Xapo CEO: BTC could reach $1 million - "irresponsible" to not invest

14 Apr, 2019
by David Robb
Bitcoin
Xapo CEO: BTC could reach $1 million - irresponsible to not invest

The head of a leading BTC wallet company recently published an essay where he gave his thoughts on Bitcoin (BTC)'s future. Although he was wary of its risks, Xapo CEO Wences Casares claimed that it would be "irresponsible" for major portfolios not to have exposure to the leading crypto. 

According to Casares, Bitcoin "still has a chance of failing and becoming worthless...the chances of Bitcoin failing are at least 20%. But after 10 years of working well without interruption...it has a good chance of succeeding...those chances of succeeding are at least 50%".

The Xapo CEO believes that BTC could one day be worth $1 million, and these gains are something that major investors cannot afford to miss out on. He urges caution, claiming that "a $10 million portfolio should invest at most $100,000 in Bitcoin", but insists that not investing at all is as much of a risk as investing over 1% in the crypto.

Read more: Is Bitcoin at $1 million really possible?

Casares also claims that after "10 years of Bitcoin working well without interruption more concerning than a complete failure is a scenario where Bitcoin does not fail but it becomes irrelevant", much like BitTorrent became irrelevant in the wake of Netflix and other streaming sites. He puts the odds of this happening at around 30%.

As for any specific predictions about how BTC's price will change in the upcoming years, Casares insists that "it is likely that the price will do another 6...rallies over the next 7 to 10 years. Anyone who tells you that they know what the price of Bitcoin will be next week, much less next year is either ignorant or outright lying to you".

Read more: 5 ways Fidelity and Bakkt could change cryptocurrency in 2019

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Read more about:Bitcoin (BTC)

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