A director at Paypal thinks bitcoin could be worth $1 million within the next decade.
A director at Paypal, Wences Casares said that he could easily see bitcoin reaching $1 million within the next 7-10 years.
Not only that, but he thinks the odds of it happening really are pretty good!
“In my opinion, those chances of succeeding are at least 50%. 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 least 50% odds of happening?
I don't know about you, but I like the sound of that!
How will it happen?
According to Casares, bitcoin won't even have to replace reserve currencies in order to do it.
"If Bitcoin succeeds it will most likely not replace any national currency. It may be a supranational currency that exists on top of all national currencies. If Bitcoin succeeds it may be a global non-political standard of value and settlement."
He doesn't think bitcoin will need to replace reserve currencies, but instead will supplement them.
It will represent a sort of global standard that other countries can use for settlements and trade.
Once that happens, sky is the limit for prices.
Why $1 million specifically?
Historically, the market cap for bitcoin has traded for roughly $7,000 X the number of people that own bitcoin...
If that metric holds up and 3 billion people own bitcoin, that is a $21 trillion dollar market ($7,000 X 3 billion).
Which, when you break it down, would come to $1 million per bitcoin.
Stay informed my friends.