The world’s largest crypto investment firm Michael Sonnenshein, CEO of Grayscale InvestmentsBitcoin, the issuance of a digital dollar by America’s central bank (BTC) claimed it would benefit.
Sonnenshein stated in a recent interview with him that he believes not only Bitcoin, but also other cryptocurrencies will benefit from this.
Sonnenshein also PayPal He said that payment platforms like Bitcoin and other cryptocurrencies are starting to shift gears to offer customers decentralized protocols with Bitcoin and other cryptocurrencies.
We believe the emergence of a digital dollar or a federally backed digital asset will generate a tailwind for investors. Companies like PayPal and others are incorporating decentralized protocols like Bitcoin and others into their business models.
Sonnenshein’s comment came in response to a comment by Andrew Sorkin that claimed a Fed-backed digital dollar would put companies like PayPal out of business.
According to NSorkin, this will not encourage customers to use PayPal on digital dollars. This, in turn, can reduce the margins of the old to zero. But Sonnenshein argues the opposite.
“Digital Dollar Will Work For Both Bitcoin And Paypal!”
The famous CEO recalled that PayPal is a driving force for Bitcoin adoption by launching crypto wallets for users in October 2020. And he stated that a digital dollar would be good for both Bitcoin and PayPal.