Interestingly, 54% of the fintech experts believe that ‘hyperbitcoinization’ would happen by 2050. The panelists believe Bitcoin will have eclipsed fiat currencies at that time. Although 29% of the 42 people polled agreed with this assessment, they predicted that it will begin as soon as 2035.
Panelist Joseph Raczynski, a Thomson Reuters engineer and futurist, believes that ‘hyperbitcoinisation’ will happen by 2025. He also predicted that the digital money will be worth $150,000 during that period. “BTC will be used as the major currency in several nations.”
“With limited liquidity and simplicity of transfer, moving to a “bankless” model intrinsic in this society will suit them well,” Raczynski added. Although the study was mostly positive, 44% of experts disagreed with the majority’s viewpoint. Despite expectations of steep price increases, this group does not believe Bitcoin will sweep over world finance.
“And in the end, I believe Bitcoin (and several other crypto assets) will be surpassed by central bank digital currencies (CBDCs), and most of them will be operational by the end of the decade 2030,” said Lee Smales, an associate professor at the University of Western Australia.
Furthermore, around 31% of the experts believe that ecoogicall issues will cause Bitcoin’s price to plummet. Elon Musk, the CEO of Tesla, Inc., has voiced strong opposition to the cryptocurrency’s carbon imprint. Musk went to the extent of saying that Bitcoin would not be accepted as a form of payment for the electric vehicles manufactured by his company.
Bitcoin has also been targeted by Chinese regulatory agencies and politicians, including Senator Elizabeth Warren. Bitcoin is expected to reach $66,284 by the end of 2021, according to the experts.
Nevertheless, Bitcoin’s value will drop below $25,112 in the immediate term before recovering. Despite this, 55% of experts believe now is a right time to invest in Bitcoin. On the other side, 38% of respondents preferred HODLing, while 7% said selling was the best option. The Finder group believes that Bitcoin’s competitive environment will only get tougher as time goes on.
Ethereum, for example, offers smart contract capability despite its exorbitantly high gas charges. Ripple (XRP), Bitcoin Cash (BCH), Dash (DASH), and Litecoin (LTC) seem to be more Bitcoin competitors.
As per our statistics, the value of bitcoin was $31,330 while writing this article, down 2.40% in the previous 24 hours. After a 50% price drop from a peak of $65,000 in mid-April, the cryptocurrency has been fluctuating near $30,000 recently. Notwithstanding recent reports that Bitcoin has entered a “death cross,” 62% of respondents believe it will not face a bear onslaught.