“Bitcoin Is an Intellectual Experiment and Could Fail,” Says Xapo Founder Wences Casares

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Wences Casares, the founder of bitcoin custody vault Xapo, believes that the cryptocurrency may take time to be successful, that is if it does. On October 29, 2018, reiterating his previous comments in an interview, Casares stated that the worlds biggest cryptocurrency is an “interesting experiment.”

Bitcoin is 1992 of the Internet

Casares stated that “Bitcoin was an intellectual experiment” adding that “It may work, it might not work.” Casares is popularly known as ‘Patient Zero’ as he has persuaded big names in Silicon Valley like Linkedin co-founder Reid Hoffman to consider cryptocurrency. However, Casares believes that bitcoin has a higher probability of attaining success than failure.

In an interview with Bloomberg, he said:

“If it works, it could be quite relevant, even if it doesn’t work, the learnings are I think, quite important.”

The technology entrepreneur compared the crypto verse with the internet stating that crypto space is in a position where the internet was in 1992. He added that what blockchain brought to the world was a computer that was sovereign, autonomous and answered to no-one. Apart from that, it cannot be censored, and nobody can keep you from sending and receiving transactions and thirdly, there is a finite number of bitcoin in the world.

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Crypto Won’t Replace Fiat

In answer to a question, as to how bitcoin could change the world if it were successful, the founder of Xapo replied we “need a nonpolitical standard of value and we don’t have one.” 

Interestingly, however, he iterated that the idea of cryptocurrencies replacing fiat “does not make any sense.” Casares stated that the idea that blockchain can be used to “change the idea of an asset, that already derives its value from a central authority like insurance, bank, security settlements is nonsensical.”

In the past, Casares have said that the price of bitcoin would surge to $1 million in the next ten years.

Showing its trust in the nascent space, since inception Bitcoin wallet Xapo has been introducing new offerings such as secure storage for bitcoins, making it worlds largest bitcoin custodian with underground vaults on five continents. One of them happens to be a decommissioned Swiss military bunker which purportedly held about $10 billion of bitcoin, earlier in 2018. Apart from that, Xapo has also begun offering Bitcoin debit cards.

Will Bitcoin ever hit $1 million? Let us know your views in the comments section.