A forecast by a group of cryptocurrency experts predicts that Bitcoin will be a dominant presence in global finances by 2050, overtaking the US dollar. Furthermore, they expect that the price of Bitcoin will reach $66,000 by the end of 2021.
Despite Bitcoin losing more than 50% of its all-time high value of nearly $65,000 from April’s $2.5 trillion bull run, experts remain optimistic about its outlook in 2021. Currently, the price of Bitcoin is still almost three times higher than it was in October of 2020.
Joseph Raczynski, technologist and futurist at Thomson Reuters, said that he thinks Bitcoin will reach a value of $150,000 by 2025 and overtake the US dollar in the process. “Some countries will leverage Bitcoin 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 also added.
El Salvador is the first country to adopt Bitcoin as a legal tender.
Some other South and Central American countries have also shown interest in lowering their dependence on the USD by adopting BTC.
In the meantime, experts predict that Bitcoin will floor to $25,000 before its price rallies. This is approximately $5,000 less than its current price.
54% of the panel expect that Bitcoin will overtake fiat currencies by 2050.
The other 44% don’t agree and expect that Bitcoin will lose to centralised institutions.
“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 University of Western Australia associate professor Lee Smales.
“You wouldn’t need stablecoins; you wouldn’t need cryptocurrencies if you had a digital U.S. currency, […] I think that’s one of the stronger arguments in its favour,” said the member of the Federal Reserve, Jerome Powell.
What’s in store for Bitcoin remains to be seen, as many experts keep dismissing it. Bitcoin is still gaining popularity and acceptance as a decentralised global currency despite “dying” more than 400 times. If nothing else, it’s a useful and secure payment method at online slot venues, so it’s worth checking out for that reason alone.