More

    Bitcoin ‘To Overtake’ The Dollar By 2050 And Soar To $66,000 By The End Of 2021

    Bitcoin has struggled over the last few months, falling by more than half from its peak of around $65,000 set in April.

    The bitcoin price is still up significantly from before it began its latest rally in October, a bull run that sent combined crypto market to a staggering $2.5 trillion before crashing back (subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover crypto blockbusters poised for 1,000% gains).

    Now, a panel of cryptocurrency experts has predicted bitcoin will overtake the U.S. dollar as the dominant form of global finance by the year 2050—putting the bitcoin price at just over $66,000 by the end of 2021.

    Sign up now for CryptoCodexa free, daily newsletter for the crypto-curious that explains the world of bitcoin with brevity. Arriving in your inbox at 7am EDT every weekday

    MORE FROM FORBESCoinbase CEO Hits Back At Dogecoin Creator After Attack On ‘Cult-Like’ Bitcoin And Crypto Price Culture

    “Some countries will leverage bitcoin as their primary currency of choice,” said one panelist, Thomson Reuters technologist and futurist Joseph Raczynski, who said he thinks bitcoin will overtake the dollar by 2025 with a value of $150,000. “With fixed circulation, ease of transfer, it will serve them well to move to a ‘bankless’ model inherent in this ecosystem.”

    This year, El Salvador has adopted bitcoin as legal tender alongside the U.S. dollar in a controversial economic experiment. Other Central and South American countries have indicated they may follow suit in an attempt to escape dependence on the dollar.

    However, the bitcoin price is predicted to fall further before finding a floor, with the panel consensus of $25,000 per bitcoin—down around $8,000 from its current price of around $32,000.

    While 54% of the panel, surveyed by personal finance comparison site Finder, expect bitcoin to eventually overtake fiat currency—sometimes called “hyperbitcoinisation”—by the year 2050, 44% of panelists, including University of Western Australia associate professor Lee Smales, don’t expect bitcoin to ever become the dominant form of global finance.

    “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,” Smales said.

    This week, Federal Reserve chair Jerome Powell said one of the stronger arguments for a digital dollar is that it could undermine the need for bitcoin, other cryptocurrencies and so-called stablecoins, digital currencies such as tether that are pegged to traditional assets.

    In Europe, the E.U. has moved forward with plans to develop a digital euro over the next couple of years while China has already begun real-world trials of its digital yuan.

    CryptoCodex—A free, daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every day

    MORE FROM FORBESGoldman Sachs Reveals Surprise Coinbase Prediction After $1 Trillion Bitcoin And Crypto Price Crash

    Despite warning the bitcoin price is could fall further in the coming months, over the medium to long-term the panel made an average bitcoin price prediction of $318,000 at the end of 2025.

    “We’re standing in the midst of the institutionalization of bitcoin,” said Arcane Crypto analyst Vetle Lunde who forecast a $120,000 bitcoin price by the end of 2021 and thinks bitcoin will be worth $300,000 at the end of 2025 and $500,000 in 2030. “More funds are joining the space, the first country has adopted bitcoin as legal tender, and we have several exchange-listed companies now owning bitcoin. I believe this trend will continue onwards.”

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Atlantis Exchange Received 30,000,000 Advanced Bitcoin as Liquidity

    SEATTLE, WA, May 20, 2022 /24-7PressRelease/ — Atlantis Exchange is pleased to announce that a deposit of 30,000,000 Advanced Bitcoin (“aBTC”), a green cryptocurrency...

    These indicators show how the equities sell-off is influencing crypto prices to fall down

    Cryptocurrencies experienced on May 10 a large market crash, losing over 10% in a single day of most of the coins. This is the...

    Xendit Raises $300M to Grow Payments Platform

    Southeast Asia payments platform Xendit closed a $300 million Series D funding round that brings its total investment capital since 2015 to $538 million,...

    Top Cryptocurrency Prices Today, May 20: After crypto crash, Bitcoin, ETH, Solana, ADA, Polkadot, Matic rise upto 6%

    Top Cryptocurrencies of the World Prices Today in India (May 20, 2022): The global crypto market cap recovered 2.87% in the last 24 hours...

    Ethereum to Merge in August as Final Testing Begins

    The Merge is a milestone upgrade that transitions the Ethereum network consensus mechanism from proof-of-work mining to proof-of-stake (PoS). It is a significant step...

    Newsletter

    Subscribe to stay updated.