Bitcoin will outperform conventional money issued by central banks as the dominant form of financing worldwide in less than 30 years, according to financial technology experts. They call this process hyperbitcoinization.
The Finder.com portal came to such conclusions during the survey.
The study involved 42 respondents. Among them are Celsius Network CEO Alex Mashinsky, Arcane Research analyst Vetle Lunde, Unocoin head Sathvik Vishwanath, Morgan Creek Digital main partner Xavier Segura and others.
According to a Finder.com report, 50% of the 42 cryptocurrency experts surveyed predict so-called hyperbitcoinization – or the moment Bitcoin will become the dominant form of money in the world – by 2050. This event may happen earlier – by 2035, according to 29% of respondents.
Will hyperbitcoinization eventually happen or not?
Interest in the cryptocurrency market is growing from institutional and retail investors. And central banks are actively exploring digital currencies, conducting research and launching pilot programs.
“Some countries will use bitcoin as one of their main currencies. Thanks to the fixed circulation and ease of transfer, they will be able to move to the ‘bankless’ model inherent in the Bitcoin ecosystem”, said Joseph Raczynski, technologist and futurist at Thomson Reuters. He expects Bitcoin to overtake fiat currencies by 2025 and be worth $ 150,000.
55% of experts believe that Bitcoin will become the currency of choice in developing countries. But 44% of respondents do not think that hyperbitcoinization will happen at all. Among them is Lee Smiles, Associate Professor at the University of Western Australia.
“Ultimately, I think Bitcoin (and many other crypto assets) will lose out to central bank digital currencies. Many of which will be in use by the end of the decade”, Smiles said.
At the same time, the participants in the discussion agreed that Bitcoin has environmental problems associated with mining. A whopping 93% expect the green energy controversy to continue to wreak havoc on Bitcoin. And 31% believe energy consumption will have a significant impact on price.
Experts remain positive
Looking at the price of Bitcoin in 2021, 61% of Finder.com experts said Bitcoin is undervalued. Those surveyed expect it to rise to $ 66,284 by the end of the year. On Friday, Bitcoin traded below $ 32K and was approaching its worst weekly performance in more than a month.
And although the cryptocurrency market is falling and one bad news after another, as we can see, most experts in the field of digital assets remain positive and confident in the bright future of cryptocurrencies.
It is noteworthy that such sentiments persist even during the fall of the cryptocurrency market.
Optimists have not lost faith in the favorable prospects for the first cryptocurrency after the crash in May. They believe that El Salvador’s recognition of Bitcoin as a means of payment will set an example for the authorities of other emerging economies.
However, it should be recalled that JPMorgan analysts named low liquidity, Bitcoin volatility, and the risk of converting to the US dollar as the main restrictions on the use of Bitcoin as a means of payment in El Salvador.