'Early adopter' Bitcoin and blockchain: "state of crypto is like the internet in 1992"

In an interview with Bloomberg, Wences Casares, one of the early adopters of Bitcoin and founder of the BTC wallet startup Xapo, said that it can take years before BTC will succeed.

Casares labels BTC as an intellectual experiment, adding that it can 'work, or it can not work'. According to Casares, BTC is still at a very early stage, comparable to the state of the internet in the year 1992. Nevertheless, according to Casares, the chances of success are greater than the probability of failure at the moment.

The Argentinean entrepreneur is also known as 'patient zero', since he was one of the first to introduce Bitcoin in the Silicon Valley community. The Xapo set up in 2014 was the first to combine a BTC wallet with a BTC debit card.

According to Casares, it will take at least another seven years before BTC can really be called successful. Casares would consider it successful if BTC can become a global means of value storage, one that is not tied to political considerations.
However, he emphasized here that it is not about moving fiat currency, which according to the entrepreneur also is not logical.

Casares had previously expressed his view on BTC as a global means of value storage. He then predicted that BTC's price could be worth about $1 million in five to ten years.

According to the entrepreneur, the industry will in the future move to a single, robust, widely accepted blockchain that will be used worldwide. The future of crypto will therefore mainly focus on cooperation for the benefit of a single blockchain, which according to Casares BTC will become.