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://qz.com/990088/how-to-become-a-bitcoin-millionaire-according-to-wences-casares-of-xapo/
Follow me: @jrcornel
I'll buy and put it in a separate wallet and call it "In honor of Wences Casares"
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Good idea. I think I will do the same.
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Then donate 1% of that to him as a thanks. ;)
JK
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If everyone did that, we could call it the "Wences Casares Fund" and see how much money was put in as a result of his theory. Then, if it does hit $1M, everyone in the "fund" should agree to donate 10% to a charity of their choice so that the whole world benefits.
If it tanks, then Wences will be the newest Bartman, and (Bartman) can finally come out of hiding! Win, Win, Win.
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mucho casares!
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Its worth a punt! But I would argue that you should spread that 1% around a few coins, rather than put all your eggs in one basket (especially the oldest egg).
Just look at ETH recently - the tech behind the coin makes it more flexible than BTC with exciting use cases growing every week.
The same could be said of any coin with solid fundamentals.
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My thinking exactly. Crypto is risky enough as it is; I like to stay diversified among a number of coins although overall my portfolio is very heavily slanted towards Ethereum. I always keep a stash of BTC in reserve. It's kind of my base currency: I take profits in BTC and then re-invest them into various ICOs as they come along.
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I agree. I think BTC will be similar to a gold standard. Ethereum seems to have a high potential.
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I literally just wrote what you said on my post. Great minds.
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Agreed. This guy is a bitcoin enthusiast. But yes I think most of his reasoning would also work for any virtual coin, not just bitcoin.
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A 100% annual return year on year would turn one thousand dollars into one million dollars in about one decade. Perhaps Bitcoin does have the potential to achieve this. Bitcoin also has the potential to go to zero and this is why you should never invest more than you are willing to lose.
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Yep, that is exactly what he is saying. Nicely put!
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yes, in fact, i have heard of him
i use Xapo for a wallet :)
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Well there you go! :)
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Right now, I'd rather aim for STEEM and have much less to worry about! ;) Namaste :)
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Haha well that is an option as well. If bitcoin is trading for a million bucks I would image steem would be significantly higher as well :)
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this is a great post my friend thanks for sharing, a good read and exciting
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I thought so too! Glad you enjoyed it!
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Congratulations @jrcornel!
Your post was mentioned in my hit parade in the following categories:
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Want to become a Bitcoin Millionaire?
Get a Wayback Machine :)
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That would certainly guarantee it ;)
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your time machine is now, it is far from over
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Can't argue with that solid logic. TLDR take 1% of your shit and invest in BTC.
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A million seems ridiculous, but who knows.
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If you consider Bitcoin will be used as lubricant between the other alt coins. Steem, ether, etc.... All have to go back to BTC in a small enough amount to make BTC a very expensive commodity.
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100$ Bitcoin seemed lonny in 2011
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ya i like BTC, so different but looks like it can make a lot of cash from it
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Shared on twitter. Stephen
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On my site, I write often about the "BRED" portfolio - Bitcoin, Ripple, Ethereum, and Dash.
We have a mock portfolio - http://metacoin.com - where we have $2500 invested in each on January 1. Right now, that portfolio is worth more than $200K.
Underscores the need for diversification, and also the insane bull market we are in. (BTC is the worst-performing of the four, up only 131% YTD.)
Happy Trading!
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🍒 See you in 10 years ;)
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HOOOODDDDLLLLL!!!!! hehe
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million dollar holla!
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pla pla pla
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This is from 2013. Already surpassed Paypal's worth during that time.
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I am doing both. I like the daily trafe, but on the other hand i took some coins, put them in an offline wallet, telling myself that i will wait untill the value is that interesting you will have to take it of and buy stuff of it.
only issue is, when is enough, enough..
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I met Wences in his office at Xapo a couple years ago in Palo Alto. Very bright man. Good person too.
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That's awesome. Thanks for sharing. Did he say the same back then?
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i need to do a bitcoin q+a for dummies as i have so many dumb questions (that others may have too) which were holding me back... like what if electricity goes out in a certain nation, would that disable bitcoin or would it still be operating somewhere else,,,, and a million more
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Excellent post dear friend @jrcornel like all his work, thank you very much for sharing all this information
Have a beautiful day together with your loved ones
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Thanks! You too!
