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Bitcoin to overtake fiat currency by 2050, report

A panel of 42 fintech specialists predicted ‘hyperbitcoinisation’ will occur within the next 30 years, while also forecasting the digital currency could be worth US$4.3mln by 2030

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,  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.

Read More: Bitcoin to overtake fiat currency by 2050, report

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