Ever heard of Wences Casares?
No? Me neither, but apparently he is going to tell us how to do just that.
Here is a little blurb about him in case you haven't hear of him:
"Wences Casares is a technology entrepreneur with global business experience specializing in technology and financial ventures. He is an advocate of Bitcoin and he has said that he believes that Bitcoin will be bigger than the Internet."
He thinks Bitcoin will eventually be bigger than the Internet...
Keep that in mind when you are taking his advice into consideration.
His secret?
Las night, at a dinner organized by the cryptocurrency policy group Coin Center in New York, Casares was the keynote speaker and he gave the same advice he has been giving to people for a while now regarding Bitcoin.
The secret you may ask?
According to Casares, take 1% (or less) of everything you own and buy Bitcoin with it. Then forget about it for the next 5-10 years.
After those 5-10 years you will either have lost 1% of your net worth or you will make millions.
Most people can stand to lose 1% of their net worth without it really hurting them too badly.
According to Casares, the odds of Bitcoin failing and his investment thesis falling apart, where Bitcoin goes to zero, is only about 20% at this point. If the coin fails, it will be worthless he says, you will lose your entire investment.
However, if the coin succeeds, in 5-10 years a single Bitcoin will be worth more than a million dollars. The chances of that happening? Well, Casares puts those odds at better than 50%.
People have been trying to trade in and out of Bitcoin on their way to profits only to be left behind on the recent parabolic move.
According to Casares, the ones who are truly outperforming are the buy and hold investors. A trend that he sees continuing in a major way if Bitcoin "succeeds".
What the world would look like with a million dollar Bitcoin
In order to achieve that price, Bitcoin would be considered the world's reserve currency. It's "meta currency", a global standard of settlement.
Gold had been the global standard of settlement for thousands of years. There was a standard measure of wealth between competing countries.
"If a person wanted to compare how much it cost Cleopatra to put together an army or how much it cost a Chinese Emperor, it was relatively straight forward."
That isn't the case today.
The difference between then and now is that Bitcoin is much easier to settle. Whereas large ships had to transport the metal across vast distances, Bitcoin transactions can be completed in a matter of minutes (or hours in some cases) with relatively little storage capacity needed.
It's applications are endless.
Casares then went on to state that, "if Bitcoin succeeds, it will be the biggest leap forward in the democratization of money we have ever seen."
So there you have it.
If you want to be a Bitcoin millionaire, all you have to do is buy a Bitcoin and hold it for the next decade or so. You have a 20% chance of failure and a better than 50% chance of success, according to Casares.
Remember to keep in mind that this guy is one of the biggest bulls out there on Bitcoin. But, if you got some spare change laying around, it might be worth the risk to see if his prediction comes true.
On the next dip, I may try exactly that.
If Bitcoin is trading for a million dollars a coin? I wonder what price that would put Steem at?! ;)
Stay patient my friends!
Sources:
https://en.wikipedia.org/wiki/Wences_Casares
https://qz.com/990088/how-to-become-a-bitcoin-millionaire-according-to-wences-casares-of-xapo/
Image Sources:
https://bitconnect.co/bitcoin-news/254/bitcoin-millionaires-how-many-people-hold-all-the-worlds-bitcoins/
https://qz.com/990088/how-to-become-a-bitcoin-millionaire-according-to-wences-casares-of-xapo/
