Seminal cryptocurrency may take years to prove successful, says Patient Zero Wences Casares

In an interview with Bloomberg, Xapo founder Wences Casares stated that “Bitcoin is an intelligent research that might take years to prove successful if it does at all and it could be several years before it proves successful. It might work, it may not work,” noting that Bitcoin is in its initial stages and that we are in the same of 1992 for the Internet. Though, Casares recommended that the prospect of achievement is still larger than its disappointment.

He believes that Bitcoin can be positive if it develops a worldwide customary system of value and payment. While it’s improbable to substitute national currencies, it could signify a worldwide standard of price, he said.

Casares raised up in Patagonia, Argentina, clarified at the time of the interview that he had seen his family lose the whole thing three times during his childhood due to investment failures and hyperinflation. He, like numerous technology experts, associated the creation of Blockchain technology to the formation of the Internet in terms of its state-of-the-art potential.

Casares stated:

“We need a nonpolitical standard of value and we don’t have one. So a world in which we [see it] is a world [in which] when you ask for the price of Turkish lira, you get a price in bits, when you ask for the price of a barrel of oil, you get a price in bits, when as for the price of the U.S. dollar you get a price in bits.”.

In the year 2017 Casares had forecasted that the value of Bitcoin would finally reach $1 mln. During the Jan. 12 interviews, Casares said the same thing about the similar prediction, but in an improved form, calling Bitcoin and crypto in over-all a “thought-provoking experiment” and predicting BTC’s $1 mln price if that experimentation must prosper. According to Casares, the future of crypto lies in the collaboration around an extraordinary, tough Blockchain, and in his opinion, Bitcoin’s is the most likely to be the Blockchain of high-quality.

He further stated that “There is a huge incentive to have one very, very robust blockchain. At least for any process that, in the end, will be moving value of any kind […] There may be other use cases that do not entail value that may merit a different blockchain, but in terms of value, it’s most likely, in my opinion, that we’re going to have one. And right now, the most likely one seems to be the Bitcoin blockchain.”

Casares predicted that it will take at least seven years to regulate whether BTC is fruitful, and if it does, BTC will develop a non-political worldwide standard of worth and payment. Particularly, the Bitcoin supporter stated that it will not replace fiat currencies as “it does not make any meaning.” He added that the awareness that a blockchain can “alter the idea of an asset, that already originates its value from a dominant authority it’s really ridiculous and does not have sense.”

Casares has earlier announced his dream of BTC becoming an apolitical standard of value. Last year Casares predicted that the price of BTC “will hit $1 million in 5–10 years.”