Xapo CEO Wences Casares has given the most optimistic estimate of the Bitcoin value, setting the price of one coin at $1 million in ten years’ time.
Cesares, who chairs the Switzerland-based company that offers a bitcoin wallet combined with a cold-storage vault and a bitcoin-based debit card, made this estimate at this year’s Consensus conference, beating the previous most bullish estimate, made jointly by Blockchain CEO Peter Smith and Snapchat investor Jeremy Liew, that one coin of this cryptocurrency will be valued at $500,000 by 2030.
The rapidly growing bitcoin valuation is a combined result of the controlled supply and high demand triggered by strong global uptake of blockchain technology that relies on mutual consensus verification protocols.
With 21 million bitcoins to be issued by 2140, the price of the world’s most closely watched digital currency has more than tripled over the past year, breaching the thresholds of 1,600, $1,800, $2,000, $2,500 since late April, and most recently – $2,700 on Thursday.
The latest surge in value is associated with Tuesday’s announcement of a bitcoin scaling agreement pushed through by the Digital Group, representing 56 companies in 21 countries, which earned support from 83% of the network’s miners. With the deal, the Group pledged to support various upgrades to the existing protocols and facilitate better communication within the Bitcoin community.