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He is right.
Just hold and dont be afraid of some red candles. The best tip is to never sell.
The road for $1M Bitcoin is still far, far away.
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Yea, I can't imagine it trading at a million dollars within 10 years or so. That's what he thinks though...
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Great advice. However, one must consider other factors. Namely if the USD is still around in its present form. Maintaining ones purchasing power should be a key factor in holding Bitcoin. A $million in 5 years may not buy as much as today.
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Fascinating post. I like those odds!
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I agree 1% of person's most networth is worth risking specially because btc could at least double in the couple years so the 1% they would have wasted on another things will at least grow.
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I know @bitcoinmeister would totally agree with this sage advice!!!
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great idea
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I have 11 ethereum and I'm waiting for them to hit the 1 million mark
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The hardest part for me is not looking at the account balance for 5-10 years.
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@jrcornel, already starting individual wallets for Daniel and Harvey. 2 and 1 year old boys will have a little extra cash. As always, nice post.
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Thanks! Good thoughts!
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Cornholio
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what lol?
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Thats a new one. That got me crackin' up!
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nice post :) look also at this post :
https://steemit.com/cruptocurrency/@vbnm21/free-mining-free-coins-free-eobot-com
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Great stuff. Keeping the STEEMIT community well informed is very important. If I was to bet on how many STEEMIANS were informed compared to the rest of the world, MY STEEM is on STEEMIANS as most informed and LEAST GREEDY investors on the PLANET!!!!!!
Thanks for the Follow.
STEEM on my friend.
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Who's got his phone number?....i need him to toss me 2 btc ASAP, need to buy some Steem!!!
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Sock one away and buy steem with the other!
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You just read my thought, how did you do that?....How true is a site loaning btc to traders?
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well even coming up with any money to buy bitcoin is very hard for us at this time
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Awesome post, although idk if a million dollars is plausible haha. Cool to think about it though. I mean at that point what could a dollar even get you? Or will the dollar even be a thing anymore.
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Yea that is kinda what I was thinking... If bitcoin is worth a million it probably means the dollar isn't worth much anymore...
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50% plus odds at Bitcoin being worth a million in 5-10 years huh? That seems tremendously optimistic. Although the $2K Bitcoin was a crazy thought recently too I suppose. But just thinking of the challenges on the way for Bitcoin I'd put the odds quite a bit below that myself.
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Yep, so would I. More like 10% personally. Not impossible, but not likely.
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good !!!
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HODL HODL
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If bitcoin is a $one million coin deal, will Steem be worth $10 thousand?!
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I have heard of him!
I used his xapo wallet years ago when they started using the vault storage. Surprisingly you mentioned it @jrcornel about the 1%.
Here is my 1% I did 4 months ago when I first started with steemit.
https://steemit.com/life/@cassidyandfranks/are-you-the-1-or-how-to-become-the-1
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Cool! What were your thoughts about him?
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VIP
VisionaryInsightfulPerson!!!
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Exciting times. Hope he's right
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Great information. I am still quite new to the whole thing so I am always wanting to learn more. Thank you!
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upvote and rs for you...
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Me gustó mucho tu post!
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Muchas Gracias! :)
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My portfolio struggled to gain value when I daytraded 100% of the value. When I switched to buy and holding 80%, I have been gaining very well. I can't resist playing around with the other 20%... and I make some there too by purchasing red candles. If I see a coin on Poloniex drop 25% in a day, I'm there buying it!
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Never put all of your eggs in one basket. If you feel comfortable burning 100 bucks with a match and do not flinch, get the BTC and leave them for long.
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Check this out. It doesn't have to be as big as a reserve currency to mint millionaires
https://steemit.com/bitcoin/@ender/usd1-000-000-bitcoin-prediction-in-context
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I first learned about BITCOIN 6 years ago and was about to jump in and invest a few hundred dollars, unlucky for me I got told that bitcoin was a joke and was not something I should invest in. Lesson learned, from now I'll go with my gut instinct :) Just joined STEEMIT and am so happy to see so many likeminded people with entrepreneurial free thinking spirits creating amazing content!
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I remember when it was 40 dollars. Maybe there is still a little hope for some.
