[2017-05-24]Bitcoin Will Hit $1 Million in 5-10 Years, Says PayPal Director

[nanayueky]

Wences Casares, CEO of bitcoin wallet Xapo and member of PayPal’s board of directors has made a compelling forecast on bitcoin’s value over the next decade.

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The bitcoin entrepreneur and executive was speaking at the Consensus 2017 conference in New York. Taking the stage at a dinner organized by bitcoin and blockchain advocacy group Coin Center, Casares’ speech was quite the hit.

@wences' speech at the 2017 @coincenter gala dinner will go down in #Bitcoin's history as a true gem. #blockchain #consensus2017 pic.twitter.com/2zlhX0M0fJ

— Juan Llanos (@JuanLlanos) May 23, 2017
While we did not attend and are unable to find a video of the talk, there are a few notable takeaways from scatterings of his speech reported online. Putting bitcoin under the spotlight, Casares opined that “the internet doesn’t have a currency and it desperately needs one”, pointing to the world’s most popular cryptocurrency.

“The biggest mistake [would] be to buy more bitcoin than you can afford to lose. The biggest mistake is [also] not to own any bitcoin,” he told the gathered audience.

“Put 1% of your net worth in Bitcoin and forget about it for 10 years” Casares added, baiting new investors to adopt the cryptocurrency.

His speech also included a prediction for the cryptocurrency, where one bitcoin would hit $1 million before the next ten years.

Whoa. PayPal guy & @xapo @wences : only buy the #bitcoin you can afford… and predicts it will hit $1 million in 5-10 yrs #consensus2017

https://twitter.com/BitCoinSusan/status/866825888813522944

Casares has long been a tech entrepreneur. As the founder of Argentina’s first internet service provider, he is also among the earliest evangelists of Bitcoin. He went on to launch a retail bank in Brazil before eventually launching bitcoin wallet Xapo. In early 2016, Casares joined PayPal’s board of directors, with the payments giant describing him as a “recognized next-generation payment and crypto-currency thought leader.”

Still, Casares’ claim is arguably among the most bullish predictions for bitcoin prices yet. Certainly more than early Snapchat investor Jeremy Liew and Blockchain CEO Peter Smith who predicted bitcoin prices to hit $500,000 by 2030.

It remains to be seen if either of these claims come true. One late 2016 prediction that has already proved right saw Danish investment bank Saxo predict bitcoin prices to rise by 165% (bitcoin was trading around $750 at the time), to leap beyond $2,000 in 2017. Bitcoin prices broke beyond $2,200 yesterday and are continuing to surge ahead at the time of publishing.
https://www.cryptocoinsnews.com/bitcoin-will-hit-1-million-5-10-years-says-paypal-director/

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[1Referee]

If you want people to take you serious, then at least put some effort into making yourself not look like a clown. It's pointless to speculate about such insanely high prices while we haven't even been close to reaching the $10,000 level yet. If he would say that we would reach $10,000 within 10 years, I would strongly support his statement, but how can I do that with $1 million? Other than that, I do agree with his statement that people should allocate a certain percentage of their wealth to Bitcoin. People have been looking at the price reaching $1300, $1400, $1500, $1600, etc, and started thinking it was too late to invest - look where we stand right now, it's never too late!

[DaddyMonsi]

$1 Million USD is far fetch. It maybe possible not in the coming 5-10 years. Not sure what his reasoning is why he made such prediction but if you think about it, how long did it take for Bitcoin to reach $2,000 level? Even if we say there are other countries who will follow the initiative of japan and Australia, it's still far for us to say $1 Million USD is possible in 5-10 years.

[just_Alice]

If you want people to take you serious, then at least put some effort into making yourself not look like a clown. It's pointless to speculate about such insanely high prices while we haven't even been close to reaching the $10,000 level yet. If he would say that we would reach $10,000 within 10 years, I would strongly support his statement, but how can I do that with $1 million? Other than that, I do agree with his statement that people should allocate a certain percentage of their wealth to Bitcoin. People have been looking at the price reaching $1300, $1400, $1500, $1600, etc, and started thinking it was too late to invest - look where we stand right now, it's never too late!

I agree with you, $1 Million seems unrealistc, but $10k 5-10 years is quite possible.

But if we let us to indulge in fantasies for a while we can try to imagine what will happen if bitcoin will replace all the money in the world. There are roughly $75 trillion in the world right now. Since it is a very rough estimation say we have 20 million BTC.

