Bitcoin Could REPLACE Dollar by 2030 with “Inevitable Growing” Price Hikes, Experts Say

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BITCOIN could be on the verge of overtaking the dollar by 2030 as the world’s reserve currency, experts in the booming cryptocurrency believe.

Digital currency peaked against the US dollar on Wednesday when a single Bitcoin traded near $ 67,000.

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Bitcoin climbed to nearly $ 67,000 this week after the very first Bitcoin-linked exchange-traded fund launched on the New York Stock ExchangeCredit: Alamy

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Human Rights Foundation director of strategy Alex Gladstein believes Bitcoin could replace the dollar as the world’s reserve currencyCredit: Getty

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Bitcoin was created by a dark silhouette of characters named Satoshi Nakamoto in 2009Credit: Reuters

It came after years of often volatile but meteoric growth since The Dad of All Crypto was first released by one or more dark figures by the name of Satoshi Nakamoto in 2009.

Satoshi is gone and no one has ever conclusively proven who he, she or they might be – but their invention is now one of the few runaway successes in an otherwise struggling economy.

Bitcoin Community Leaders Say It Is On The Way To Surpass The Value Of All The Money In The World, And It Will ‘Easily’ Have Over 1 Billion Users Over The Next Five Years .

With national currencies currently devalued by central banks through money printing and Bitcoin’s built-in cap of 21 million coins, they argue that we may be on the verge of ‘hyperbitcoinizing’.

Alex Gladstein, director of strategy for the Human Rights Foundation and a well-respected Bitcoin voice, told The Sun: “It’s just increasingly inevitable that over time the price of Bitcoin will continue to rise by against the dollar.

“It’s going to be volatile, it’s going to go up, it will go down, but over time you have a Bitcoin asset whose supply rate cannot be changed.

“It only issues a certain amount every 10 minutes and it’s predetermined for the next hundred years.

“And it’s competing with assets that are being created again at historic rates, currency to currency.

“You look at the balance sheets of the Federal Reserve or the European Central Bank, it’s remarkable how much new money is being created. It’s historic.

“Bitcoin is a device whose ultimate goal is to replace the dollar as the world’s reserve currency.

“Whether it does or not, who knows, but that’s what Satoshi envisioned when they created electronic money that was out of government control.

“The aim was to provide an alternative to the central banking system that bailed out businesses.

“Bitcoin can fail, but people need to be clear that its mission is to replace fiat money at the heart of the central bank.

“Personally, I think it’s going to happen, it could take decades but I think it’s inevitable because governments are interested.

“They’re going to want the most valuable, the hardest, and the best money, and that’s Bitcoin.”

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Bitcoin podcaster and educator Natalie Brunell says there could ‘easily’ be a billion cryptocurrency users in five yearsCredit: Courtesy of Natalie Brunell

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Bitcoin is a decentralized digital currency system with a fixed upper limit of 21 million coinsCredit: Reuters

The US dollar officially became the world’s reserve currency following the Bretton Woods Agreement in 1944 and since then it has been held by central banks around the world for international transactions.

At its peak, Bitcoin was trading at $ 66,999 on Wednesday, according to the Coinbase cryptocurrency exchange.

This broke a previous high of $ 64,899 set in mid-April and means Bitcoin is worth almost six times as much as it was around the same time last year.

The record price came after a major milestone on Tuesday when the very first Bitcoin-linked exchange-traded fund launched on Wall Street.

The ProShares Bitcoin ETF was an immediate hit on the New York Stock Exchange, surpassing $ 1 billion in trading volume on day one.

But critics of Bitcoin have often pointed to its extreme price volatility as a major risk to investors, with big buyers and sellers being able to manipulate its price.

In June, the price slumped 50% from the previous all-time high before recovering and climbing back to Wednesday’s high.

Some also claim that Bitcoin’s network is clunky and cumbersome, despite the apparent success of its Lightning Network fast payment system in El Salvador.

The Central American nation became the first to grant Bitcoin legal tender status in September.

But questions remain about how other governments and central banks will respond to the growing popularity of Bitcoin’s decentralized monetary system after China has repeatedly cracked down on it.

The original cryptocurrency does not have a central authority capable of controlling it and goes through a network of nodes maintained by its users.

Coin Stories podcast host and Bitcoin educator Natalie Brunell told The Sun, “Governments certainly have the power to regulate and create disincentives through tax measures.

“I don’t see the United States doing this to Bitcoin because the SEC (Securities and Exchange Commission) recognized its legitimacy as a financial asset with the approval of this ETF.

“I hope the United States will eventually see a strong case for putting them on their own balance sheet.

“You can’t actually kill Bitcoin unless you take down the entire Internet.

“It’s the power of a distributed network that doesn’t have a central point of failure or weakness.

“And governments that support it, like El Salvador, will attract business and innovation surrounding cryptocurrency and its mining to their countries.”

Bitcoin is currently believed to have some 50 million users in the United States and a total of around 200 million worldwide.

Transactions on its blockchain, or digital ledger, are verified by “mining” with computers that solve complex math problems and produce new Bitcoins in the process.

When asked where she would see Bitcoin in 10 years, Natalie added, “I think Bitcoin will easily have over a billion users in just five years.

“In a decade, I think most institutions and even governments will keep Bitcoin in their treasury.

“I think the price per Bitcoin will exceed $ 1 million per coin, but the bigger question will be how much the US dollar will be worth at this point.

“We have printed so much money and increased the dollar supply in a way that gives the perfect value proposition for Bitcoin’s fixed supply and immutable ledger.”

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Natalie Brunell poses for a photo with philanthropist Helene GalenCredit: Getty

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Alex Gladstein says it’s a “growing inevitability” that the price of Bitcoin will continue to riseCredit: Courtesy of Alex Gladstein

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