Bitcoin Will Replace Fiat Currency by 2050, Panel of Experts Says

A new survey of crypto experts found 

that Bitcoin will replace fiat currency in 2050. Surprisingly, 54% of panelists believe that hyperbitcoinization (when Bitcoin takes over global finance) will occur by 2050.

According to the Finder survey, which was conducted by 42 cryptocurrency experts, 29% believe it will happen in 2035, and 20% in 2040.

However, 44% of panelists do not expect hyperbitcoinization ever to occur.

The majority of panelists (61%) believe Bitcoin is undervalued. On average, the panel predicts Bitcoin will end 2021 at $66,284, 28% more than its December 2020 end-of-2020 prediction and 30% less than its April end-of-2021 prediction.

Martin Frohler from Morpher, CEO, is the most bullish of the panel about Bitcoin. He predicts that prices will rise by $160,000 at the end of the year and believes increased adoption will drive prices up.

Frohler stated in a statement that Bitcoin will rise to six figures if it is adopted by institutions and corporations, and paired with loose monetary policies and high asset inflation.

In the next halving cycle, there will be an increase in adoption of Bitcoin by developing countries as a legal tender. By 2030, Bitcoin will have overtaken gold as a global reserve currency.

Thomson Reuters futurist Joseph Raczynski and Arcane Crypto analyst Vetle Leunde give their end-of-year predictions at $75,000 and $120,000 respectively. They attribute their predictions to the move towards institutionalization of Bitcoin.

Lunde stated in the statement that ‘We are in the middle of the institutionalization Bitcoin. “More funds are entering the space, the country that adopted Bitcoin as legal tender has several exchange-listed companies owning Bitcoin. This trend is expected to continue.

However, some experts are extremely bearish. John Hawkins, a senior lecturer at the University of Canberra, has a $20,000 end-of-year forecast and believes that Bitcoin adoption by countries will have a negative effect on its price.

“I assume El Salvador adopts it as legal tender. This puts a floor for a time. They may also remove the legal tender status if the price drops a lot.

According to CoinMarketCap, Bitcoin fell below $30,000 mark this morning. It stands at $29,700. This is 5.1% less than the previous 24 hours.

Bitcoin Mining in China Slumped Even Before Beijing Crackdown: Research

Research by the University of Cambridge on Thursday showed that China’s share of global Bitcoin production power dropped sharply before its recent crackdown on cryptocurrency mining.

China has been the center of global cryptocurrency miners, an energy-intensive process. Many Bitcoin miner in China use coal and fossil fuels, raising concerns about Bitcoin’s impact on the environment. The Indian Bitcoin price was Rs. As of July 15, 2013, 24.1 lakhs had been sold at 1:30 IST.

According to data from the Cambridge Centre for Alternative Finance, the country’s share in the power of Bitcoin-connected computers, also known as the ‘hashrate’, fell to 46 percent in April from 75.5 percent September 2019.

The United States’ hash rate share grew to 16.8% from just over 4 % during the same time period. This makes it the second largest producer of Bitcoin. The Kazakhstani share grew to 8 percent, while Russia and Iran were the other major producers.

This research provides a rare insight into global trends in Bitcoin mining. There are increasing concerns from Tesla about how the cryptocurrency is made.

China’s cabinet cracked down on Bitcoin mining and trading in May due to financial risks.

Anhui in eastern China was the latest province to ban cryptocurrency mining.

Several Chinese mining hubs, including Sichuan and Inner Mongolia, have taken detailed steps to eradicate the business. This has paralysed the mining sector as miners move to Texas and Kazakhstan or dump their machines.

Bitmain, China’s largest manufacturer of cryptocurrency mining machines stopped selling last month following Beijing’s mining ban. It stated that it was seeking power supplies abroad in countries like the United States, Russia and Kazakhstan.

New Bitcoin entities near all-time high as analyst heralds ‘positive whale activity’

According to analyst William Clemente, Bitcoin , on-chain activity has ceased but the on-chain indicators remain overwhelmingly positive.

Clemente highlighted several metrics that don’t support a bearish view of Bitcoin in the most recent edition of Anthony Pompliano weekly newsletters.

Every day, 50,000 new Bitcoin entities are created

BTC’s price action has been disappointing, and there are many bearish views on Bitcoin. Even its most well-known price models have been criticized.

Clemente claims that the on-chain data proves that the situation is far more bearish than it appears.

He summarized that “The growth of new users has reached new all-time highs with over 50,000 entities joining the chain each day,”

These new entities could be putting pressure upon exchange reserves. In fact, exchange wallets have been emptying for almost 18,000 BTC in the last week.