75 trillion / 20 million = 3.75 million

So in that case 1 bitcoin will be worth of $3.75 million.

[Zepher]

If you want people to take you serious, then at least put some effort into making yourself not look like a clown. It's pointless to speculate about such insanely high prices while we haven't even been close to reaching the $10,000 level yet. If he would say that we would reach $10,000 within 10 years, I would strongly support his statement, but how can I do that with $1 million? Other than that, I do agree with his statement that people should allocate a certain percentage of their wealth to Bitcoin. People have been looking at the price reaching $1300, $1400, $1500, $1600, etc, and started thinking it was too late to invest - look where we stand right now, it's never too late!

I agree with you, $1 Million seems unrealistc, but $10k 5-10 years is quite possible.

But if we let us to indulge in fantasies for a while we can try to imagine what will happen if bitcoin will replace all the money in the world. There are roughly $75 trillion in the world right now. Since it is a very rough estimation say we have 20 million BTC.

75 trillion / 20 million = 3.75 million

So in that case 1 bitcoin will be worth of $3.75 million.

We'll be hitting $5-$10K a LOT sooner than that. Just you wait. Things are only just starting to warm up. HODL on tight, people.

[TMAN]

If you want people to take you serious, then at least put some effort into making yourself not look like a clown. It's pointless to speculate about such insanely high prices while we haven't even been close to reaching the $10,000 level yet. If he would say that we would reach $10,000 within 10 years, I would strongly support his statement, but how can I do that with $1 million? Other than that, I do agree with his statement that people should allocate a certain percentage of their wealth to Bitcoin. People have been looking at the price reaching $1300, $1400, $1500, $1600, etc, and started thinking it was too late to invest - look where we stand right now, it's never too late!

I agree with you, $1 Million seems unrealistc, but $10k 5-10 years is quite possible.

But if we let us to indulge in fantasies for a while we can try to imagine what will happen if bitcoin will replace all the money in the world. There are roughly $75 trillion in the world right now. Since it is a very rough estimation say we have 20 million BTC.

75 trillion / 20 million = 3.75 million

So in that case 1 bitcoin will be worth of $3.75 million.

We'll be hitting $5-$10K a LOT sooner than that. Just you wait. Things are only just starting to warm up. HODL on tight, people.

$5K in next 6 weeks... willing to wager 1BTC that I am right.. anyone want to bet against me?

[foxberg]

$5K in next 6 weeks... willing to wager 1BTC that I am right.. anyone want to bet against me?

I won't bet 1BTC, but I'll bet .01, if you're down

[Astargath]

Who cares if it's unrealistic, it's still publicity to bitcoin. If a few famous actors or singers were to say right now that bitcoin is the future, we would see an insane pump even if they don't know or say anything specific because people just listen to other ''important'' people

[notthematrix]

Why would it be unralistic?
BTC is the only hard capped commodity . It could be easy the new gold standard , do you really  think coinbase cares about coffee? if this will happen?
all investors will be very happy and  have huge  gains if BTC becomes a very SECURE store of value!
https://www.youtube.com/watch?v=tKVFE7XF6U8
a hard fork will not happen nobody wants to take the risk.
Because If it fails they will have to hide for the rest of there live chased by very angry not always very caring people!
and no government will be able to protect them.
Miners will activate segwit when mining empty blocks is no longer profitable.
by then it will be very well tested on litecoin.







 

[Kprawn]

What he did not tell you, was what the value of $1 will be in the future. { 10 years from now } ..... Fiat currencies are losing value at a alarming

rate, and you might not buy a lot, when Fiat currencies collapse. If I told you 30 years ago, you would not be able to buy a bread with a

$ 1 000 000 Zimbabwean Dollars would you believe me? The same thing can happen to any currency... {Germany was a 1st world country and

it happened to them}  ..... The jokes on us. 

[monocolor]

1 million, lmao, I am waiting for that date

[richardsNY]

It's not the first outrageous prediction, and definitely not the last. It's a common thing for high level figures to throw around with these mad predictions. I understand that they are trying to convince others to invest, but this isn't doing their credibility any good. I remember the Winklevoss twins to be one of the first with a prediction of Bitcoin reaching $100k at some point. In this case it's also a high prediction, but at least not in the way that it is entirely unrealistic.

