PayPal has a new member in its board of directors, and he just said that Bitcoin could hit a million dollars in seven to ten years. We have to admit that this is one of the most bullish predictions that we’ve come across this year.
From the beginning of 2019, there have been a lot of optimistic Bitcoin-related predictions and there have been some pretty far-fetched ones as well.
Invest at least 1% of your portfolio in BTC
Wences Casares is the new PayPal director and Xapo CEO, and he’s the same man who advises investors to invest at least 1% of their portfolios in the most important digital asset in the crypto market.
The main reason for this is according to him that BTC has continued to outperform all traditional assets such as indices and stocks.
“I suggest that a $10 million portfolio should invest at most $100,000 in Bitcoin (up to 1% but not more as the risk of losing this investment is high). If Bitcoin fails, this portfolio will lose at most $100,000 or 1% of its value over 3 to 5 years, which most portfolios can bear,” he said, according to NewsBTC.
He calls BTC a fascinating experiment
The PayPal director also said that BTC is quite a fascinating experiment and he mentioned that there are some pretty high risks that it may fail and become worthless – 20% risks.
But he did not stop there, and he said that after ten years of working without issues and interruptions, 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.”
He sees 50% chances of BTC succeeding.
He continued and said “If Bitcoin does succeed, 1 Bitcoin may be worth more than $1 million in 7 to 10 years. That is 250 times what it is worth today (at the time of writing the price of Bitcoin is ~ $4,000),” he said.
There have been more crypto voices in the industry who said that we should be preparing for bulls even stronger than the ones in 2017.
Ian Kennedy is the newest contributor to Crypto Daily Gazette. He enjoys running, practicing minimalism and cooking. Ian is a graduate of Wesleyan University in Connecticut where he studied journalism, Arabic and international affairs. Ian mostly covers stories concerning emerging blockchain technology.