- 54% of the fintech experts surveyed predict that by 2050, Bitcoin will surpass the currency issued by central banks in the global financial sector.
- 29% of respondents said that this move may also be implemented before 2035.
- Most people in this group believe that Bitcoin is currently undervalued and the price has risen to $66,284 this year.
- View more stories on the homepage of Business Insider SA.
BitcoinAccording to a panel of fintech experts, as the world’s most traded cryptocurrency, it will surpass the currency issued by the central bank in less than 30 years and become the world’s main financial form.
According to a survey, 54% of the 42 encryption experts surveyed expect the so-called super-bitcoinization (the moment when Bitcoin surpasses global finance) by 2050. A report from Finder.com on Friday, A personal finance comparison website. 29% of respondents said that by 2035, this event may happen earlier.
This prediction is made at a time when institutional and retail investors are becoming more and more interested in the cryptocurrency market, and most central banks are carrying out digital currency work from research to pilot programs.
“Some countries will use BTC as their main currency of choice. Since the liquidity is fixed and easy to transfer, it is helpful for them to switch to the inherent “no bank” model in this ecosystem,” Thomson Reuters technical expert and futurist Joseph Raczynski said in a report from Finder.com. He predicts that Bitcoin will surpass fiat currency by 2025, when its price will reach $150,000.
El Salvador is breaking ground Become the first country to adopt Bitcoin as legal tenderAfter being approved by the legislator in June, it will be used in September. 55% of panel members believe that Bitcoin will become the currency of choice in developing countries, and Finder.com asked them about the use of Bitcoin in these countries, especially given the actions of El Salvador and Venezuelans using Bitcoin as a way to fight against hyperinflation the way.
However, 44% of 41 respondents believe that hyperbitcoinization will not happen at all. Among them is Lee Smales, associate professor at the University of Western Australia.
“Ultimately, I think Bitcoin (and many other cryptocurrency assets) will lose out to central bank digital currencies-many of which will take effect at the end of this century,” Smars said.
US Federal Reserve Chairman Jerome Powell told US lawmakers this week that cryptocurrencies Failed to become a viable payment method And the official U.S. digital currency may weaken the demand for cryptocurrencies or stablecoins. Powell said that a research paper on whether the Federal Reserve should establish a digital currency may be published in September.
According to a survey in 2020, 86% of central banks are exploring the pros and cons of central bank digital currencies or CBDC. Bank for International Settlements.
Looking at the price of Bitcoin in 2021, 61% of the Finder.com group said that Bitcoin is currently undervalued. On average, the team expects Bitcoin to climb to $66,284 by the end of this year.Bitcoin trading price was below $32,000 on Friday And is heading towards its worst weekly performance In more than a month.
