PayPal Director Makes Spectacular Statement About Bitcoin

Written by

Dylan B

Cryptocurrency Writer

Published Nov 23, 2023 at 4:33 PM
Last updated Feb 23, 2024 at 9:25 AM

Xapo CEO and director at PayPal, Wences Casares, recently made some spectacular claims about the potential price of Bitcoin in the future in an essay that was published in Kana and Katana, stating: “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).

While Casares believes that Bitcoin has its risks and that investors should invest their money responsibly, he believes it would be irresponsible to pass up such an investment opportunity like that presented by Bitcoin.

Casares states that Bitcoin is already a thriving digital currency that still has the potential to succeed and grow, not as a currency that would replace fiat currency at a national level but perhaps as supranational currency that is recognized globally and is used on top of traditional currency and acts as a non-political standard of settlement and value. This type of success can already be seen in impoverished countries where people can use Bitcoin and altcoins as a way to accumulate wealth and accept payments from all over the world quickly and without high fees.

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He also made some suggestions regarding how much money should be invested in crypto, providing investors with the following advice:

I suggest that a $10 million portfolio should invest at most $100,000 in Bitcoin (up to 1% but not more as the risk of losing this investment is high). If Bitcoin fails, this portfolio will lose at most $100,000 or 1% of its value over 3 to 5 years, which most portfolios can bear. But if Bitcoin succeeds, in 7 to 10 years those $100,000 may be worth more than $25 million, more than twice the value of the entire initial portfolio.

Besides the clear indication of his faith in Bitcoin above, Casares believes that increasing adoption and large market capitalization proves that Bitcoin has a great shot at success.