Seeking Alpha
2020-10-21 15:17:35

'Rubicon crossed,' says Novogratz as Bitcoin eyes $13K following PayPal news

"This PayPal news is the biggest news of the year in crypto," tweets Mike Novogratz. "All banks will now be on a race to service crypto. We have crossed the rubicon people. Exciting day."That Novogratz believes this is the biggest news of the year carries some significance, given this year has also included Microstrategy ([[MSTR]] +6.4%) and Square deciding to hold a portion of their treasury assets in Bitcoin (BTC-USD).Ryan Selkis notes PayPal has 346M users, 26M merchants, and would be the country's 20th-largest bank (were it a bank). Between PayPal, Square, and Grayscale (GBTC), says Selkis, "it's safe to assume that all remaining BTC will be hoovered up by public companies."Outside of the U.S., U.K.-listed fintech player Mode Global Holdings today announced plans to move as much as 10% of its treasury assets into cryptocurrency. Executive Chairman Jonathan Rowland: "Faced with the challenges of COVID-19 and with U.K. interest

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