In 1989, Tim Berners-Lee launched the World Wide Web in a bid to share information. Very little was known about the invention and almost nothing was known about the endless possibilities it would bring to those in the years ahead – that we would shop from the convenience of our living rooms, and information would be at our fingertips.
Bitcoin is like the internet in the 90s
“We’re in the equivalent of 1992 for the internet,” he said. He stated that it may be highly successful in the years ahead but it could fail. Casares firmly believes “the probability of success is still greater than failure,” although it’s difficult to find out this in the early stages, according to him.
Casares predicted that it would take roughly 7 years to find out if Bitcoin is successful, and if it is successful, Bitcoin is going to become a politically neutral global standard of value that could be used to price every other asset. He said:
“We need a nonpolitical standard of value and we don’t have one. So a world in which we (see it) is a world (in which) when you ask for the price of Turkish lira, you get a price in bits, when you ask for the price of a barrel of oil, you get a price in bits, when as for the price of the U.S. dollar you get a price in bits.”
Bitcoin will hit $1
Previously, Casares had said the price of one bitcoin could hit $1 million in 10 years. Despite that, he still believes that digital currencies won’t replace real-world currencies.