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Everyone should have a little bitcoin in their portfolios: Paxos CEO

joining me now is charles cascarilla the cofounder and ceo of paxos the cryptocurrency partner for paypal charles it's great to have...

Everyone should have a little bitcoin in their portfolios: Paxos CEO

joining me now is charles cascarilla the cofounder and ceo of paxos the cryptocurrency partner for paypal charles it’s great to have you and um listen i imply should i let’s say i just i’m somebody who’s pension fund has now you know a half a percentage or one percent allocation to bitcoin should “i shouldve been” i be comfortable with that well i entail looking i think having a small allocation of bitcoin is something almost everybody should have um you know but at the same time it’s really thinking of it as a call option the point of owning gold uh is why you want to have a store of value the degree of owning bitcoin is that it could become gold and so we don’t know exactly if that’s going to happen if possible might not but on the other hand it’s been around now for 12 years it’s lived through a lot of turmoil a lot of tests it’s the best instance “were having” of digital gold and what we’ve seen through cobit is that people’s lives are more and more digital they’re online they need to have a digital store of value and just as importantly uh everyone has seen what’s going on with the federal reserve balance sheet and people are looking for styles in which they can protect their resources and so bitcoin is an example of one room to do that absolutely charles although it’s interesting to me that in some ways it’s it’s quite simply the herd mentality where people realize okay there’s going to be 21 million of them uh legislation miller made this great detail he said there’s 47 million millionaires in the world and there’s only going to be 21 million bitcoin so in other words if every millionaire on the planet just wanted one they couldn’t get it there’s not enough so you know it’s just a herd thing where everybody recognizes oh okay this is going to be the thing to own and so we all better own it and from that point of view the sky’s the limit isn’t it well i signify sound you know that’s certainly one channel in which the cost goes up uh you get a lot of parties buying something that has a finite extent but on the other hand there is some fundamental uh relevance to what’s going on now which is that there is a need for store value there’s a need for an a purely digital accumulation of value and that’s what bitcoin represents and so there’s of course other um directions that could be used to happen and it doesn’t need to necessarily be bitcoin but so far nothing has come along that’s better and so this is a real chance to own something at the early stages of a translation and really you’re going now from an early adopter community to the mainstream and i think that’s partly what paypal enabling us for their customers is is drawing to glowing there’s maybe 40 or 50 million people that were involved in the bitcoin ecosystem uh up until now and instead we’re going to go to something that looks like billions of people over the next year that’s a huge shift shepard smith now thanks for watching cnbc on youtube

Charles Cascarilla, Paxos CEO and co-founder, says everyone should have a little bit of bitcoin in their portfolios. The bitcoin ecosystem has grown and it could turn into gold. He joins ‘Halftime’ to discuss the recent surge in the cryptocurrency. Subscribe to CNBC PRO for access to investor and analyst insights on bitcoin and more: https://cnb.cx/2BT2E7y

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The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast

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Written by Alex Sander Leonardo
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