The CEO of Xapo and Director at PayPal, Wences Casares has predicted that Bitcoin (BTC) has a huge possibility of reaching $1 million in price within 7 to 10 years. Casares’ opinion was revealed in an article published on Kana and Katana when bitcoin price was $4,000. He noted that if the pioneering cryptocurrency eventually succeeds, then everyone should expect Bitcoin price to trade at around $1 million within the next decade.
Wences Casares identified the risks involved in investing in an emerging asset like BTC, noting that it will be irresponsible for any investor at this stage to invest what he cannot afford to lose in BTC. In the same breath, he also emphasized how irresponsible it would be for any reasonable investor to not have any exposure to Bitcoin.
After 10 years of existence as a decentralized entity sustained by miners, node operators, users and developers, a lot of people already see Bitcoin as a success. Many enthusiasts share the opinion that the disruptive nature of Bitcoin will go as far as replacing existing reserve currencies like the US dollar.
Wences Casares shares a different opinion to this line of thought. While he sees a huge chance of Bitcoin succeeding and going mainstream, he believes that instead of replacing existing systems and reserve currencies, Bitcoin will operate on top of them, or alongside 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,” Wences Casares was quoted as saying.
The pioneer cryptocurrency is already serving in this capacity as an alternative currency in regions with unstable national currencies, or regions where financial services are inefficient and expensive.
Many countries in Africa with a high rate of migration are seeing a lot of activity around BTC. Most of the citizens in these countries are adopting it as a remittance vehicle to receive money from family members who are based abroad. Even individual businesses that are involved in international transactions are rapidly adopting BTC.
As personal investment advice, Wences Casares suggest a 1% risk exposure for portfolios that are investing in Bitcoin. Hence, a $10 million portfolio should invest $100,000 for appropriate risk management.
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