Ted Rogers, president of bitcoin wallet and debit-card provider Xapo, has in no uncertain terms said that bitcoin will one day become the world’s reserve currency.
Talking to Cheddar Live, the bitcoin bull seemed unconcerned with the short-term bearishness and volatility in bitcoin’s price in recent weeks, explaining that:
“I personally think we’re just in a bit of a phase here that bitcoin goes through where there’s no catalyst to drive it to the upside so it meanders down, and I don’t see any near term catalyst to change that, so in 7 to 14 days I expect it to be not to far from where it is now.”
Instead, Rogers said that investors should focus on the long-term potential of the leading cryptcurrency, touting both the price potential and possible uses for the coin:
“Long-term I expect bitcoin to be worth hundreds of thousands of dollars a coin, and to be honest with you I have very litte doubt about that.For me it’s a question of when not if bitcoin is going to become the global reserve asset for individuals for institutions, for governments, it’s going to replace gold, it may also become a ubiqiutios global currrency…. its going to be worth orders of magnitude more than it is today.”
Bitcoin Outlook
With bitcoin and other leading coins finding it difficult to break out of the bearish phase gripping the market in recent months, the leading cryptocurrencies had some good news on Thursday when the SEC confirmed that it views neither BTC nor ETH as securities.
In less positive news for the space last week, a University of Texas study published on Wednesday claimed that Tether (USDT) was used to manipulate bitcoin prices last year. Rogers however, seemed unconcerned about the study’s findings – again emphasising the long-term perspective for bitcoin:
“There may be some price manipulation, I would think….that as more sophisticated traders and parties get into bitcoin and you have a relatively thin, small market theres a potential for price manipulation. I think that goes away over time both from justice department enforcement actions and also just from the market maturing and getting bigger… I think bitcoin is a long term investment, I personally wouldn’t get into it for short-term trading.”
