Even though the cryptocurrency markets have been moving sideways and seen under selling pressure, it is still not deterring some of the cryptocurrency enthusiasts to believe in the bright future of virtual digital currencies.
Bitcoin, which has corrected by almost 50% from its peak over the period of last one month still remains as one of the hot picks. Wences Casares – a serial entrepreneur and bitcoin pioneer, while recently talking to PayPal CEO Dan Schulman, expressed optimism about the future of Bitcoin.
Casares said that blockchain technology and Bitcoin have managed to swiftly grab people’s attention as many of them view it as an “interesting experiment”. He further added that “If it works out, it could change the world more than the internet changed it.”
However, on the other hand, Casares prefers to stay a bit neutral and says that given the extremely volatile nature of Bitcoin, “it could also fail”. But he still is optimistic about the Bitcoin story and says that the odds of survival outweigh the chances of failure, giving the latter a 20% chance.
He also asks investors to be smart enough while investing in crypto instruments and advice investors to not borrow beyond limits which they can’t afford to lose. Casares says that for investors to witness the fruits of this experiments, they would have to patiently wait for five years to a decade.
While remaining optimistic and thinking about the future, Casares said that if the experiments turn out to successful this could mean some “concrete economic consequences.” Here further said: “one bitcoin is going to be worth $1 million. So, most of the world is going to wish they had bought it at $14,000 or $20,000.”
Casares is a prominent figure in the world of cryptocurrency investing. The serial entrepreneur has launched several startups across the United States and South America. One of his most famous startups is the bitcoin wallet Xapo. Casares also sits on the board team of PayPal.
Being a hardcore believer in Bitcoin, Casares has pledged the rest of his career and reputation risking and betting on this cryptocurrency experiment. He believes that if this turns out to be successful, we can have a much better future ahead.
Casares says that people who believe in the blockchain technology but not Bitcoin are really “ignorant of how the system works”. He further said that “Blockchain doesn’t exist without bitcoin.If you were to remove the bitcoin, miners would disappear and so would the blockchain.”
Casares is not the only one to be so optimistic about the future of Bitcoin. Many other analysts have predicted a bring future. For e.g. Winklevoss twin brothers who made a billion-dollar fortune by investing in Bitcoin since 2013.