Value of One Bitcoin May Reach One Million Dollars, Says CEO of Xapo

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Value of One Bitcoin May Reach One Million Dollars, Says CEO of Xapo
Value of One Bitcoin May Reach One Million Dollars, Says CEO of Xapo

Value of One Bitcoin May Reach One Million Dollars, Says CEO of Xapo

Wences Casares’ Twitter handle says he is a ‘Bitcoin Fan Boy’ and after reading his several tweets it looks he is one huge fan and follower of anything Bitcoin, undoubtedly. However, he is in the news not just for his appreciation for the digital currency but for something that every Bitcoin supporter thinks is implausible.

Mr. Casares who co-founded and is the CEO of Xapo, a Bitcoin startup, says that the real value of Bitcoin may go up to one million dollars. This has though surprised many; it is quite possible if he is to be believed. His company provides insured Bitcoin vaults, has emerged as a leading name in the industry. Recently, he raised $20 million in a funding round led by Benchmark.

The CEO put his views forward in a conversation with WSJ’s Evelyn Rusli wherein he stated that there is huge potential for investors in Bitcoin. He also talked about the growth prospects and solutions to foreign currency exchange. Being a digital currency fan, he showed his concern about the Bitcoin bulls in the US who are not fully appreciating the value of the digital currency.

Mr. Casares says that the lack of appreciation on the part of Bitcoin bulls in the US has been detrimental to the digital currency. He cited the example of his home country Argentina wherein according to him the fluctuation has led to trouble. He also said that emerging markets are prone to wild currency fluctuations.

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Though Wences Casares is not worried about Bitcoin’s own volatility hampering its adoption, he expects that there will be significant volatility over the next few years. According to his prediction, in a decade, one Bitcoin will be worth somewhere between half a million dollars to one million dollars.

Two Kinds of Investors in Bitcoin

Answering the question of who are Bitcoin investors, Mr. Casares said that there are two kinds of investors; one are in developing countries who are looking for safe and secure investment in Bitcoin. Other investors are in developed economies that are into speculation and profiting, these investors according to him are sophisticated.

Wences Casares suggests investors that as the exchange value of Bitcoin are extremely volatile and it is going to be the same in the next couple of years, they should invest only the amount that they can afford to lose. He ended his interview with positive note that Bitcoin is maturing and its value may go up in the future.

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