According to a group of crypto experts, bitcoin – the world’s most valuable digital currency by market capitalization – might eliminate fiat currency from circulation by the year 2050. This means bitcoin will take around 29 years to become the world’s principal financial product.
Bitcoin is on its way to becoming the most valuable currency on the planet.
On the one hand, it appears like this is a distinct possibility. 29 years is a significant amount of time, and a lot may be achieved in that time. Is it, on the other hand, really that unlikely that fiat will entirely vanish? We have so many institutions and businesses that rely on fiat, and as we’ve seen in the past, financial changes in the United States and elsewhere can take decades, so is 29 years really enough time for bitcoin to totally take over?
Bitcoin and other cryptocurrencies were founded with the intention of pushing checks, credit cards, and fiat money to the side. They’ve always been intended to be used as payment instruments, allowing individuals to use them to purchase goods and services required in everyday life. Unfortunately, their volatility has gotten in the way of this purpose, and as a result, the road to payment status has been long and winding.
At the time of writing, bitcoin is experiencing one of the most extreme periods of volatility. In mid-April of this year, the currency was trading for a new all-time high of almost $64,000. However, as of right now, the currency is trading about $29,000, implying that in just over three months, the currency has lost roughly $35,000 in value. That’s more than half of what it’s worth.
Despite the gloomy conditions that the cryptocurrency is currently experiencing, many experts believe that bitcoin will eventually rise to the top. Around a recent panel, as many as 54 percent of analysts and crypto experts predicted that bitcoin would become the world’s principal form of currency within the next 30 years, with another 29 percent predicting that it would happen even sooner in the year 2035. Bitcoin will be number one in 2040, according to 20% of respondents.
Martin Frohler, CEO of Morpher, was the most upbeat of the panelists, claiming in an interview:
Bitcoin will reach six figures before the end of the year as a result of corporate and institutional adoption, as well as a loose monetary policy and significant asset inflation. Developing countries will embrace bitcoin as legal tender during the next halving cycle, and by 2030, bitcoin will have surpassed gold as a worldwide reserve asset.
There are so many bulls!
Arcane Crypto analyst Vetle Lunde echoed this idea, saying:
We’re now in the heart of bitcoin’s institutionalization. More money is pouring into the space.