The CEO of XAPO, Wences Casares, says in an interview with Bloomberg that Bitcoin is an intellectual experiment that could take years to prove successful if it does at all.

Bitcoin Still in Early Stage

Casares in an Argentine entrepreneur that is known as “Patient Zero” for his role in rallying Silicon Valley’s interest in the crypto sphere. In 2014, Casares established Xapo, a company that offers a Bitcoin wallet combined with cold storage and a BTC-based debit card. In the interview with Bloomberg, he argued that Bitcoin is, as of yet, an experimental experiment and it could take several years before it becomes successful. Casares said that Bitcoin is still at a very early stage and compared it to where the internet was in 1992 and added: “It may work, it might not work”.

However, the chances for success is higher than the chances for failure according to the entrepreneur but forecasted that it might take at least seven years to determine wheater Bitcoin is successful. If the cryptocurrency does become successful, it might become a non-political global standard for value and business, just like we have a non-political standard of weight. Casares states that:

“We need a nonpolitical standard of value, and we don’t have one. So a world in which we [see it] is a world [in which] when you ask for the price of Turkish lira, you get a price in bits, when you ask for the price of a barrel of oil, you get a price in bits, when as for the price of the U.S. dollar you get a price in bits.”

Bitcoin will not replace banks and our monetary system

Surprisingly though he proclaimed that it does not make sense for Bitcoin to replace our monetary system or the fiat currencies we have today. The Blockchain can improve how assets can be managed, but it does not make sense to change the idea of an asset that already derives value from a central authority.

Casares has spent the past several years persuading Silicon Valley millionaires and billionaires that Bitcoin is the global currency of the future, that they need to buy some and that he’s the one to safeguard it. Xapo has underground vaults on five continents, including one in a decommissioned Swiss military bunker, that reportedly held about $10 billion of Bitcoin earlier this year or roughly 7 per cent of the global supply.

Image Source: “Flickr”