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Contents
<ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h20">A supranational currency </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h31">Where does the money come from?</a></li></ul>
If you still do not own <a href="https://u.today/bitcoin-price-predictions-from-this-literal-clairvoyant-give-tom-lee-a-run-for-his-money">Bitcoin</a>, PayPal board member and Xapo CEO Wences Casares thinks that you are <a href="https://u.today/reuters-wanted-to-kill-our-ico-tezoss-kathleen-breitman-shares-her-take-on-major-controversy">irresponsible</a>. In his recent <a rel="nofollow" target="_blank" href="https://www.kanaandkatana.com/valuation-depot-contents/2019/4/11/the-case-for-a-small-allocation-to-bitcoin">essay</a>, Casares voiced an extremely bullish Bitcoin prediction, claiming that the coin could touch $1 mln in ten years.
<a rel="nofollow" target="_blank" href="#-history-from-ancient-fei-stones-to-disruptive-technology-that-underpins-bitcoin-and">card</a>
A supranational currency
According to Casares, it is still up in the air whether Bitcoin will manage to succeed, but he gives that nascent asset a 50 percent chance of doing so. On the other hand, some may assume that Bitcoin has already managed to succeed – <a href="https://u.today/craig-wright-the-self-proclaimed-satoshi-promises-to-swear-oath-he-is-bitcoin-inventor-thus-proving">Satoshi’s </a>creation celebrated its 10th anniversary despite the fact that the number of its <a href="https://u.today/bitcoin-obituaries-keep-rising-but-why-is-bitcoin-still-not-dead">obituaries</a> continues to rise. However, the prescient executive has more ambitious plans for Bitcoin – he expects that BTC will become a supranational currency that will coexist with traditional fiat currencies:
<blockquote>
“If Bitcoin succeeds it will most likely not replace any national currency. It may be a supranational currency that exists on top of all national currencies. If Bitcoin succeeds it may be a global non-political standard of value and settlement,” said Casares in his report.
</blockquote>
<a href="https://u.today/when-will-bitcoin-be-the-new-standard-in-finance-longer-than-youd-think">card</a>
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Where does the money come from?
Considering that at the time of writing that report, Bitcoin was trading at $4,000, the above-mentioned $1 bln prediction sounds extremely far-fetched. Not that Casares is <a href="https://u.today/john-mcafee-says-exactly-when-bitcoin-will-hit-1-mln-ibms-jesse-lund-goes-for-more-modest-forecast">not the first person</a> to predict such wild numbers (John McAfee seems 100 percent sure that Bitcoin will be a seven-figure currency), but a slew of failed 2018 price predictions left a sour taste in investors’ mouths and made them a tad more skeptical.
Casares’s prediction model is rather straightforward: he simply multiplies the number total number of users by $7,000. Hence, once at least 3 bln people own BTC, the asset’s price will touch the much-coveted $1 mln mark.
<blockquote>
“My preferred way of guessing how the price of Bitcoin may evolve is much more prosaic. I have noticed over time that the price of Bitcoin fluctuates around ~ $7,000 x how many people own bitcoins. So if that constant maintains and if 3 billion people ever own Bitcoin it would be worth ~ $21 trillion (~ $7,000 x 3 billion) or $1 million per Bitcoin.”
</blockquote>
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Contents
<ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h20">A supranational currency </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h31">Where does the money come from?</a></li></ul>
If you still do not own <a href="https://u.today/bitcoin-price-predictions-from-this-literal-clairvoyant-give-tom-lee-a-run-for-his-money">Bitcoin</a>, PayPal board member and Xapo CEO Wences Casares thinks that you are <a href="https://u.today/reuters-wanted-to-kill-our-ico-tezoss-kathleen-breitman-shares-her-take-on-major-controversy">irresponsible</a>. In his recent <a rel="nofollow" target="_blank" href="https://www.kanaandkatana.com/valuation-depot-contents/2019/4/11/the-case-for-a-small-allocation-to-bitcoin">essay</a>, Casares voiced an extremely bullish Bitcoin prediction, claiming that the coin could touch $1 mln in ten years.
<a rel="nofollow" target="_blank" href="#-history-from-ancient-fei-stones-to-disruptive-technology-that-underpins-bitcoin-and">card</a>
A supranational currency
According to Casares, it is still up in the air whether Bitcoin will manage to succeed, but he gives that nascent asset a 50 percent chance of doing so. On the other hand, some may assume that Bitcoin has already managed to succeed – <a href="https://u.today/craig-wright-the-self-proclaimed-satoshi-promises-to-swear-oath-he-is-bitcoin-inventor-thus-proving">Satoshi’s </a>creation celebrated its 10th anniversary despite the fact that the number of its <a href="https://u.today/bitcoin-obituaries-keep-rising-but-why-is-bitcoin-still-not-dead">obituaries</a> continues to rise. However, the prescient executive has more ambitious plans for Bitcoin – he expects that BTC will become a supranational currency that will coexist with traditional fiat currencies:
<blockquote>
“If Bitcoin succeeds it will most likely not replace any national currency. It may be a supranational currency that exists on top of all national currencies. If Bitcoin succeeds it may be a global non-political standard of value and settlement,” said Casares in his report.
</blockquote>
<a href="https://u.today/when-will-bitcoin-be-the-new-standard-in-finance-longer-than-youd-think">card</a>
Ads
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Where does the money come from?
Considering that at the time of writing that report, Bitcoin was trading at $4,000, the above-mentioned $1 bln prediction sounds extremely far-fetched. Not that Casares is <a href="https://u.today/john-mcafee-says-exactly-when-bitcoin-will-hit-1-mln-ibms-jesse-lund-goes-for-more-modest-forecast">not the first person</a> to predict such wild numbers (John McAfee seems 100 percent sure that Bitcoin will be a seven-figure currency), but a slew of failed 2018 price predictions left a sour taste in investors’ mouths and made them a tad more skeptical.
Casares’s prediction model is rather straightforward: he simply multiplies the number total number of users by $7,000. Hence, once at least 3 bln people own BTC, the asset’s price will touch the much-coveted $1 mln mark.
<blockquote>
“My preferred way of guessing how the price of Bitcoin may evolve is much more prosaic. I have noticed over time that the price of Bitcoin fluctuates around ~ $7,000 x how many people own bitcoins. So if that constant maintains and if 3 billion people ever own Bitcoin it would be worth ~ $21 trillion (~ $7,000 x 3 billion) or $1 million per Bitcoin.”
</blockquote>
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Denys Serhiichuk