The newest member of PayPal’s board of directors just said that Bitcoin (BTC) could cross $1 million in about 7 to 10 years.
He really said this, as mindblowing as it may seem.
We keep reporting details on various assumptions regarding the price for the digital asset, but this one, we have to admit, is one of the most bullish we heard so far.
Invest at least 1% of your portfolio in BTC
Wences Casares in the new PayPal director and he’s also Xapo CEO.
We reported today that believes that strong returns from BTC mean that most portfolios should be investing at least 1% in the digital asset because it’s continuously outperforming other traditional assets such as indices and stocks.
“I suggest that a $10 million portfolio should invest at most $100,000 in Bitcoin (up to 1% but not more as the risk of losing this investment is high),” he said, according to NewsBTC.
BTC is a fascinating experiment
He also said that BTC is a fascinating experiment and there are risks that it fails and becomes worthless.
He also gave his view on BTC failing and said that there are chances of 20% that this may happen.
On the other hand, he said that after ten years of working great without any interruption, with “more than 60 million holders, adding more than 1 million new holders per month and moving more than $1 billion per day worldwide, it has a good chance of succeeding.”
He highlighted the fact that BTC’s chances of succeeding are at least 50%.
“If Bitcoin does succeed, 1 Bitcoin may be worth more than $1 million in 7 to 10 years. That is 250 times what it is worth today (at the time of writing the price of Bitcoin is ~ $4,000),” he said.
BTC vs. fiat and gold
The man also brought up the economic freedom that BTC has as the main strength.
He said that BTC has no intrinsic value and gold, the US dollar and national currencies don’t have intrinsic value either, but they had a monetary value for a long time and that’s why most people perceive them as having an intrinsic value.
He sees this as the main advantage over BTC.
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