CEO of Xapo and board member of Pay Pal, Wencess Casares alongside with CEO of PayPal, Dan Schuman showed up for a Facebook Live interview on 12th January 2018. Casares laid out his vision of having a single, robust Blockchain to handle all cryptocurrency transactions globally. And he believes it is the blockchain for Bitcoin that will take up this task. Additionally, he sees that Bitcoin will be an apolitical standard of value.
As someone who was born and raised in Patagonia region in Argentina, Casares mentioned that his family lost everything three times as a result of hyperinflation and banking errors. He is one of those who compares Blockchain technology to the creation of internet in an innovative aspect.
In early 2017, Casares predicted that Bitcoin will be worth 1 million USD in ten years’ time. However, at the recent interview he made an addition to the statement viewing Bitcoin and other cryptocurrencies as an interesting experiment;
I also think that there is a higher than 50% chance that this experiment succeeds…If that happens the world is going to look very very different… I happen to believe that if it succeeds that one bitcoin is going to be worth one million dollars.
When considering Casares’s opinion, he sees there is “at least a 20 percent chance that this experiment fails”. But his positive vision on cryptocurrencies are greater than the gain in 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.
Vision of a single Blockchain
Casares believes future of cryptocurrencies depend on a single Blockchain. In his view, it will be on the blockchain of Bitcoin;
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.
When Bitcoin reaches the 21 million mining cap, it is important to set transaction fees as a motivation in place of block rewards. As of 17th January 2018, 80 percent of all Bitcoins have been already mined. Only 4.2 million of Bitcoins are left to be mined before reaching the supply cap.