Bitcoin Will Replace Fiat Currency by 2050, Panel of Experts Says
Bitcoin will replace fiat currency by 2050, a new survey of crypto experts finds. An astonishing 54% of the panel thinks hyperbitcoinization — the moment that Bitcoin overtakes global finance — will happen by 2050.
Breaking these findings further, 29% think it will happen as soon as 2035 and an additional 20% by 2040, according to the Finder survey of a panel of 42 cryptocurrency experts.
On the other hand, 44% of panelists don’t expect hyperbitcoinization to ever occur.
The survey also finds that the majority of panelists (61%) say Bitcoin is currently undervalued and on average the panel expects Bitcoin to end 2021 at $66,284, 28% higher than the panel’s end-of-2021 prediction back in December 2020, but 30% lower than the end-of-2021 prediction in April of this year.
Morpher CEO Martin Fröhler, the most bullish among the panel on Bitcoin, gives an end-of-year prediction of $160,000 and says increased adoption will propel prices forward.
“Adoption by corporations and institutional investors paired with a loose monetary policy and high asset inflation will propel Bitcoin to 6 figures before the end of this year,” Fröhler said in a statement. “The next halving cycle will see increased adoption of Bitcoin as a legal tender by developing countries, and until 2030, Bitcoin will have replaced gold as a global reserve asset.”
Thomson Reuters technologist and futurist Joseph Raczynski, and Arcane Crypto analyst Vetle Lunde, who give end-of-year predictions of $75,000 and $120,000, respectively, attribute their predictions to the move toward the institutionalization of Bitcoin.
“We’re standing in the midst of the institutionalization of Bitcoin,” Lunde said in the statement. “More funds are joining the space, the first country has adopted Bitcoin as legal tender, and we have several exchange-listed companies now owning Bitcoin. I believe this trend will continue onwards.”
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Some experts are however extremely bearish, including University of Canberra senior lecturer John Hawkins, who has an end-of-year prediction of $20,000, and thinks that countries adopting Bitcoin will actually have a negative impact on its price:
“I’m assuming El Salvador adopting it as legal tender puts a floor for a while. But after the price has dropped a lot, they may remove the legal tender status.”
This morning, Bitcoin went below the $30,000 mark, standing at $29,700, down 5.1% in the past 24 hours, according to CoinMarketCap.
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