Cryptocurrencies and Bitcoin have the potential to succeed in the future. However, they can be just an experiment. During an interview with Bloomberg, Xapo’s CEO said that cryptocurrencies are just an ‘intellectual experiment.’ Xapo is one of the most respected and largest crypto-related companies in the virtual currency space.
Xapo’s CEO Believes in the Future Potential of Virtual Currencies
During a conversation with Erik Schatzker at the JP Morgan Robinhood Investors Conference, Xapo’s CEO, Wences Casares, said that cryptos are an interesting intellectual experiment. He has also discussed how the industry is evolving.
Mr Casares explained that although Bitcoin offers new and incredible possibilities, it can fail or succeed. It is not possible to predict what will happen in the future, but it has proven to be a very interesting technology and intellectual experiment.
He has also suggested that it is important to follow the developments in the industry even when the results are not optimal.
“If it works, it could be quite relevant. And even if it doesn’t work, I think the [information that individuals learned] from crypto is quite important,” he said.
About the weak points of the industry, he said that it is important to understand that the decentralized project of virtual currencies can fail. The technology backing Bitcoin, the blockchain, is robust and has proven to be very useful for several enterprises. However, he says that every human can fail, even Satoshi Nakamoto.
Casares seems to be a Bitcoin and crypto-supporter that accepts that Bitcoin has some issues that it must solve. Some crypto experts do not criticize blockchain technology or Bitcoin, which might not be positive at all for the space.
Nevertheless, the Argentinian entrepreneur is positive about the future prospects related to Bitcoin. On the matter, he said:
“A world that Bitcoin is successful is a world that Bitcoin has become two things — it’s a non-political global standard of value and it’s a non-political global standard of settlement… So just like we have a non-political standard of weight and length, we need a non-political standard of value and we don’t have that. So a world in which Bitcoin succeeds is one when you ask for the price of Turkish lira, you get a price in bits, when you ask for the price of oil, you get a price in bits, when as for the price of the U.S. dollar, you get a price in bits.”
At the same time, Casares said that Bitcoin will not replace fiat currencies around the world. Indeed, Bitcoin will be changing how money is fundamentally used, handled and issued rather than replacing fiat currencies completely. Bitcoin and other cryptocurrencies could be used to enhance current systems rather than replacing them completely.
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