CEO of Bitcoin startup Xapo Wences Casares Hopes Future is in Developing World

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CEO of Bitcoin startup Xapo Wences Casares Hopes Future is in Developing World
CEO of Bitcoin startup Xapo Wences Casares Hopes Future is in Developing World

CEO of Bitcoin startup Xapo Wences Casares Hopes Future is in Developing World

Developing nations have a lot of scope for digital currencies, says Wences Casares, the CEO of Bitcoin startup Xapo. Earlier ForexMinute reported one of his statements that one Bitcoin will be worth one million dollars in the next couple of years. From his various statements it looks like the Xapo CEO is over enthusiastic about the digital currency.

Casares Wences had then said that the lack of appreciation on the part of Bitcoin bulls in the US had been detrimental to the digital currency and for that he had cited the example of his home country Argentina wherein according to him the fluctuation had led to trouble. He had also said that emerging markets were prone to wild currency fluctuations.

Now, from his statement that developing countries are the one that may give boost to the digital currency is being taken seriously as his predictions are often wild seemed to be logical? He also holds trust from hundreds of investors who poured in funds for his startup company Xapo as they hope that he will give them better returns.

His vision has influenced investors in Silicon Valley and prompted them to pour in money into his Bitcoin startup. In his message Wences Casares, founder and CEO of Bitcoin startup Xapo, said that developing nations hold the key for Bitcoin. He was putting his opinion at a WSJ.D event Tuesday night.

His company Xapo has raised $20 million from venture-capital firms, offers underground vaults for people to store Bitcoins and a “wallet” to facilitate transactions. He believes that Bitcoin is receiving investors of two kinds; one are in developing countries who are looking for a safe and secure investment in Bitcoin.

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The other according to Wences Casares is the investors in developed economies that are into speculation and profiting. His opinion about the failure of major Bitcoin exchange Mt. Gox is that this is temporary and won’t last long. He hopes that there’s a better than 50% chance that within 20 years Bitcoin will become the new gold standard.

According to Wences Casares central banks around the world will use Bitcoin for reserves. He clears that Americans can’t see this because he feels that they suffer from “prosperity blindness,” living in a country that has long had a stable currency.

According to him fifty years from now, the world will realize that whatever the government thought and did about Bitcoin is about as relevant as what the postmaster general did about email.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com