With Bitcoin managing to stay above the $5,000 level over the weekend, there are plenty of people who remain cautious about the chances for the digital currency’s chance of success. However, at least one PayPal board member recently outlined his chances that Bitcoin will succeed or fail. He also mentioned its potential to surge quite a bit in value should it succeed.
As reported by NewsBTC on Sunday (Apr. 14), Xapo CEO Wences Casares believes there’s at least a 50 percent chance that Bitcoin will succeed. His company Xapo is amongst the largest cryptocurrency custodian solutions. Casares is also a member of the PayPal board. Casares believes that should BTC succeed, it also could surge as much as 250 times in terms of its value.
Casares made his case for the digital asset in a recent Kana and Katana blog post he wrote. He argued that most portfolios need to have as much as 1 percent of their holdings in Bitcoin. He argued that Bitcoin has “10 years of working well without interruption,” and adds 1 million new holders per month. In addition, there’s over “$1 billion per day worldwide” in Bitcoin transactions.
Although he gave the digital asset at least a 50 percent chance of success, he said its chance for failure is around 20 percent. He referenced Bitcoin as “a fascinating experiment,” contending that since it’s still an experiment it could ultimately fail and become worthless.
While Bitcoin carries that bit of risk, it has the potential for a high reward for those who are holding it in the future. Casares suggested BTC “may be worth more than $1 million in 7 to 10 years.” That would certainly surge past BTC’s previous all-time highs around the $20,000 level experienced in late 2017.
The digital asset experienced quite the fall from those levels, hitting a low of just over $3,100 in mid-December of 2018. As of this report, Bitcoin was trading at just over $5,150, per the Coinbase exchange, an increase of over $70 in the past 24 hours of trading.
