Bitcoin is now known as the “crypto king”. As cryptocurrency began to enter the mainstream financial world, a growing number of big tech companies and financial institutions adopted Bitcoin. It is one of the most trusted cryptocurrency on the market. Bitcoin has lower transaction fees than other online payment systems, and it is managed by a decentralized authority.
Due to Bitcoin’s increased demand, investors saw significant swings in Bitcoin prices in 2020. This crypto asset became highly volatile due to its high prices. Many people believe that Bitcoin’s value will rise to a million dollars in the future. However, it could also plummet to zero.
What do the experts predict?
Recent predictions by crypto experts and panelists from the fintech industry have shown that Bitcoin will become the dominant form for global finance in 2050. According to a survey, 29% of experts think it will happen by 2035. Another 20% believe 2040 will be the year. However, 44% of experts believe that hyper bitcoinization will not occur. According to the survey, Bitcoin will be the preferred currency in 10 years time in developing countries. The value of Bitcoin could reach US$66284 by the end this year. However, in the short-term, they expect it to drop to US$25112 before it recovers.
Bitcoin has received increased support and attracted the attention of many companies and financial institutions around the globe, including JP Morgan and Tesla, Apple and PayPal. Many countries are now adopting cryptocurrency as their official payment system. Recently, El Salvador, a Central American country, became the first to accept Bitcoin as a legal currency. Others countries, such as Ukraine and Bulgaria, also have Bitcoin cryptos.
Martin Frohler (CEO of Morpher), was one of the panelists who predicted that Bitcoin prices would rise to US$160,000 before the end of this year. He believes that Bitcoin prices will rise because of institutional and corporate adoption. Joseph Raczynski (technologist at Thomson Reuter) believes that Bitcoin would surpass fiat currency by 2025, and be worth US$150,000. David Klinger, founder of Coteries Corporation, believes that Bitcoin will rise to US$50,000 before the end the year, but will be worth only US$5000 by 2030.
The Future of Bitcoin
Hyper bitcoinization is expected to increase due to the adoption of crypto by banks, governments, and large tech companies. Bitcoin investors are provided custodian services by banks. Many other financial service providers also offer investment products in Bitcoin or other cryptocurrencies.
Mainstream economists believe there are still many economic claims and conditions that need closer attention, despite all the innovation that has been unleashed on the financial markets since the advent of Bitcoin and other cryptocurrency.
There are many opinions on the future of Bitcoin. Economists have a very different perspective on Bitcoin than crypto market investors. It is still a matter of debate what the future holds for Bitcoin. It is still not clear if Bitcoin will become the global financial system or simply remain a new product.