cryptodailytrading.com

PayPal's Wences Casares Predicts That Bitcoin Could Reach $1 Mln. Here’s How and When It’s Possible

  • Alex Morris
    📰 News

    Even if the possibility of Bitcoin’s price reaching $1 mln seems very slim, its disruptive potential shouldn’t be underestimated
     


PayPal's Wences Casares Predicts That Bitcoin Could Reach $1 Mln. Here’s How and When It’s Possible
You may also like:
Contents

If you still do not own Bitcoin, PayPal board member and Xapo CEO Wences Casares thinks that you are irresponsible. In his recent essay, Casares voiced an extremely bullish Bitcoin prediction, claiming that the coin could touch $1 mln in ten years.

👉MUST READ Blockchain History: From Ancient Fei Stones to Disruptive Technology That Underpins Bitcoin and Other Cryptocurrencies
Blockchain History: From Ancient Fei Stones to Disruptive Technology That Underpins Bitcoin and Other Cryptocurrencies

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 – Satoshi’s creation celebrated its 10th anniversary despite the fact that the number of its obituaries 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:

“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.


👉MUST READ When Will Bitcoin Be the New Standard in Finance? — Longer Than You’d Think
When Will Bitcoin Be the New Standard in Finance? — Longer Than You’d Think

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 not the first person 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.

“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.”
 

Cover image via u.today
The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.
👓 Recommended articles

Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak

  • Alex Morris
    📰 News

    Binance Coin is so far the second cryptocurrency (after EOS) that managed to rebound after January 2018's drawdown


Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak
You may also like:
Contents

After surging by more than 14 percent over the last 24 hours, Binance Coin has managed to surpass its previous ATH that was recorded during the peak of the bull market in January 2018, according to the data provided by CoinMarketCap (CMC). The historic rally was triggered by numerous recent developments inside the exchange’s ecosystem.  

Binance Coin, CoinMarketCap
Binance Coin continues to register double-digit gains, image by CoinMarketCap

👉MUST READ Custom Blockchain Could Create Legal Problems for Binance. Will BNB Tokens be Classified as Securities?
Custom Blockchain Could Create Legal Problems for Binance. Will BNB Tokens be Classified as Securities?

BNB makes history

At the time of writing this article, the price of the BNB token is at $24.65, rising above its previous ATH of $24.46 that was recorded on Jan. 12. Hence, Binance Coin, the seventh largest cryptocurrency by market capitalization, becomes only the second asset to reach a new price peak after the crash of the speculation-driven bull market. EOS, which is sitting one spot above BNB on CMC, achieved a similar feat in May 2018.

‘Binance Coin is outpacing the overall crypto market. While Bitcoin is off 75% from its all-time-high, Binance Coin has recovered. There is fundamental growth and synergy taking place that is contributing to the rising price of Binance Coin,’ says BitBull Capital CEO Joe DiPasquale.

👉MUST READ Binance Calls for Notre Dame Restoration Donations, Crypto Community Turns Its Back
Binance Calls for Notre Dame Restoration Donations, Crypto Community Turns Its Back

Pumping other coins

On Apr. 18, Binance launched the mainnet of its custom Blockchain Binance Chain. The migration of BNB tokens from Ethereum to Binance Chain is scheduled to take place on Apr. 23. This is going to be the second largest token swap in history.

Binance, which is now completed with Ethereum, has already on-boarded some Blockchain projects, including Mithril (MITH) that experienced a 70 percent price pump after its launch on Binance Chain.

Cover image via
Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!
👓 Recommended articles