Bitcoin will overtake fiat currencies by 2050, price to hit $4.3M by 2030: Bullish report says

54 percent of the panellists expect ‘hyperbitcoinisation’ by 2050 while 29 percent expect it as early as 2035 and the rest by 2025.
By the end of 2021, the panel predicts Bitcoin’s price to have risen to $66,284, but only after falling to $25,112.

A panel of 42 crypto experts from Finder has predicted massive Bitcoin adoption to occur within the next three decades. The specialists also forecasted a surge in the price of the cryptocurrency to $318,417 by 2025 and $4.3 million by 2030.

Notably, 54 percent of the fintech panelists expect ‘hyperbitcoinisation’ to occur by 2050. By this time, the panelists expect Bitcoin to have surpassed fiat currency. 29 percent of the 42 concurred with this view but placed the timing as early as 2035.

Specifically, panel member Joseph Raczynski, a Thomson Reuters technologist and futurist, thinks ‘hyperbitcoinisation’ will occur as soon as 2025. He also forecasted the digital currency to be worth $150,000 by that time.

“Some countries will leverage BTC as their primary currency of choice. With fixed circulation, ease of transfer, it will serve them well to move to a “bankless” model inherent in this ecosystem,” Raczynski said.

Bitcoin sentiments by market pundits

The report was largely bullish but had 44 percent of panelists who differed with the leaning of most. This cohort does not expect Bitcoin to take over global finance despite predictions of sharp price gains.

“Ultimately I think Bitcoin (and many other cryptocurrency assets) will lose out to central bank digital currencies – many of which will be live by the end of the decade,” said Lee Smales, an associate professor at the University of Western Australia.

Moreover, about 31 percent of the panelists stated that environmental concerns are likely to down the price of Bitcoin significantly. Prominent figures such as Tesla, Inc. CEO Elon Musk, have expressed great reprove of the cryptocurrency’s carbon footprint. Musk even went ahead to strike out Bitcoin as a means of payment for his company’s electric cars. Chinese regulatory authorities and political figures, such as Senator Elizabeth Warren, have also attacked Bitcoin for the same reason.

Read More: After bashing Bitcoin, Sen. Elizabeth Warren calls on the SEC to take a hard look at crypto exchanges

Short-term crypto forecast

By the end of this year, the panel predicts Bitcoin to have risen to the tune of $66,284. However, in the short-term, Bitcoin’s value will plunge to $25,112 before recuperating.

Nevertheless, 55 percent of the experts recommended this time as a ripe ‘buy’ period for Bitcoin. On the other hand, 38 percent were in favor of HODLing, while 7 percent believed selling was the better option.

At the end of their assessment, the Finder team agrees that Bitcoin’s competition will only increase. Ethereum, for instance, has smart contract functionality even though its gas fees are unreasonably high. More on the list of Bitcoin rivals are Ripple (XRP), Bitcoin Cash (BCH), Dash (DASH), and Litecoin (LTC).

Bitcoin price at writing time was $31,238, having shaved off 2.09% in the past 24-hours, according to our data. Lately, the cryptocurrency has been hovering around $30,000 after a 50+ percent value cut from mid-April’s high of $65,000. Despite recent news of Bitcoin entering a “death cross”, 62 percent of panelists are confident that it is not entering a bear market.

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