22 Jan ‘One Bitcoin Will Be Worth $1 Million,’ Cryptocurrency Pioneer Tells PayPal CEO
Dan Schulman, chief executive of PayPal, talks with bitcoin pioneer Wences Casares about bitcoin, blockchain and fintech in a Facebook interview . Casares, a serial entrepreneur, has launched startups across South America and the United States, not the least of which is bitcoin wallet startup Xapo, which he currently leads. Casares is also a member of the PayPal board. Schulman touts Casares as one of the foremost authorities globally on bitcoin and blockchain.
Bitcoin & Blockchain Changing the World
Schulman pointed to the bitcoin price, which at the time of the interview was trading at $14,800, clairvoyantly predicting that the price could change even as he spoke. Bitcoin and blockchain have captured people’s attention because they view it as an “interesting experiment,” said Casares. “If it works out, it could change the world more than the internet changed it,” he added.
Argentinian-born Casares has distinct memories from his childhood of his family losing everything, thrice. He characterizes those memories as “emotional” and “social” rather than economic, and points to the Argentinian government as having triggered events that led to the fallout – hyperinflation, for instance. It was two steps forward and three steps back for his family as a result of government activity, even confiscating bank accounts.
His childhood experience, coupled with an awareness of the world’s unbanked citizens without the luxury of the US dollar, seems to have shaped his belief in bitcoin. “It was the first time that I could see technology solving that problem for good,” he said. As a result, he’s pledged the rest of his career and is staking his reputation on it. He is pulling for the bitcoin experiment to succeed because if it does, we’ll have a much better world than we have today, he said.