New Delhi: The Year 2021 will be remembered for many things. From world opening with precautions to cryptocurrency started to enter the mainstream financial world with an increasing number of global financial institutions.
According to Financial Express, A survey of 42 crypto experts globally recently said hyperbitcoinisation – the moment when Bitcoin overtakes global finance – will happen by 2050.
Right now, Bitcoin price is under bear territory leading to a 19% downswing over the past three weeks. BTC’s sell-off has pushed its level to retest $30,000 psychological level for the fourth time in the past two months.
As the charts show Bitcoin’s price closed below the said barrier on a lower time frame.
The survey which included heads of companies like ZebPay and Unocoin – Avinash Shekhar and Sathvik Vishwanath respectively was published by the UK-based personal finance platform Finder this month. 29 per cent of them said hyberbitcoinisation will happen as soon as 2035 and some believe that it will happen by 2040. On the other hand 44 per cent of panelists didn’t expect it to ever occur.
Bitcoin has managed to attract the interest of companies and financial entities across the globe. Companies like JPMorgan, Goldman Sachs, PayPal, Visa, Tesla, Apple, MicroStrategy, and more have come into this crypto business.
Recently, El Salvador became the first country in the world to adopt Bitcoins as legal tender. According to BitcoinTreasuries.org Bulgaria and Ukraine also owned Bitcoins.
According to the panel, the price of Bitcoin is predicted to increase up to $318,417 by December 2025. “Halving events and inflation along the way to 2025 and 2030 will likely trigger the larger upside moves,” said Justin Chuh, Senior Trader, Wave Financial in the report. “Prices are likely to be continuously driven by supply and demand, less availability for a wider group of users.” This is over 14 times the current price of near $32,000.
However, the big news is that by the end of 2021 it is expected to end at $66,284 which is just $2,000 more than the all-time high of $64,234 as of April 14, 2021, as per data from CoinMarketCap.com.
“Adoption by corporations and institutional investors paired with a loose monetary policy and high asset inflation will propel Bitcoin to 6 figures before the end of this year,” explains Martin Fröhler.
“The next halving cycle will see increased adoption of Bitcoin as a legal tender by developing countries, and until 2030, Bitcoin will have replaced gold as a global reserve asset,” he added.
