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A panel of crypto experts alleges that bitcoin – the world’s number one digital currency by market cap – will potentially remove fiat currency from circulation by the year 2050. This basically gives bitcoin approximately 29 years to become the primary financial product of the world.
Bitcoin Is Rising to the Top
On the one hand, this certainly seems possible. 29 years is a long time, and a lot can be accomplished within that period. On the other hand, is it really all that likely that fiat will disappear completely? We have so many institutions and industries that depend on fiat, and as we have seen in the past, financial changes in America and abroad can take many decades to complete, so would 29 years really be enough time for bitcoin to fully step in and take over?
Bitcoin and other forms of cryptocurrency were initially created to push checks, credit cards and fiat to the side. They have always been designed to serve as payment tools in which people could use them to buy goods and services necessary for everyday life, but sadly, their volatility has gotten in the way of this goal, and as a result, the journey towards payment status has been rather slow.
We are witnessing one of the biggest bouts of volatility at press time with bitcoin. The currency was initially trading for a new all-time high of approximately $64,000 in mid-April of this year. However, as of this moment, the currency has dropped into the $29,000 range, meaning that in just over three months, the currency has lost approximately $35,000 off its price tag. That is more than 50 percent of its value.
Despite the bearish conditions the cryptocurrency is facing, many experts still feel that bitcoin is going to weasel its way into the top spot at some point. As many as 54 percent of analysts and crypto heads taking part in a recent panel said that bitcoin would be the world’s primary form of currency within the next 30 years, while as many 29 percent suggested that this day would come even sooner in the year 2035. 20 percent feel that bitcoin will be number one in the year 2040.
CEO of Morpher Martin Frohler was the most bullish amongst the panelist, claiming in an interview:
Adoption by corporations and institutional investors paired with a loose monetary policy and high asset inflation will propel bitcoin to six figures before the end of this year. The next halving cycle will see increased adoption of bitcoin as a legal tender by developing countries, and by 2030, bitcoin will have replaced gold as a global reserve asset.
So Many Bulls
This sentiment was echoed by Arcane Crypto analyst Vetle Lunde, who stated:
We are standing in the middle of the institutionalization of bitcoin. More funds are joining the space.