Is Bitcoin [BTC] at a stage “Equivalent of 1992 for the Internet”!!
Wences Casares, the founder of Xapo, a Hong Kong-based company that provides Bitcoin wallet services combined with a cold storage vault and a Bit-coin based debit card, recently stated that Bit-coin [BTC] was an intellectual experiment. Furthermore, it could take years for it to prove its success, “if it does at all”, according to him.
Casares stated that there were chances that Bit-coin might work whereas; there were chances of it not working as well. In an interview with Bloomberg, Casares said: “We are in the equivalent of 1992 for the internet.”
The Argentine, entrepreneur who is also known as “Patient Zero” for his role in encouraging Silicon Valley’s interest in the crypto-currency space, stated that the probability of success of Bit-coin was still greater than failure.
Casares went on to say that he would consider Bit-coin a successful crypto-currency only if it suited a global standard of value and settlement. According to him, crypto-currencies were unlikely to replace national currencies, but it could represent a new form of universal standard of value. “Just like we have a non-political standard of weight… We need a nonpolitical standard of value.”
Additionally, Casares has invested the past several years of his life in convincing the Silicon Valley tycoons that Bit-coin was the global currency of the future. This made it important for these tycoons to invest in such crypto-currencies and he further took the responsibility of safeguarding it.
Xapo reportedly has underground vaults across five continents which includes a decommissioned Swiss military bunker. He had used the bunker to accommodate approximately $10 billion worth of Bitcoin earlier this year. This is roughly equivalent to 7% of the global supply.
Some of the corporations that support Xapo include co-founder of LinkedIn, Reid Hoffman and former Wall Street trader Mike Novogratz who is an ex-hedge fund manager and a prominent figure in the crypto-currency space.