Casares, an Argentinean entrepreneur, famously known as bitcoin’s “patient zero” for arousing Silicon Valley’s interest in the cryptocurrency back in 2014, called bitcoin an “Intellectual experiment” that may take may take at least seven more years to prove successful.
The CEO noted that the current stage of bitcoin’s growth is similar to the early stages of the internet in the 90s and that anything could happen.
“We are in the equivalent of 1992 for the internet,” argued Casares, noting that “It may work, it might not work,” and if it works, then bitcoin may go on to become two things; a global standard of value and a global standard of settlement.
“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,” Casares further explained.
Bitcoin Will Not Replace National Currencies
However, he stated that the cryptocurrency would not replace fiat currencies because it “doesn’t make sense,” while concluding that it is “nonsensical” for people to think that the blockchain can “change an asset that already derives its value from a central authority.”
Xapo is a reputable company in the crypto industry with underground vaults in five continents in the world with about $10 billion worth of bitcoin reportedly held in the bunkers.
Casares believes in bitcoin and once predicted that the price of the cryptocurrency will go as high as “$1 million in 5 to 10 years.”Never miss out on our daily crypto news, stories, tips, and price analysis. Join us on Twitter | Telegram | Facebook or subscribe to our weekly Newsletter.