PayPal director: Bitcoin may be worth more than $1 million in 7 - 10 years

14 Apr, 2019 | Updated: 14 Apr, 2019
by Richard Allen
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PayPal director: Bitcoin may be worth more than $1 million in 7 - 10 years

In an essay published on Kana and Katana, a research platform run by Ikigai Asset Management, Xapo chief executive Wences Casares said that Bitcoin may be worth more than $1 million within seven to ten 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 250 times what it is worth today (at the time of writing the price of Bitcoin is ~ $4,000),” Casares wrote.

Casares, also a director at PayPal, stated that investing in an emerging asset like Bitcoin poses its share of risks, and calls for investors to remain responsible with their money and only invest what they can afford to lose. With that said, he did emphasize the irresponsibility of having absolutely no exposure to Bitcoin.

Casares adds that if Bitcoin succeeds, it won’t replace reserve currencies like the US dollar but instead would operate either on top of or alongside reserve currencies, serving 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.

Read more: Tom Lee: Bitcoin will top $10,000 in 2019

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