Andy Edstrom, Bitcoin author, thinks that PayPal may soon go full BTC.
Mike Novogratz, CEO of Galaxy Digital, agrees.
Square’s shares have outperformed PayPal’s shares.
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Square, Jack Dorsey’s payment company, was the first to take an interest in Bitcoin. Not only has Square enabled payment in Bitcoin on its Cash application, but the company recently announced that it was buying $50 million worth of BTC for its treasury. Dorsey’s company has thus left its competitor PayPal in the dust when it comes to Bitcoin.
Andy Edstrom, author of „Why Buy Bitcoin“ and wealth manager at WESCAP, pointed out this dynamic via Twitter, saying that Square’s shares have crushed PayPal’s shares. He pointed out that a key difference between the two companies is Square’s decision to adopt BTC.
Mr. Edstrom, who also describes himself as a „hard money enthusiast“, noted that blockbuster Wences Casares, who was appointed to PayPal’s board of directors in 2016, is no longer listed on the company’s website as a member. If he is no longer a member of the board of directors, according to Edstrom, this could be a revealing fact. He noted :
This is the same pattern of facts as when David Marcus left the Coinbase board because of a conflict of interest. Facebook was on the verge of launching a cryptomyny that could compete with Coinbase. Wences still has Xapo and could therefore be considered a competitor to PayPal once the latter launches the #Bitcoin product.
Square’s actions will overwrite those of PayPal. Square uses #Bitcoin. Not PayPal. Wences seems to have left the PayPal forum (he is absent from the forum list of the site). A #Bitcoin service from PayPal imminent ?
Below is a comparison of the performance of Square’s shares against those of PayPal over the last three months.
„Read in the crystal ball“
Mike Novogratz, CEO of Galaxy Digital, also attended the event. He supported the theory and suggested that not only is the switch from PayPal to Bitcoin imminent, but that it will be „the biggest news for the BTC in 2020“ in what has already been a major news cycle for cryptography.
It’s on its way, and it will be the biggest news for the $BTC in 2020. This year has been a year of big news. This is simply my reading of a crystal ball.
PayPal and Bitcoin
PayPal is not completely foreign to Bitcoin. They have already set up partnerships with cryptographic exchanges such as Coinbase, in which users can make instant withdrawals. But Square is light years ahead of the game, as Bitcoin’s sales have fueled sales of its Cash application, quarter after quarter.