Bitcoin 'Persistent Zero' Suggests That Bitcoin Is in Its Initial Stages
Bitcoin Persistent Zero, Wences Casares, the creator of Bitcoin (BTC) wallet startup Xapo, said that the original cryptographic money might take a very long time to prove fruitful. The information was revealed on Oct.29.
In a meeting with Bloomberg, Casares contended that Bitcoin is a scholarly investigation. It could take some time before succeeding. Market participants must be aware that it may thrive or fail. Bitcoin currency is still a new phenomenon in the market, similar to when the internet was introduced more than two decades ago. However, the chances of Bitcoin's success are higher than the odds of failure.
Casares has been given the moniker persistent zero because of his efforts aimed at acting as a facilitator for this digital currency. Additionally, Casares introduced a new company known as Xapo. This corporation provides a cold storage for Bitcoin.
Bitcoin Might Take Time Before Experiencing Growth
Casares predicted that it may take more than seven years to conclude if BTC will be effective. If it becomes successful, the chances are high that it will be universally accepted as a measure of value and payment.
Currently, there is no non-affiliated currency in the market. This means the value of major assets is given in small amounts because there is no uniform measure of value. The introduction of this digital currency will solve some of these challenges that exist in the market.
The Bitcoin advocate also disclosed that bitcoin is not intended to replace fiat money in the market. Moreover, the expert revealed that the blockchain idea does not change the value of assets.
Casares concluded by saying that all assets derive their value from a central authority.
In 2017, Casares foretold that the value of Bitcoin will surpass the dollar five to ten years from now. Analysts are still waiting to see if this prediction will be accurate.
Furthermore, Casares declared several months ago that the world will have one universally accepted by all traders. Therefore, all stakeholders in the industry should cooperate to ensure BTC technology succeeds. He also observes that Bitcoin will remain one of the top currencies in the market.