A PayPal director has said he expects bitcoin to be worth at least $1 million in the next five to 10 years, in one of the most bullish projections for bitcoin’s future to date.
Wences Casares, who is also CEO of bitcoin wallet Xapo, suggested that the currency would explode in value over the next decade, encouraging his audience to invest in bitcoin as soon as possible.
The main thrust of his argument was the lack of an official currency of the Internet, a function he anticipates bitcoin will grow to fulfil in the near term.
While he was mindful of the risks of overinvesting in the currency, he was quick to advise delegates of the dangers of missing out, as bitcoin’s price continues to grow to all-time record highs.
“The biggest mistake would be to buy more bitcoin than you can afford to lose. The biggest mistake is not to own any bitcoin … Put one percent of your net worth in Bitcoin and forget about it for 10 years.”
Casares is far from the first person to offer a glowing projection of bitcoin’s future, with Snapchat backer Jeremy Liew and Peter Smith of Blockchain forecasting similar levels of success for the currency over the period.
While the projections would require growth of 50 times current values, these projections are being met with optimism from the community, with Casares considered a particularly informed source.
Having joined the PayPal board in 2016, as well as serving as CEO of Xapo, Casares brings significant industry experience to the role.
He previously founded a new retail bank in Brazil, as well as establishing one of Argentina’s leading ISPs, before founding wallet service Xapo, which has grown to become one of the most recognizable names in the industry.
Similar projects in the past have come to fruition, with Saxo Bank predicting the 165 percent rise in bitcoin at the end of 2016, a prediction that has become reality, with bitcoin now trading comfortably over $2200.
While Casares’ prediction is the most ambitious yet, few would bet against the market continuing to trend upwards, as bitcoin becomes more mainstream and more important to the global financial system.