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BY CNA Team - October 30, 2018

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Xapo founder says bitcoin success may take years

Xapo founder/CEO Wences Casares
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Bitcoin still has years to go before becoming a success, says one of its earliest adopters.

Wences Casares, founder/CEO of Xapo, says in an Oct 29 Bloomberg interview that the cryptocurrency is an intellectual experiment that could take years to prove successful, if it does at all.

Casares, nicknamed “Patient Zero” for his role in stirring interest among Silicon Valley firms in the cryptocurrency, says that the cryptocurrency is “in the equivalent of 1992 for the internet”.

“It may work, it might not work,” he says, adding that the probability of success is still greater than failure.

Casares says bitcoin may be considered successful if the crypto becomes a global standard of value and settlement.

He adds that bitcoin is unlikely to replace national currencies but could represent a universal standard of value.

Citing a non-political standard of weight, Casares says the world also needs a non-political standard of value.

Hong Kong-based Xapo, which has raised US$40mil since its founding in 2014, is well-known for a digital wallet storage service, a physical vault for bitcoins and a bitcoin-based debit card.

Image courtesy of Xapo website.

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