$1 million for Bitcoin in 7-10 years: CEO Xapo

Xapo CEO Wences Casares said that bitcoin may be worth more than $1 million in 7 to 10 years. “In my (subjective) opinion those chances of succeeding are at least 50%. If Bitcoin does succeed, 1 Bitcoin may be worth more than $1 million in 7 to 10 years. That is 200 times what it is worth today,” Casares wrote.

According to Casares, investing in an emerging asset like bitcoin poses risks and it would be irresponsible for an investor to invest anything more that can be lost. But, he emphasized that it would be almost as irresponsible to not have any exposure to BTC at all. A strong argument can be made that bitcoin has already succeeded. It has been operating for 10 years as a purely decentralized network of miners, node operators, users, and developers that sustain the Bitcoin blockchain protocol as a whole.

Casares said that if bitcoin succeeds, it would not replace reserve currencies like the U.S. dollar but rather operate on top of or alongside reserve currencies as an alternative. “If Bitcoin succeeds it will most likely not replace any national currency. It may be a supranational currency that exists on top of all national currencies. If Bitcoin succeeds it may be a global non-political standard of value and settlement,” he said. In regions with inefficient and expensive financial services like the Philippines, for instance, one in every ten adults are said to be utilizing cryptocurrencies such as bitcoin through exchanges and remittance applications. In consideration of the relatively high level of adoption of bitcoin globally and the rapidly rising awareness of cryptocurrencies as an emerging asset class, Casares noted that a $10 million portfolio should invest up to 1 percent in BTC.

Xapo CEO Wences Casares: One Bitcoin Could Exceed $1 Million in 7 -10 Years, CCN, Apr 15