Xapo president Ted Rodgers believes that Bitcoin will become a global reserve asset, similar to the current U.S. dollar, writes News BTC.
Rodgers sees the market making a recovery, but slowly with little impact over the next few weeks, but feels, long-term, Bitcoin will be worth hundreds of thousands of dollars.
The Xapo president has long been bullish about Bitcoin. Xapo holds an estimated $10 billion in BTC in cold storage underground vaults and is one of the largest and most highly respected exchanges in the industry. The Xapo wallet has also become a reliable storage solution for cryptocurrencies, to the extent its been adopted by IOS and Google apps stores around the world.
Once First Block Capital, Canada’s first fully registered crypto firm, toured one of the Swiss-based Xapo vaults and was very impressed with the company:
“Every part of their DNA is geared to security… Whenever we make big transfers they FaceTime us, we have duress words, if it’s big enough they’ll fly out to see us.”
These types of credentials mean that Rodgers’ views are listened to with more than just a degree of interest by the global cryptocurrency community. Rodgers has said before that Bitcoin will become the global reserve in the same way that the US dollar is now, a view that’s is clearly close to his heart. His “hundreds of thousands of dollars BTCs” statement would create a massive market cap if it became reality.
At $200,000 the market cap would be over 3 Trillion dollars, according to News BTC, surpassing any existing publicly traded company today. The prediction is not isolated though, with similar numbers having been bandied about for quite some time in the crypto press, to the extent that they are now rarely read with any degree of credulity.
Rodgers advice is, go long, stating “I think Bitcoin is a long-term investment and I personally wouldn’t get into it for short-term trading”
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