PayPal Director Says One Bitcoin Could Exceed $1 Million in 7 -10 Years
Xapo CEO Wences Casares in an essay published on Kana and Katana last month, a research platform run by Ikigai Asset Management, said bitcoin may be worth more than $1 million in 7 to 10 years.
Casares wrote: “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 250 times what it is worth today (at the time of writing the price of Bitcoin is ~ $4,000),”
According to Casares, a director at PayPal, 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. He however emphasized that it would be almost as irresponsible to not have any exposure to BTC at all.
An 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.
He said: “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,”