Bitcoin will displace fiat currencies by 2050

A team of 42 cryptocurrency experts at Finder predicts that there will be mass adoption of Bitcoin

over the next three decades. The experts also predicted the cryptocurrency’s price to rise to $318,417 by 2025 and $4.3 million by 2030. Sponsored Sponsored

Worth noting, 54 percent of fintech experts expect “hyperbitcoinization” to occur by 2050. This means that bitcoin

will displace fiat currencies. 29 percent of 42 experts agreed with this viewpoint, but set that time as early as 2035.

Panel member Joseph Raczynski, a technologist and futurist at Thomson Reuters, believes that “hyperbitcoinization” will occur as early as 2025. He also predicted that the digital currency will be worth $150,000 by then. Raczynski said:

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Some countries will use BTC as their primary currency of choice. With a steady supply, ease of transfer, they will be well served by moving to a “bankless” model specific to this ecosystem.

Sentiment toward Bitcoin among market experts

The report was largely bullish, but 44 percent of survey participants had a different opinion from the majority. This group does not expect Bitcoin to take over global finance, despite predictions of soaring prices. Lee Smales, an associate professor at the University of Western Australia said,

Ultimately, I think Bitcoin (and many other cryptocurrency assets) will lose out to central bank digital currencies – many of which will be live by the end of the decade.

What’s more, about 31 percent of peccadilloes said that environmental concerns could significantly drive down the price of Bitcoin. Prominent figures such as Tesla CEO Elon Musk have expressed great criticism of the cryptocurrency’s carbon footprint. Musk has even removed BTC as a means of payment for his company’s electric cars. Chinese regulators and political figures such as Senator Elizabeth Warren have also attacked Bitcoin for the same reason.

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Short-term forecast for cryptocurrencies

By the end of this year, experts predict that Bitcoin will rise to a high of $66,284. However, in the short term, Bitcoin’s value will drop to $25,112 before it rebounds.

Still, 55 percent of experts recommended this time as a ripe “buy” period for Bitcoin. On the other hand, 38 percent were in favor of HODLing, while 7 percent thought selling was a better option.

Finally, the Finder team agrees that Bitcoin’s competition will only grow. Ethereum, for example, has smart contract functionality, even though its gas fees are unreasonably high. Still on Bitcoin’s list of rivals are Ripple (XRP), <a href=”https://beincrypto.pl/cena/bitcoin-cash/” ta

rget=”_blank” rel=”noopener”>Bitcoin Cash (BCH), Dash (DASH) and Litecoin (LTC).

Bitcoin’s price at the time of this writing is US 31,238. Recently, the cryptocurrency has been oscillating around the psychological $30,000 barrier after a more than 50 percent drop in value from its record high of $65,000 in mid-April. Despite recent news of Bitcoin entering a “death cross,” 62 percent of experts are confident that it is not entering a bear market.

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