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100% gains per year for ten years puts it over 1 million. I think that is his rationalization. Hope he's right!
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This is exciting and worth betting on as the way i was "forced"OUT OF MY DIRTY FIAT comfort zone was by steemit - which made me be interested and invested in bitcoin for at least 2 years, and emotionally has me invested in a whole new community
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Haha same here! Nice put! :)
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He ran Xapo.. One of the easier online bitcoin wallets. Of course he'd bank on bitcoin to succeed. Between him and all the other exemplary smart and enterprising people who believes in bitcoin, why should we the ordinary folk (i see myself as ordinary when compared to these high Profile people) even doubt cryptocurrency anymore?
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Great post thank you for sharing!
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ha ha. So, nice idea. I also believe only 1 bitcoin will make us millionare after 5-10 years.
Upvoted this excellent article :)
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I think it will hit at least a million
Bitcoin just soared to a new $1,600 high — but the first investor in Snapchat thinks it could hit $500,000 by 2030
The Experts Who Believe One Bitcoin Could Be Worth $1,000,000
CNBC: Bitcoin to $1 million? Why it could happen
Cryptocoins New The 1.4 Million Dollar Bitcoin?
BitConnect: Is Bitcoin Destined to be Worth $1 Million USD? Experts Weigh In
More on why it is a stable store of value even when attacked and will hit 1 million on SteemIt
https://steemit.com/cryptocurrency/@xiobus/repost-of-youtube-videos-from-the-dollar-vigilante-on-german-central-bank-and-wannacry
https://steemit.com/bitcoin/@liman/why-1-bitcoin-will-be-worth-1-million-dollars
https://steemit.com/bitcoin/@hilarski/rick-falkvinge-bitcoin-will-hit-usd5-million
https://steemit.com/money/@nurik/will-bitcoin-worth-usd-1-million-yes-and-here-s-why
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can be possible...
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Interesting concept.
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For those who don't get it, crypto IS the global currency reset. G7 now irrelevant to human money. So much 4 new bretton woods!
Check out Clif High
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Buy and hold! Thanks for a very informative article. Well done.
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I bought and im holding.😀
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I'm agree with your article. Having some bitcoin in your porfolio is the best thing you can do.
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Freedom!!!!!
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Hi guys, where i can buy btc cheap?
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so....has everybody forgotten the block-size problems already ?
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Funny thing about those odds, they seem pretty similar to the last time I heard his predictions, which was two years ago. That surprises me. Surely Bitcoin value proposition is more likely now than was then?
I do like the xapo app though!
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When I am doing the right thing, I like to hear reassurance from a wealthy man who recommends doing the very thing that I am doing.
Thank you Mr. Wences Casares, and thank you jrcornel for posting this.
Thumbs 4U!
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I honestly think getting even a fraction of a Bitcoin (or promising altcoin) is the best retirement savings plan right now...
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Time to convert my precious metals investments to Bitcoin. Metals aren't doing all that great at the moment, anyway. They're not worth quite as much as I put into them. My clean water, green energy, and municipal bond holdings are doing better.
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I like the idea of competing cryptocurrencies to prevent a monopoly.
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I want it... And I hope my Photography make me my first 1 BTC ... I make B&w photography and and very limited prints. And I do not have money, I will use what I have, and I believe that it works. If I try then I have at least half a victory.
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I'm the 100th comment! BOOM!
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"In order to achieve that price, Bitcoin would be considered the world's reserve currency."
I can really see that happening.
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Nice Advice.
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Thanks for this very insighting post. A good advice for those who wanted to improve life. Even 10% of what we have is still small enough to invest in bitcoin but could turn into a huge turnover in the next decade.
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Interesting article. Same mindset here. The future is in blockchain. Crypto prices might be inflated now but the market will find it's way just like it did with the Internet boom. I was researching a way to find more info about the current cryptocoins on the market. Does anyone know about: https://www.coincheckup.com They give great insights in the team, the product, advisors, community, the business and the business model and other techincal insights. On: https://www.coincheckup.com/coins/Bitcoin#analysis To watch Bitcoin Detailed report.
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I think he's tricky as usual. You can say about everything that the chances are 50/50, then not to be responsible for the words. And the statement that bitcoin will cost a million in 10 years - is just a guess.
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