Studies show that Bitcoin might become dominant in global finance by 2050

Bitcoin has grown to be known as the 'crypto king.' Over the years, as cryptocurrency started entering the mainstream financial world, an increasing number of global financial institutions and big technology companies started adopting Bitcoin. It has a reputation as one of the most trusted cryptocurrencies in the market. Bitcoin offers low transaction fees than traditional online payment systems and is operated by a decentralized authority.

In 2020, investors witnessed considerably high swings in Bitcoin prices due to its increased demand. These considerably high prices made this crypto a highly volatile asset. Some people expect that the value of Bitcoin can rise much higher in the future, even to a million dollars, but it can also crash, even to zero.

What Do the Experts Predict?

Recently, crypto experts and fintech panelists predict Bitcoin will take over fiat currency as the dominant form of global finance by 2050. A survey shows that 29% of these experts believe it will happen as soon as 2035. Another 20% of them believe that 2040 will be the year. On the other side, 44% of the experts predict hyper bitcoinization will never occur. The survey also says that Bitcoin will become the currency of choice within 10 years in developing nations. Bitcoin's value may reach US$66,284 by the end of this year, although in the short term, they expect the price of the crypto to fall to US$25,112 before it recovers.

Bitcoin has gained increased backing and attracted the interests of several companies and financial institutions across the world, like JP Morgan, Tesla, Apple, PayPal, Visa, and more. Several countries are also adopting cryptocurrencies as their official transaction system. In fact, recently, the Central American nation El Salvador became the first country globally to adopt Bitcoin as a legal tender. Other countries like Bulgaria and Ukraine also own Bitcoin cryptos.

One of the panelists in the survey, Martin Fröhler, CEO of Morpher, predicts that Bitcoin prices will rise to US$160,000 by the end of the year. He thinks that Bitcoin adoption by corporations and institutional investors, along with a lenient finance policy, will become the reason behind Bitcoin's increased prices. Thomson Reuter's technologist and futurist, Joseph Raczynski, thinks that Bitcoin will overtake fiat currency by 2025 and would be worth US$150,000. Meanwhile, Coteries Corporation founder David Klinger believes that Bitcoin will increase to US$50,000 by the end of the year but will only be worth US$5000 by 2030.

The Future of Bitcoin

The adoption of this crypto by financial institutions, nations, and big tech companies is being considered as the reason for hyper bitcoinization in the future. Banks are providing custodian services to Bitcoin investors. There are also numerous other financial service providers offering investment products in Bitcoin and other cryptocurrencies.

Mainstream economists believe that regardless of all the innovation unleashed in the financial market upon the arrival of Bitcoin and other cryptocurrencies, there are still several economic claims and conditions that deserve closer attention.

Opinions about the future of BTC are completely divided. Economists often take a different view of Bitcoin, then the crypto market investors. The likely future of Bitcoin is a subject of debate. Whether it will take over global finance, or will it just remain as another new financial product along with the ones we already know, are still unclear.