Former PayPal COO David Sacks stated that cryptocurrency is “fulfilling PayPal’s original vision” to “create ‘the new world currency,” as Bitcoin’s value surpasses PayPal’s market cap.
In an interview with CNBC, Sacks, who worked with the online payment business in its early days around the year 2000, said there were strong comparisons between the current Blockchain boom in technology and the dot-com boom of the 1990s.
“For those of us who lived through the dot-com era, this feels reminiscent. You have some of the same speculative excess and random enrichment,” Sacks told CNBC.
“But you can also feel that something revolutionary is happening. Money is being made programmable. That’s a fundamental change with implications we can still barely see.”
Bitcoin overtook PayPal” $70B market cap – with Bitcoin now being valued at $71,141,374,550 – in two days surpassing PayPal capital by $1 billion dollars with a single digital token worth $4300.07.
$BTC marketcap: $69B USD$PYPL marketcap: $70B USD
The real #flippening is almost here! pic.twitter.com/fGGCAPh3wJ
— Udi Wertheimer (@udiWertheimer) August 13, 2017
During its early years, Sacks said the plan from PayPal’s creation was to freeze out the central banking system from payments by adding features like interest and debit cards to have customers keep their money inside PayPal.
“We added features like interest and debit cards so you’d never have to withdraw funds to the legacy banking system. When we got acquired by eBay, that project kind of stopped,” David Sacks said.
He added, “But cryptocurrencies like Bitcoin are now fulfilling that original vision. They are doing it in a decentralized way (with a decentralized database called the Blockchain) where as PayPal tried to do it in a centralized way.”
Bitcoin is now moving to the world stage with developers sending it to the moon literally yesterday when they launched multiple satellites to support the pioneer cryptocurrency that is quickly and steadily being adopted by people all over the globe.