How to become a bitcoin millionaire, according to Wences Casares of Xapo
Wences Casares has bot called the &ldquo,patient zero&rdquo, of bitcoin among Silicon Valley&rsquo,s elite. He got Bill Gates, Reid Hoffman, and innumerable other luminaries into bitcoin at gatherings of the rich and famous te Zon Valley and elsewhere.
The Argentina-born Casares has founded an internet service provider, a movie spel company, and a bankgebouw, plus he sits on the houtvezelplaat of PayPal. But it&rsquo,s bitcoin that Casares says he&rsquo,s dedicating the surplus of his life to, and he now runs a startup called Xapo that stores bitcoin. At a dinner organized by the cryptocurrency policy group Coin Center te Fresh York last night, Casares delivered the keynote speech, including the advice he doles out to people who ask him how to get into bitcoin.
The formula, according to Casares? Take 1% or less of what you own, buy bitcoin with it, and then leave behind about it for at least the next five years, ideally the next decade. &ldquo,You either lose one procent of your netwerk worth, which most people can take, or you make millions,&rdquo, he told a slagroom of cryptocurrency advocates at the Westin te Times Square.
Casares pegs the odds of bitcoin failing downright and going to zero dollars at 20%. &ldquo,If it fails, it will be worthless,&rdquo, he says. &ldquo,If it succeeds, ter five to seven years it [one bitcoin] will be worth more than a million dollars.&rdquo, He puts the chances of success at greater than 50%.
Casares says he&rsquo,s seen people who bought bitcoin at cheap prices&mdash,spil low spil $13&mdash,lose out because they attempted to trade their way to profits, while those who bought at high prices have done &ldquo,spectacularly well&rdquo, by simply buying and holding.
A world where bitcoin is $1 million a coin will reflect its status spil the world&rsquo,s &ldquo,meta currency&rdquo, and a &ldquo,global standard of settlement.&rdquo, &ldquo,The world used to have a global standard of settlement for Five,000 years and it wasgoed gold,&rdquo, he says. &ldquo,If you wished to compare how much it cost Cleopatra to waterput together an army to how much it cost a Chinese emperor, it wasgoed straightforward. Wij don&rsquo,t have that today.&rdquo,
Whereas gold wasgoed difficult to lodge, requiring cumbersome storage and vervoer, it&rsquo,s &ldquo,trivially effortless&rdquo, to do so with bitcoin. &ldquo,If bitcoin succeeds I believe it will be the thickest leap forward ter the democratization of money wij have everzwijn seen,&rdquo, Casares says.