According to one of the most famous cryptocurrency pioneers, Bitcoin Will be Worth $1 Million. Wences Cesares has shared some other insights about his Blockchain and Bitcoin outlook.
24 January, AtoZForex – The Chief Executive of PayPal, Dan Schulman, has held a discussion with one of the Bitcoin pioneers, Wences Cesares about Blockchain, Bitcoin, and Fintech in one of the Facebook interviews.
Bitcoin Will be Worth $1 Million, Says Cryptocurrency Expert
Mr. Cesares is an entrepreneur – he has launched numerous startups across the United States. One of his latest projects is Bitcoin wallet Xapo. In addition, Mr. Cesares is a member of the PayPal board. Mr. Schulman strongly believes that Cesares is one of the most respected authorities in regards to Bitcoin and Blockchain.
Mr. Schulman has noted the present Bitcoin price, which at the time of interview stood at $14,800. He has stated that it is quite possible that Bitcoin price is most likely to change as he speaks. According to Mr. Cesares, Blockchain and Bitcoin have appeared as people’s attention focus due to the fact that they see it as an “interesting experiment.” He has added:
“If it works out, it could change the world more than the internet changed it,”
Yet, he has warned that thanks to the nature of this experiment, Blockchain and Bitcoin could also possibly fail. He has given this experiment a 20% chance of failure. He also noted that people do not own more of cryptocurrency that they can afford to lose.
However, after this warning, Mr. Cesares has stated that there is a good 50% chance that Bitcoin and Blockchain will succeed. Yet, the industry should give it some time – it might take anywhere from five years to a decade for the success to solidify. In case the experiment will succeed, Mr. Cesares stated there will be a different world and “concrete economic consequences.”
He also stated that “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.”
What awaits altcoins in the future?
Cesares further went on describing the distinction between Bitcoin and the underlying protocol. He has stated that some people might have an interest for Blockchain but not for Bitcoin. In this case, according to Cesares, they show “ignorance for how the system works.” He has added:
“Blockchain doesn’t exist without bitcoin. If you were to remove the bitcoin, miners would disappear and so would the blockchain.”
As for the alternative coins’ future, he has referred to his comments about an experiment. He has stated that no one knows the outcome for sure. Mr. Cesares also stated that he predicts a single Blockchain for value, except for a certain use that merit a different Blockchain.
He also highlighted that the most likely Blockchain will be Bitcoin, which yet has not experienced any hacks. However, he says that this prediction is highly speculative.
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