Bitcoin to overtake fiat currency by 2050, report

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Bitcoin will overtake fiat (i.e. central bank issued) currency by 2050 and hit a value of US$318,417 by 2025, according to a panel of fintech specialists surveyed for a new report.


Personal finance comparison site Finder.com said 54% of the 42 panellists said they expected ‘hyperbitcoinisation’ to occur by 2050, with 29% predicting it could happen as soon as 2035.


READ: Bitcoin: Five things you may not know about world’s top crypto


The panel also predicted that Bitcoin’s value will reach US$66,284 by the end of the current year, although in the short term they expected the price of the digital currency to fall to US$25,112 before recovering.


The report also noted that panel member, Thomson Reuters technologist and futurist Joseph Raczynski, thinks Bitcoin will overtake fiat currency as soon as 2025 and be worth US$150,000.


“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.


Overall, the report said the panel was bullish on Bitcoin’s medium and long term prospects, predicting an average value of US$318,417 at the end of 2025 before rising to US$4.3mln by 2030.


However, around 44% of the panel didn’t expect Bitcoin to become the dominant form of global finance despite the predictions of sharp price rises.


“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.


A large portion of the panel, around 31%, also said environmental concerns will have a significant or very significant impact on Bitcoin’s price.


Despite this, 55% of the panel said it was now time to buy Bitcoin, while 38% were in favour of holding and 7% believing it is time to sell.


In early trading in London on Friday, Bitcoin was down 2.7% in the last 24 hours at US$31,636.

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