Founder of Xapo: Bitcoin has yet to prove its success

The founder and CEO of Xapo, Wences Casares, stressed that Bitcoin is an intellectual experiment that still needs years to prove its success.

"It may work, it might not work," Casares said on Monday in a Bloomberg Television interview. "We are in the equivalent of 1992 for the internet," said Casares.

 However, the head of Xapo still believes that the probability of success of cryptocurrency exceeds the probability of failure.

According to the entrepreneur, the success of Bitcoin can be attributed only at the moment when he begins to comply with global standards of payments and savings. He noted that the first cryptocurrency is unlikely to replace national currencies, but it can become a universal standard of value, that is, replace gold.

"Just like we have a nonpolitical standard of weight," said Xapo's chief executive officer. "We need a nonpolitical standard of value," said Casares.

Argentine entrepreneur Wences Casares earned his nickname "Zero Patient" for whipping up interest in cryptocurrencies in Silicon Valley. His company, Xapo, owns underground storage facilities on five continents, including a bunker that previously belonged to the Swiss army. Bitcoins for $ 10 billion are stored in the company's safes, which is about 7% of the total number of the first cryptocurrency. 

SOURCE