Bitcoin will replace the fiat currency by 2050

follow report from Finder.com, a personal finance comparison website, Bitcoin will replace fiat currency in a “hyper-bitcoinized” state by 2050, a time when it will overtake global finance. Michael Saylor, CEO of MicroStrategy, recently made a similar point calling “Bitcoin the kingmaker”.

More and more investors, both institutional and private investors worldwide, view Bitcoin as a hedge against inflation. Saylor has one, however advice for countries struggling with economic crises.

“Turkey can buy Bitcoin with $ 5 billion in its central bank coffers, and then that number will be worth $ 50 billion over the next five years. It can strengthen their local currency and 50 million Turks will have the Turkish Lira, which will be a derivative of Bitcoin. “

On top of that, JP Morgan Chase sounded optimistic too, mentioning in a note that institutional investors see Bitcoin as better inflation protection than gold.

Source: Datawrapper

Issue of Bitcoin-backed currency

When the first Bitcoin Futures ETF started trading in the US, Saylor claimed that countries could benefit from Bitcoin.

“We don’t have to scale on the base layer. Would you like to change a country like Nigeria or Zimbabwe? All you have to do is buy $ 2 billion or $ 3 billion worth of bitcoin and spend a bitcoin-backed currency. This is the bitcoin standard. And each of your citizens will escape starvation and live a good life. “

Recently, Zimbabwe Finance Minister Mthuli Ncube stated that we cannot run away from cryptocurrencies. He also praised the potential for DeFi to lower transfer fees.

Nigeria, on the other hand, is one of the largest crypto trading countries in the world. And last month they started their own fintech department to research crypto and blockchain investment products.

https://twitter.com/MthuliNcube/status/1435977323648479244?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“I visited the DMCC CRYPTO CENTER in Dubai, a fascinating incubator for crypto and payment solutions. Solutions have been introduced that can reduce transfer fees abroad. “

However, not all are for Bitcoin. Earlier this month, the United States’ International Monetary Fund (IMF) warned of the global risks of an unregulated cryptocurrency boom. They claim that stricter regulations are needed to prevent the rapid growth of cryptocurrencies from leading to financial instability, consumer fraud, and terrorist financing.

Also some giants of the traditional financial system have mentioned that Bitcoin is a thing of the past and also equated Bitcoin with a tulip bubble in the 17th century. It’s interesting, but progress remains to be seen as to which direction Bitcoin’s journey will take in the future and whether it will really replace the fiat currency.

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