Bitcoin has made a nice rally in recent weeks, but the recent gains are nothing compared to what one person is predicting. Wences Casares, the chief executive of Xapo, or “Patient Zero” as he is oftentimes referred to, has predicted that Bitcoin could hit $1 Million within the next ten years. You may not be familiar with Casares, but he is well known in the cryptocurrency community. He was nicknamed “Patient Zero” because once he caught the Bitcoin fever the craze spread to many other people.
Bitcoin Prediction
Casares recently wrote an article in which he predicted huge gains for Bitcoin, but it should be noted that he also said there is a 20% chance that Bitcoin fails. He said there is more than a 50% chance that Bitcoin goes up in price beyond anyone’s expectations. Casares said that $1 million dollars is not out of the question for Bitcoin in ten years.
“In my (subjective) opinion those 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 Casares piece, the price of Bitcoin was $4,000),” Casares said in a media piece.
He is not the only one to have made big predictions, as Cyber security expert John McAfee and IBM’s Jesse Lund also predicted huge gains for Bitcoin in the next ten years.
Some investors have gone on record as saying that holding some Bitcoin is actually a wise investment strategy. One said that it is a critical time in history. “We are at an important moment in time — the retirement funds of tens of millions of Americans are in significant danger and it is important that capital allocators understand the benefits that Bitcoin and crypto present.”
Casares said in his article that he doesn’t expect Bitcoin to replace the dollar, but that Bitcoin will be an alternative to major 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.”
While the $1 million dollar figure will get a lot of attention, it is also worth noting that Casares said that someone should only be investing up to 1% in Bitcoin. “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). If Bitcoin fails, this portfolio will lose at most $100,000 or 1% of its value over 3 to 5 years, which most portfolios can bear. But if Bitcoin succeeds, in 7 to 10 years those $100,000 may be worth more than $25 million, more than twice the value of the entire initial portfolio.”
It remains to be seen whether Bitcoin can ever hit those astronomical numbers that Casares has predicted. What matters to investors and to people in general is how Bitcoin is doing right now. The good news for investors is that Bitcoin has had two positive months and the cryptocurrency is off to a good start in the month of April with the price currently over $5,000.
Many businesses are getting more involved in Bitcoin every day. A number of companies have incorporated Bitcoin into their everyday operations including some major companies around the world including some in Switzerland and the United States. Some companies have been ahead of the curve with Bitcoin for a while including leading online sportsbook BookMaker.eu who has been accepting Bitcoin deposits for a long time.
BookMaker has become known as a top Bitcoin sportsbook because of their reliable Bitcoin deposit and withdrawal options. Check out the latest Bitcoin options available today at BookMaker.eu and join the many people who are benefiting by using this cryptocurrency.
