Bitcoin could simplify its control on this date

The world’s most traded cryptocurrency will overtake central bank currencies as the dominant form of the world’s financial sector in less than 30 years, a panel of fintech professionals confirmed.

Fifty-four percent of the 42 crypto experts surveyed predict that so-called hyperbitcoinization – or when bitcoin dominates global finance – will happen by 2050, according to a report released Friday by Finder.com, a site of comparison of financial profiles.

According to 29% of respondents, it could happen sooner, by 2035.

This prediction comes at a time when interest in the cryptocurrency market is growing among institutional and individual investors, as the majority of central banks plan to create their own digital currencies, from research to pilot programs.

Thomson Reuters technologist and futurist Joseph Raczynski believes that some countries “will benefit from Bitcoin as a base currency with stable circulation and ease of money transfer, and it will be beneficial for them to move to a non-banking model inherent in this system. “, reports Thomson Reuters. environmental”. Bitcoin is expected to overtake fiat currencies by 2025, when its price reaches $ 150,000.

El Salvador became the first country to adopt Bitcoin as legal tender, and it will officially start using it in September after lawmakers approved the decision in June.

Fifty-five percent of the expert panel believe Bitcoin will become the currency of choice in developing countries as Venezuelans use cryptocurrency as a means to defeat the country’s hyperinflation.

But 44% of the 41 survey respondents don’t believe a cryptocurrency over-trade will happen. Among them is Lee Smalles, associate professor at the University of Western Australia.

“Ultimately, I think Bitcoin (and many other crypto assets) will lose to central bank digital currencies, as many of them will be operational by the end of the decade,” Smalls said.

Federal Reserve Chairman Jerome Powell told U.S. lawmakers this week that cryptocurrencies have not become a viable form of payment and that the official U.S. digital currency could undermine the need for cryptocurrency. .

Powell said a research paper on whether the Fed should create a digital currency is expected to be released in September.

And 86% of central banks are exploring the pros and cons of so-called CBDCs, or central bank digital currencies, according to a 2020 Bank for International Settlements survey.

Looking at the price of Bitcoin in 2021, 61% of experts in a Finder.com survey said the price of the most popular cryptocurrency was undervalued. On average, the committee expects the price of Bitcoin to reach $ 66,000 by the end of the year.

Bitcoin was trading below $ 32,000 on Friday and was on track for its worst weekly performance in over a month.

Cryptocurrency prices continued to fall, today Monday, with Bitcoin prices falling more than 2% to $ 31,590. The world’s largest cryptocurrency has been stuck in a range of around $ 30,000 to $ 40,000 for months after hitting an all-time high of nearly $ 65,000 in mid-April.