the central banks around the world are debasing fiat currencies…

“Bitcoin as digital gold is just going to keep going higher. More and more people are going to want it as some portion of their portfolio, and as it’s easier to buy — because you can buy it on PayPal — the price is gonna go higher.”

Blockchain

IDEX Announces Multi-Chain Solution and Expands to Polkadot and Binance Smart Chain

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The popular decentralized cryptocurrency exchange (DEX), IDEX, has announced a multi-chain solution that is intended to expand its entire infrastructure to additional blockchains, namely, Polkadot and Binance Smart Chain.

IDEX Expands to Binance Smart Chain and Polkadot

In a press release shared with CryptoPotato, IDEX has revealed its multi-chain solution. Called Multiverse, it’s intended to expand the DEX’s infrastructure, including its layer-2 scaling and staking solutions to additional blockchains.

Its first implementation is going to be deployed on Polkadot’s layer 0 and Binance Smart Chain’s layer 1. This will enable the trade of digital assets on each of the platforms. In addition, IDEX token holders will also benefit from staking options starting from November 23rd.

It’s important to note that Polkadot will be used as layer 0. This means that IDEX will use a parachain of Polkadot in order to tap into its ecosystem. An example of this is Moonbeam. Speaking on the matter was IDEX co-founder and CEO Alex Wearn, who said:

In the past year, we’ve seen several new smart contract platforms emerge, each with a unique set of capabilities and assets. As these platforms grow, we’ll see increased demand for trading these assets and a need for non-custodial trading solutions that support these networks.

Attempts of Further Growth

It goes without saying that both Binance Smart Chain and Polkadot have gained serious popularity, offering an alternative to Ethereum’s network, which was troubled with congestion and high fees as the DeFi boom was at its peak.

IDEX hopes to bring its technology to emerging smart contract platforms. Through its Multiverse, the decentralized exchange aims to become a one-stop app for trading crypto assets on a range of different blockchains through a unified and secure platform.

All of its infrastructure, including its layer-2 system, will be further deployed on each layer-1 network. Independent assets will be issued on every new chain to support IDEX’s new layer2 economic model.

With this in mind, the first multi-chain IDEX tokens that are designated for Binance Smart Chain and Polkadot are IDXB and IDXP, respectively.

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Source: https://cryptopotato.com/idex-announces-multi-chain-solution-and-expands-to-polkadot-and-binance-smart-chain/

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Bithumb Temporarily Shuts Down Some Offices As Korea Faces Another Possible COVID-19 Outbreak

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South Korea’s largest cryptocurrency exchange Bithumb announced today that it is shutting down its offline offices as Korea struggles with a renewed coronavirus outbreak.

Bithumb Suspending Offline Support

Since the start of November, the country has been recording increased daily cases of COVID-19, with the number tripling in the last nine days. This has raised fears that South Korea has entered a third wave of the pandemic.

As authorities are taking measures to strengthen social distancing to curtail the spread of the virus, Bithumb said in its announcement that it intends to suspend its Seoul offline support service temporarily.

Bithumb noted that the Gangnam center office shutdown will begin on Tuesday, Nov 24, and will remain closed until further notice.

“We ask for your understanding of any inconvenience in using the service, and we will inform you of the normalization time of offline Gangnam Center operation through a separate notice,” the exchange said.

Bithumb Raided

In September, Bithumb was the headline across the crypto space. The exchange’s head office was reportedly raided three times as local authorities searched and confiscated company documents. In one of the raids, they seized dozens of shares in Bithumb Holdings belonging to Bithumb Korea Director Kim Byung-Gun.

The police accused Bithumb of fraud related to the $25.2million BXA token presale conducted by the company. Before the presale, Bithumb promised to list the token for trading after the event but failed to do so, causing investors to suffer massive losses.

Two weeks after the raids, authorities summoned Bithumb’s Chairman Lee Junh-hoon for questioning.

Bithumb For Sale?

Following the raid and probe, another report claimed that the exchange was up for sale with a price tag ranging from $430 million to $604 million. The report revealed that foreign financial investors and domestic private equity funds had shown interest.

However, Bithumb has remained quiet about the sale as well as the police investigation.

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Source: https://cryptopotato.com/bithumb-temporarily-shuts-down-some-office-as-korea-face-another-possible-covid-19-outbreak/

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IDEX Announces Multi-Chain Solution and Expands to Polkadot and Binance Smart Chain

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Published

on

The popular decentralized cryptocurrency exchange (DEX), IDEX, has announced a multi-chain solution that is intended to expand its entire infrastructure to additional blockchains, namely, Polkadot and Binance Smart Chain.

IDEX Expands to Binance Smart Chain and Polkadot

In a press release shared with CryptoPotato, IDEX has revealed its multi-chain solution. Called Multiverse, it’s intended to expand the DEX’s infrastructure, including its layer-2 scaling and staking solutions to additional blockchains.

Its first implementation is going to be deployed on Polkadot’s layer 0 and Binance Smart Chain’s layer 1. This will enable the trade of digital assets on each of the platforms. In addition, IDEX token holders will also benefit from staking options starting from November 23rd.

It’s important to note that Polkadot will be used as layer 0. This means that IDEX will use a parachain of Polkadot in order to tap into its ecosystem. An example of this is Moonbeam. Speaking on the matter was IDEX co-founder and CEO Alex Wearn, who said:

In the past year, we’ve seen several new smart contract platforms emerge, each with a unique set of capabilities and assets. As these platforms grow, we’ll see increased demand for trading these assets and a need for non-custodial trading solutions that support these networks.

Attempts of Further Growth

It goes without saying that both Binance Smart Chain and Polkadot have gained serious popularity, offering an alternative to Ethereum’s network, which was troubled with congestion and high fees as the DeFi boom was at its peak.

IDEX hopes to bring its technology to emerging smart contract platforms. Through its Multiverse, the decentralized exchange aims to become a one-stop app for trading crypto assets on a range of different blockchains through a unified and secure platform.

All of its infrastructure, including its layer-2 system, will be further deployed on each layer-1 network. Independent assets will be issued on every new chain to support IDEX’s new layer2 economic model.

With this in mind, the first multi-chain IDEX tokens that are designated for Binance Smart Chain and Polkadot are IDXB and IDXP, respectively.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/idex-announces-multi-chain-solution-and-expands-to-polkadot-and-binance-smart-chain/

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