The life savings of a hardworking everyday couple with young children. Wiped out three times in one lifetime. Once due to currency devaluation, then hyperinflation and eventually the confiscation of citizen’s bank deposits by the government. This is not a melodrama, but a recollection of true events and what growing up in Argentina was like for Wences Casares, visionary technology entrepreneur and founder of Xapo.
According to Wences, his memories from those events are not financial or even economic. Rather, they are emotional - the feeling of fear, helplessness and hopelessness, due to a monetary system that caused those who had the least to suffer the most. Whereas rich Argentians were able to protect their wealth by having part of their wealth in private banks abroad, the vast majority did not have that opportunity.
Digital money: promising freedom and security
Given his experiences growing up, it’s probably no surprise to see how passionate Wences is about Bitcoin. To him, Bitcoin is the ultimate store of value, as it is so hard to censor. He believes that in the same way the internet democratized information, Bitcoin will be the biggest influence in democratizing money when it becomes mainstream.
One of the biggest issues that plagues traditional financial systems is the actions of irresponsible governments. This is especially seen in emerging markets, where citizens deal on a daily basis with the economic consequences of bad and irresponsible government policies. High inflation, currency devaluation and economic instability are a near constant reality in these countries. This is where decentralized financial systems and digital money can make a difference.
To Wences, Bitcoin will be the best way for people to protect their life savings.
Xapo Bank: delivering freedom and security
Wences envisions a world in which billions of people on earth will use digital money every day. He also believes that when Bitcoin succeeds, all of the world’s currencies will be convertible into this standard of value that cannot be devalued or confiscated.
This is what inspired him to set up Xapo.
Xapo Bank’s vision is to provide the best way for members to protect and grow their savings. To give them easy access to Bitcoin, the most stable crypto currency, and other crypto innovations. To make it possible for them to transact in an increasingly global and international world.
To deliver a world of unprecedented economic freedom, where no one has to go through what Wences and his family did when his parents lost their life savings three times in one lifetime.