Wences Casares, the founder of Xapo, a Hong Kong-based company that provides Bitcoin wallet services combined with a cold storage vault and a Bitcoin-based debit card, recently stated that Bitcoin [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 Bitcoin 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 cryptocurrency space, stated that the probability of success of Bitcoin was still greater than failure.
Casares went on to say that he would consider Bitcoin a successful cryptocurrency only if it suited a global standard of value and settlement. According to him, cryptocurrencies 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 Bitcoin was the global currency of the future. This made it important for these tycoons to invest in such cryptocurrencies 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 cryptocurrency space.
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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.