[BitcoinPanther]

Who cares if it's unrealistic, it's still publicity to bitcoin. If a few famous actors or singers were to say right now that bitcoin is the future, we would see an insane pump even if they don't know or say anything specific because people just listen to other ''important'' people

Pretty much this will have a psychological effect on investors.  This may trigger FOMO to people making them panic buy bitcoin.  Thus, pushing the price up and the domino effect will trigger until we known Bitcoin hits 1 million dollar a piece already.  Sometimes it is more effective to throw some insane numbers triggering people's imagination  /

[Zepher]

$5K in next 6 weeks... willing to wager 1BTC that I am right.. anyone want to bet against me?

I won't bet 1BTC, but I'll bet .01, if you're down

I'll take on that bet. 0.01 BTC. If we hit $5K/BTC within 6 weeks from agreement, I win. If not, you win - winner takes all (0.02 BTC). As you are new, I require this to be escrowed. If you are good with that, send me a PM. We will need to tip the escrow provider, please don't forget that.

Edit: I'm also good with betting up to 0.5 BTC on the same terms. Your choice

[Carlton Banks]

These comments should be serving simultaneously as Wences Cesares' resignation letter to PayPal, because in a world where 1 BTC was worth $1 million, guess how much PayPal will be worth?

[1Referee]

$5K in next 6 weeks... willing to wager 1BTC that I am right.. anyone want to bet against me?

I won't bet 1BTC, but I'll bet .01, if you're down

I think you should put more effort into quoting the right person, lol. It's TMAN that has put up the bet, and not me. 

See;

$5K in next 6 weeks... willing to wager 1BTC that I am right.. anyone want to bet against me?

Either way, TMAN, if you are so sure of yourself, then buy yourself some extra coins in order to benefit from the eventually doubled price from current levels.

[just_Alice]

If you want people to take you serious, then at least put some effort into making yourself not look like a clown. It's pointless to speculate about such insanely high prices while we haven't even been close to reaching the $10,000 level yet. If he would say that we would reach $10,000 within 10 years, I would strongly support his statement, but how can I do that with $1 million? Other than that, I do agree with his statement that people should allocate a certain percentage of their wealth to Bitcoin. People have been looking at the price reaching $1300, $1400, $1500, $1600, etc, and started thinking it was too late to invest - look where we stand right now, it's never too late!

I agree with you, $1 Million seems unrealistc, but $10k 5-10 years is quite possible.

But if we let us to indulge in fantasies for a while we can try to imagine what will happen if bitcoin will replace all the money in the world. There are roughly $75 trillion in the world right now. Since it is a very rough estimation say we have 20 million BTC.

75 trillion / 20 million = 3.75 million

So in that case 1 bitcoin will be worth of $3.75 million.

We'll be hitting $5-$10K a LOT sooner than that. Just you wait. Things are only just starting to warm up. HODL on tight, people.

$5K in next 6 weeks... willing to wager 1BTC that I am right.. anyone want to bet against me?

No, I don't want to bet against you because you are probably right. We are over $2,700 already and the rising continues. Maybe we'll see $5k even earlier than in 6 weeks. Some people say it's a bubble which is going to burst soon, but I don't think they are right.

[panju1]

People like this can talk up Bitcoin's price, adding some momentum. A headline like that make people think that he is talking about Bitcoin's potential in his official capacity as Paypal Director.

[mindrust]

It is all fun and jokes while everything is going up but I also want to believe those people are not spewing numbers out of their asses randomly.

1million dollars/btc is just too high. Even in 10 years.

Price: $2674,83           Market cap: $43.736.244.299,00

Price: $1.000.000,00    Market cap: $16.351.037.000.108,42

A whooping 16 Trillion USD market cap.



Total Gold market is 8 Trillion USD. Is that realistic to you? Not to me. A realistic target should be around 50k$/btc at first, then we talk.

[cr1776]

...
Total Gold market is 8 Trillion USD. Is that realistic to you? Not to me. A realistic target should be around 50k$/btc at first, then we talk.

I think you are right, $50k would have to come first and bitcoin will have to continue to prove itself to get mass adoption.

But, it really depends on the use cases. If use cases continue to expand and markets too, then anything is possible.   One huge use case is protecting your wealth from authoritarians who want capital controls or are inflating the value of the currency away - essentially at lot like gold's use cases except that it is also completely portable if you need to leave, e.g., Venezuela, China, Iran, Argentina, etc without having your gold/silver etc confiscated at the border.  Or even if you want to stay and just protect your wealth from the ravages of inflation in 3 of those countries. 

Obviously bitcoin has many more like remittances, micro-payments (if LN is available), etc, but the digital gold use case alone is a huge.