Mike Novogratz: Visa and Mastercard to Follow PayPal in Crypto Adoption

After PayPal announced the start of support for Bitcoin and a number of other cryptocurrencies, giants such as Visa, Mastercard and American Express will follow in the future. This view was expressed in an interview with Bloomberg by Galaxy Investment CEO Mike Novogratz.

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According to him, Visa and Mastercard could give merchants that work with them access to cryptocurrencies, including stablecoins, within a year.

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“The question is no longer whether cryptocurrencies are of interest, whether Bitcoin is an asset, or whether blockchain will become part of the financial infrastructure. The question is not whether this will happen, but when it will happen. Every single company must have its own plan,” said Novogratz.

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However, when it comes to Bitcoin, Novogratz sees it as a store of value and is skeptical that the first cryptocurrency will gain wide adoption as a means of payment.

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“I don’t think this will happen in the next five years. Bitcoin is used as a store of value. Therefore, like gold, as digital gold, it will simply continue to rise. More and more people will want to include it in their portfolios,” added Novogratz.

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PayPal announced the launch of a feature to buy, sell and hold Bitcoin, Bitcoin Cash, Ethereum and Litecoin on Wednesday, 21 October. The company expects the new feature to spur global use of cryptocurrencies and prepare the network for central bank digital currencies.

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Later reports emerged that, in order to broaden its product line, PayPal is considering options to acquire cryptocurrency companies. Among them is the processing and custody service BitGo.

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