BITCOIN will overtake fiat (central bank-issued) currency by 2050, according to a panel of fintech specialists surveyed for a new report.
Personal finance comparison site Finder.com revealed in their latest Bitcoin Price Predictions 2021 Report that 54% of the 42 panellists said they expected ‘hyperbitcoinisation’ to occur by 2050, with 29% predicting that it could happen as soon as 2035.
The panel further predicted that Bitcoin’s value will reach US$66,284 by the end of this year, although in the short term they expected the price of the digital currency to fall to US$25,112 before recovering.
The report also noted that panel member, Thomson Reuters technologist and futurish Joseph Raczynski thinks that Bitcoin will overtake fiat currency by 2025 and be worth US$150,000.
“Some countries will leverage BTC as their primary currency of choice. With fixed circulation, ease of transfer, it will serve them well to move to a ‘bankless’ model inherent in this ecosystem,” Raczynski elaborated.
Overall, the report said that the panel was bullish on Bitcoin’s medium- and long-term prospects, predicting an average of US$318,417 at the end of 2025 before soaring to US$4.3 mil by 2030.
However, around 44% of the panel did not expect Bitcoin to become the dominant form of global finance despite predictions of sharp price increases.
“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,” said Lee Smales, an associate professor at the University of Western Australia.
Meanwhile, a large portion of the panel (around 31%) also opined that environmental concerns will have a significant impact on Bitcoin’s price.
Despite this, 55% of the panel believed that it was now time to buy Bitcoin, while 38% were in favour of holding and 7% said that it was time to sell. – July 21, 2021
Photo credit: Forbes
