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One Bitcoin Could Be Worth $1m in a Decade, PayPal Board Member Predicts

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A crypto wallet entrepreneur who sits on PayPal’s board believes that one Bitcoin could be worth $1m in just seven to 10 years’ time – 250 times more than its current value.

In an essay, Wences Casares predicted that the cryptocurrency has a 50% chance of succeeding. He pointed to how Bitcoin has managed to work without interruption for the best part of a decade – all while achieving daily trading volumes of $1bn and adding more than a million new users to its community every month.

Casares argues that multimillion-dollar portfolios should be investing a small proportion of their assets in Bitcoin. By dedicating 1% of holdings to cryptocurrency, the executive predicts that this would ensure funds are able to capitalize on any price growth in the future, while mitigating the impact of the coin collapsing.

He wrote:

“It would be irresponsible to have an exposure to Bitcoin that one cannot afford to lose because the risk of losing the principal is very real. But it would be almost as irresponsible to not have any exposure at all.”

Casares goes on to say that he does not believe that Bitcoin is a candidate to replace national currencies. Instead, he describes it as a “global non-political standard of value and settlement.” The entrepreneur compares this to the internationally agreed standards for weights and lengths – and expresses alarm that, in the financial world, the current global standard is the US dollar, a currency that is susceptible to economic and political pressure.

He asks:

“Could you imagine a world in which we changed the length of the meter or the weight of the kilo regularly according to political considerations?”


In a realm where Bitcoin is successful, Casares thinks that it could provide an alternative to national currencies during times of political instability and democratize cross-border payments – eliminating the current situation where the power rests with a handful of processing companies that collectively billions of dollars a month.

He writes:

“Imagine an open platform where any individual, corporation or government could settle with any other individual, corporation or government anywhere in the world, in real time and for free, 24/7 and 365 days of the year. This would do for money what the Internet did for information.”

Casares goes on to warn that there are many ways that Bitcoin could fail, writing:

“It could be taken over by a bad actor. It could be displaced by a better platform. It could be hacked. And Bitcoin can probably fail in many ways that we cannot imagine yet.”

Aside from the potential financial gains that could arise as a result of Bitcoin, Casares says that the real excitement lies in the cryptocurrency’s potential “to do for money what the internet did for information” – delivering the prospect of “unprecedented economic freedom.”

Of course, the entrepreneur does have a horse in the race given how he is the CEO of Xapo, a platform that offers a Bitcoin wallet and debit card. Nonetheless, his perspective on the coin’s potential is interesting because of his involvement in PayPal, an e-commerce giant which has skeptical about crypto’s future.

About the author

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Connor

Connor Simms is a journalist based in London who has extensive experience writing about cryptocurrency news.

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