Bitcoin to replace Fiat currency by 2050, expert group says

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Bitcoin will replace fiat currency by 2050, according to a new survey from crypto experts. An astonishing 54% of the panel believe that hyperbitcoinization as Bitcoin overtakes global finance will occur by 2050.

See: Bitcoin Crashes Constantly, But These Investors Won’t Sell Why HODLers Buy the Plunge and Hold on Firmly Find: 7 of the Biggest Bitcoin Crashes in History

Breaking these results further, 29% believe it will happen as early as 2035 and another 20% by 2040, according to the Finder survey of a panel of 42 cryptocurrency experts.

On the flip side, 44% of panelists don’t expect hyperbitcoinization to ever happen.

The survey also reveals that the majority of panelists (61%) say Bitcoin is currently undervalued and that on average the panel expects Bitcoin to end in 2021 at $ 66,284, 28% more than panel predictions end 2021 in December 2020, but 30% lower than the end 2021 forecast in April of this year.

Morpher CEO Martin Frhler, the most optimistic of the Bitcoin panel, gives a year-end forecast of $ 160,000 and says increased adoption will push prices up.

The adoption by businesses and institutional investors, coupled with loose monetary policy and high asset inflation, will propel Bitcoin into 6 digits before the end of this year, Frhler said in a statement. The next halving cycle will see the increased adoption of Bitcoin as legal tender by developing countries, and by 2030 Bitcoin will have replaced gold as a global reserve asset.

Thomson Reuters technologist and futurist Joseph Raczynski, and Arcane Crypto analyst Vetle Lunde, who give year-end forecasts of $ 75,000 and $ 120,000, respectively, attribute their forecasts to the trend towards l institutionalization of Bitcoin.

Stood in the midst of the institutionalization of Bitcoin, Lunde said in the statement. More funds are joining the space, the first country to adopt Bitcoin as legal tender, and now we have several publicly traded companies that own Bitcoin. I think this trend will continue.See: Biden and IRS Put Pressure on Crypto Tax Avoidance, Transactions Over $ 10,000 Find: 15 Environmentally Sustainable Cryptocurrencies To Invest In Right Now

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Some pundits are extremely bearish, however, including Canberra University Lecturer John Hawkins, who has a year-end forecast of $ 20,000, and believes countries adopting Bitcoin will actually have a negative impact on his price :

I guess El Salvador adopts it as legal tender puts a floor for a while. But once the price has come down a lot, they can remove the legal tender status.

Bitcoin fell below the $ 30,000 mark this morning, settling at $ 29,700, down 5.1% in the past 24 hours, according to CoinMarketCap.

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This article originally appeared on GOBankingRates.com: Bitcoin will replace Fiat currency by 2050, according to panel of experts

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