I can imagine a world in which Bitcoin becomes a global standard of value, says Xapo CEO

Bitcoin and cryptocurrencies are a wonderful experimentation and if that experimentation succeeds, it will be worth one million dollars. So says Xapo CEO and Paypal board member Wences Casares.

He says there is a 50 percent chance for that experiment to succeed. If it happens, the world is going to be different. There is just a 20 percent that the experiment fails, he says.

During a Facebook Live interview recent interview with PayPal CEO and President Dan Schulman, Xapo CEO and Paypal Board Member Wences Casares forsee a world in which bitcoin becoming a global standard of value. He says that Bitcoin’ blockchain would likely to play this role.

Also Read: Just 20 percent of total Bitcoins available for mining

Last year, Casares had predicts that eventually, Bitcoin price may hit $1 million so this was just a repetition of the statement. He raised optimism for the cryptocurrency saying it could become a global standard of value.

“I can imagine a world in which bitcoin becomes a global standard of value — it’s the first global and non-political standard of value — coupled with the first global and non-political standard of settlement […] It would be the biggest leap forward in the democratization of money we’ve ever seen”.

Moreover, Casares says that the future of crypto lies in the cooperation around a singular, robust Blockchain. Thus his opinion Bitcoin’s is more likely to be the blockchain of choice:

“There is a huge incentive to have one very, very robust blockchain. At least for any process that, in the end, will be moving value of any kind […] There may be other use cases that do not entail value that may merit a different blockchain, but in terms of value, it’s most likely, in my opinion, that we’re going to have one. And right now, the most likely one seems to be the Bitcoin blockchain”.

Further, he focuses on Bitcoin that highlights the importance of miners depending on transaction fees. Thus as incentives to replace block rewards. However, once 21mln Bitcoin mining cap reaches. Thus, 80percent of bitcoins already been mine on Jan 13th and left 4.2mln coins left until the supply coins.

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