Xapo founder, Wences Casares, stated that Bitcoin is an intellectual experiment that could take years to prove successful, if it does at all. The founder of Bitcoin argued that ”It may work, it might not work” in the market. He pointed out that the cryptocurrency, Bitcoin is in its early stages and that “we are in the equivalent of 1992 for the Internet.
Argentina-born Casares has been called as ‘patent-zero’ for his role in spurring Silicon Valley’s interest in the cryptocurrency. According to him, it will take Bitcoin almost seven years to determine it’s success in the market. He points out that if BTC will achieve success and will attain a non-political standard value.
He added that the idea that a blockchain can “change the idea of an asset, that already derives its value from a central authority is really nonsensical and does not make any sense.” He declares that if Bitcoin will achieve the desired result in the cryptocurrency market than it will surely attain a standard.
In 2014, Casares established Xapo, a company that offers a Bitcoin wallet combined with cold storage and a BTC-based debit card. According to the Argentina born businessman, the concept of cryptocurrency will not replace fiat currencies as “it does not make sense.” He had previously predicted that the price of BTC “will hit $1 million in 5–10 year”, as stated in Cointelegraph.
The entrepreneur suggested that the probability of cryptocurrency concept succeeding in the market is much greater than its failure. Casares stated that he would consider the cryptocurrency, Bitcoin, successful if it achieved the global standard. While it’s unlikely to replace national currencies, it could represent a universal standard of value, he said, as stated in Bloomberg. Overall, cryptocurrency is, for now, venturing into all markets but it will consume a lot of time to attain the desired result.
The post Bitcoin “Patient Zero” Voices His Uncertanity Regarding Cryptocurrency Market appeared first on OWLT Market.
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