Connect with us

Hi, what are you looking for?

ELEVENEWS

Cryptocurrency

Cryptocurrency Market Update: “You are gonna see Bitcoin at $14,000 and $20,000” – Mike Novogratz

  • Mike Novogratz, the CEO of Galaxy Digital believes Bitcoin is heading for $10,000, $14,000 then $20,000.
  • PayPal and Venmo could soon allow users to buy and sell cryptocurrencies.

Bitcoin price made a surprise but delicate move towards $10,000 on Monday. Although the largest crypto stalled before hitting the jackpot, it has made tremendous progress from June lows around $8,900.

Mike Novogratz, the CEO of Galaxy Digital, in a recent interview with CNBC’s Kelly Evans, doubled down on his $20,000 prediction for Bitcoin again. Novogratz said that it was going to be a surprise if “we don’t take on $10,000.” He added, “after that, you are gonna see $14,000 and $20,000.

According to the hedge fund guru, Bitcoin is unlikely to take off as a payment currency. However, it will continue to function as the precious metal, gold. Novogratz also talked about China’s effort in developing a digital currency that will have the backing of several Asian fiat currencies. He also urged the United States government to look into similar projects in order to avoid falling behind countries such as China.

PayPal and Venmo eye Bitcoin and cryptocurrency

According to a report published on CoinDesk, PayPal, a leading payments network is looking forward to commencing buying and selling of cryptocurrencies. The article on CoinDesk quoted “well-placed” but unnamed sources who said that PayPal and Venmo users will have dedicated access to an inbuilt wallet from where they will be able to send, store and transact in cryptocurrency assets. It is likely that the first asset to be supported will be Bitcoin.

The news regarding the trading services is in line with PayPal’s hunt for blockchain expertise. Two job listings by PayPal are looking to hire two blockchain cryptocurrency engineers. According to a statement made in January by PayPal’s CTO Sri Shivananda:

The company wanted its own “perspective and view on [blockchain] technology itself to see how it can help us contribute to the concept of creating an open digital payments platform that can serve everyone.

News Source

Advertisement

Copyright © 2020 Elevenews