PayPal director, Wences Casares, has written an essay in which he concludes that there is a 50% chance that Bitcoin (BTC) might survive, and in the case that it does, pegs it at a value of over $1 million in the next 7 to 10 years. Casares made the remarks in a post on the Kana and Katana website on March 1.
In the post titled ‘the case for small allocation to bitcoin’, Casares recommended that most portfolios allocate at least 1% of funds towards Bitcoin, for the reason that “Bitcoin is a fascinating experiment but it is still just that: an experiment.” He also says that Bitcoin does have a 20% chance of failing, but with the unbroken operations of Bitcoin, success is more likely, according to Casares,
But after 10 years of working well without interruption, with more than 60 million holders, adding more than 1 million new holders per month and moving more than $1 billion per day worldwide, it has a good chance of succeeding.
PayPal Recently Invested in Blockchain
PayPal has recently made its foray into the blockchain space after an SEC filing revealed that it had invested an undisclosed amount in blockchain firm Cambridge Blockchain. Payment service companies like PayPal and Visa face competition from emerging decentralized payments solutions, so the former group has decided to utilize the technology in a bid to better their systems. Visa, for example, has opened up its own crypto division.
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