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Bitcoin to $1 million? Why it could happen

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At a time when bitcoin prices are falling sharply, at least one cryptocurrency advocate thinks the long-term direction is up—way up.

Wences Casares, CEO of bitcoin start-up Xapo, told The Wall Street Journal he thinks one bitcoin will be worth between $500,000 and $1 million in one decade.

The online currency, which is created by "miners" who solve complex math puzzles and can be traded on a number of exchanges, has seen its price fall sharply through the year amid a number of scandals and bankruptcies.

Since early March, bitcoin has lost a third of its value, most recently on the heels of a reported crackdown by the People's Bank of China.

Casares, though, believes the downturn will be short-lived as the virtual currency gains attraction in areas with unstable monetary situations.

"It's probably the easiest way for someone in a country where they cannot trust their currency or they cannot trust their bank to keep the fruits of their labor," he told the Journal in a video interview.

Read the full report and see the interview here.

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