Wences Casares, the founder of Bitcoin wallet startup Xapo, said that Bitcoin might take years to be successful. Speaking in an interview with Bloomberg on Oct. 29 2018, Casares referred to Bitcoin as an intellectual experiment that could take several years to prove successful. Casares was uncharacteristically uncertain on the prospects of Bitcoin and said:
“It may work, it might not work,”
Casares affirmed that Bitcoin is in its formative stages by saying that “we are in the equivalent of 1992 for the Internet.” Optimistically, he intimated that the cryptocurrency has higher chances of success than failure.
Additionally, Casares projected that it would take at least seven years to determine the success of Bitcoin. Further, he predicted that the success of Bitcoin after the period would make it a non-political gold standard of value. He stated:
“We need a nonpolitical standard of value, and we don’t have one. So a world in which we [see it] is a world [in which] when you ask for the price of Turkish lira, you get a price in bits, when you ask for the price of a barrel of oil, you get a price in bits, when as for the price of the U.S. dollar you get a price in bits.”
Not a Replacement for Fiat
Previously, Casares has categorically forecast the price of Bitcoin (BTC) to rise to $1 million in the next ten years. Interestingly, he still maintains his bullish prediction. Despite his optimistic outlook for Bitcoin (BTC), Casares does not believe that the cryptocurrency will eventually replace fiat currency. In his own words, “it does not make sense.”
He further argued that the idea that a blockchain “can change an asset that already derives its value from a central authority […] it’s really nonsensical and does not make any sense.”
Bitcoin Blockchain Preferred
On the subject of the blockchain, Casares predicted in January that eventually there would be a single “robust” blockchain that will move value globally. According to him, Blockchain’s future lies in the cooperation around a singular, robust blockchain. Moreover, he believes that the Bitcoin blockchain will be the most likely to be the preferred option.
Argentina- born Casares has been a cryptocurrency enthusiast since the beginning of Bitcoin (BTC). He started Xapo in 2014 to provide a Bitcoin wallet combined with cold storage and a Bitcoin (BTC)-based debit card. His enthusiasm and role as a catalyst for Silicon Valley’s interest in Bitcoin gave him the name “patient zero.”
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