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Although bitcoin (BTC) and other encrypted currencies can in many ways compete with PayPal, a board member recently explained why he envisioned the future of cryptocurrency. , arguing in particular that it was likely Bitcoin succeeds and spurs widespread adoption over the next decade.
Wences Casares, CEO Xapo – one of the largest providers of cryptocurrency – and a member of the PayPal board, presented this extremely optimistic case for Bitcoin in a recent blog post, pointing out that its value could increase 250 times in the future.
Casares: Bitcoin (BTC) has at least a 50% chance of succeeding
Casares, who has expressed his support for Bitcoin and crypto markets in the past, explained what he thought of fledgling technology in a recently published article on the Kana and Katana blog, explaining why portfolios should affect up to 1% of their holdings in Bitcoin.
In this article, he points out that the increasing adoption, the constant influx of new investors and the sharp increase in the volume of transactions since its inception are just a few reasons why the digital asset has at least 50% chance of succeeding
"After 10 years of uninterrupted work, with over 60 million incumbents, more than 1 million new incumbents per month and more than $ 1 billion a day worldwide, he has a good chance of succeeding. In my opinion (subjective), these chances of success are at least 50%, "he explained.
Despite this, Casares also explained that, despite the strong foundation that surround Bitcoin, he believes that the risks of failure are at least 20%.
"Bitcoin is a fascinating experience but it's still just that: an experience. As such, it still has a chance to fail and lose all value. According to my opinion (subjective), the chances of Bitcoin 's failure are at least 20%, "he said.
If bitcoin succeeds, its value could reach $ 1 million
Although it remains clear in his assessment that Bitcoin is still in an experimental phase and therefore remains a significant risk to invest in it, Casares also notes that if cryptocurrency succeeds and reaches its full potential, its value can increase, bringing the price of each BTC to over a million dollars over the next decade.
"In my opinion (subjective), these chances of success are at least 50%. If Bitcoin succeeds, 1 Bitcoin can be worth over a million dollars in 7 to 10 years, "he said.
Given this analysis and Bitcoin's considerable potential for widespread adoption and rising value, investors in crisis may comfort themselves with the strong possibility that BTC will one day exceed its highest of all. time.
Selected image of Shutterstock.
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