In many ways, Bitcoin (BTC) and other cryptocurrencies are seen as a competition to PayPal. However, according to the latest cryptocurrency news and one PayPal board member, there is a case in which he sees the cryptocurrency heading next. He is also saying that he believes there is a good chance that Bitcoin will succeed and garner widespread adoption within the next decade.
According to the CEO of Xapo and an active PayPal board member named Wences Cesares, there is a bullish case for Bitcoin. As he stated in a recent blog post, the value of BTC could surge by as much as 250x in the future.
Cesares noted that Bitcoin has at least a 50% chance of succeeding. Known for his support for Bitcoin and the crypto markets in the past, Cesares shared his thoughts on where he sees the nascent technology heading next in a recent post on the Kana and Katana blog, where he laid out a strong case for why most portfolios should allocate up to 1% of their holdings to Bitcoin.
As he said, there are a couple of reasons why BTC has at least a 50% chance of succeeding. The PayPal board member’s statement was published on many best cryptocurrency news sites, in which he explained:
“After 10 years of working well without interruption, with more than 60 million holders, adding more than 1 million new holders per month and moving more than $1 billion per day worldwide, it has a good chance of succeeding. In my (subjective) opinion those chances of succeeding are at least 50%.”
Despite this, the PayPal board member also explained that the strong fundamentals which are surrounding Bitcoin are decreasing the chances of failing to at least 20%.
“Bitcoin is a fascinating experiment but it is still just that: an experiment. As such it still has a chance of failing and becoming worthless. In my (subjective) opinion the chances of Bitcoin failing are at least 20%,” he said.
As Cesares concluded, ” the chances of succeeding are at least 50% and if BTC does succeed, 1 Bitcoin may be worth more than $1 million in 7 to 10 years.”
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