The newsletter stated that although retail has been buying large for several weeks, they finally saw the increase in whales.

“17 new whales were born on the blockchain this week. Meanwhile, the total holdings of whales increased by 65,429 BTC.

Cointelegraph reported that whales are in the news this week for other reasons. A large buildup of short positions on Bitfinex caused a price drop which saw BTC/USD lose $33,000 support.

Clemente, however, views current activity more broadly as an “uptick in positive Whale Activity.”

Slow block times are not to be ignored

There is also reason to be optimistic about the Grayscale Bitcoin Trust’s (GBTC), which is seeing a declining premium despite the impending unlocking event.

The hash rate has not also returned to challenge the recent lows at 83 exahashes/second (EH/s), so we are left with transaction numbers to worry about.

Clemente stated that ‘Overall on-chain activity has died, as shown by the volume of Bitcoin transactions.

However, there’s a caveat.

He stated that if he had to make a bear case or challenge my opinion, this would be one of the charts he would use. However, some of this drawdown could be due to people using Bitcoin less due to slower block times.

Bitcoin Cash Payment Processor Evolves Adding URL Shortener, Paypal API Integration

Prompt.cash is a hosted permissionless Bitcoin cash ( )-based payments processor. They have made a number of significant updates to the platform. The platform was launched three months ago. However, they have already introduced new features to improve the user experience. A URL shortener is one of the interesting features. This will enable users to monetize any website’s access. Prompt.cash will accept any Simple Ledger Protocol tokens (SLP) created using the Bitcoin Cash blockchain.

We are happy to announce that we are now the first payment processor to accept all #SLP tokens on @BitcoinCash.

Included:
Conversion of Token Fiat Value
– REST API$BCH pic.twitter.com/WdUjyUUXid

– PromptCash July 4, 2021

URL shorteners aren’t new. However, most companies that offer this service are fiat-based. Prompt.cash uses bitcoin cash addresses to send the payment to the user’s wallet. This allows for instant redemption of funds received. This service offers a significant advantage over traditional services. These fiat-based competitors require that the customer withdraw funds manually once a certain amount has been reached.

PayPal API Integration allows seamless migration

Incipient payment processors have to deal with the high cost of integration. Many companies will not test new payment processors, even though they would love to. Because of the cost associated with integrating them into a company’s structure, this is often true. Prompt.cash recognizes this problem and works to reduce friction and costs associated with adding bitcoin cash payments on every platform.

Ekliptor, the developer of Prompt.cash stated that integration with Paypal Rest API will help in achieving this goal. Ekliptor stressed that:

The API layer compatibility allows websites that use Paypal to test out bitcoin cash payments without having to invest a lot of developer knowledge.

Merchants are now able to modify any of the many plugins available to make them compatible with Prompt.cash. These merchants can offer bitcoin cash payments by simply changing a few things.

Merchants will find it easier to integrate Prompt.cash with popular platforms. Static pages, WordPress, Node.js PHP, WHCMS and Android-based platforms all have the ability to integrate Prompt.cash payment. These benefits are not the only ones Prompt.cash offers example to help non-coders understand what is needed and how to apply it to their own platforms.

Is Paraguay set to make bitcoin legal tender? Don’t bet on it

The internet buzzed with rumors about Paraguay’s potential move to legalize bitcoin in the wake of El Salvador’s historic decision.

These may be a bit off-the-mark.

Paraguayan lawmaker Carlos Rejala had accidentally sparked the excitement earlier in June with a Tweet. On Friday, Reuters reported that he was pushing a bill for regulation of cryptocurrencies and not making them legal tender.

Rejala, a centrist legislator, stated that it is a bill that digital assets are being taken as legal currency. It will not be possible to do anything similar in Paraguay.

Rejala tweeted earlier in June that he was linking to a story on a local entertainment company planning to accept cryptocurrency. July is the month we legislate! #Bitcoin was picked up by some media and twitter users.

The 36-year old, who heads a small political party that has four seats in Congress overall, is trying to get support for his bill to regulate digital assets. He is currently working on three drafts for the law that he will present on July 14.

Nayib Bukele, President of El Salvador, announced that a law recently passed making bitcoin legal tender will be in effect starting Sept. 7. This makes El Salvador the first country to do so.

Bukele stated that he believes the project will succeed and can be a “leap forward in humanity” despite the fact that the World Bank declined technical support and the International Monetary Fund expressed concern.

Rejala in Paraguay stated that even though he doesn’t have a majority in Congress he had other lawmakers interested in his proposal, and he was certain of its approval.

He stated that he wanted the banks and regulators to participate in order for Paraguayans and foreigners to legally operate with these assets.

“We want to be crypto-friendly.”