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.