Cryptocurrency experts see Bitcoin replacing fiat money in 20 years

The recent drop in Bitcoin (BTC) prices has not dampened the optimism of some of the world’s greatest crypto experts.

In a new survey by personal finance comparison platform Finder.com, half of respondents believe Bitcoin will outperform fiat, or the currency issued by the central bank, by 2040.

While the sample is supposed to be tight – Finder.com says the report is based on a panel of 42 crypto experts – it shows that Bitcoin’s price decline from its all-time high in April has not affected the long-term view of crypto experts.

The survey found that 50% of respondents expect to see the moment when Bitcoin overtakes the global financial world, also known as hyperbitcoinization, within the next 20 years. A third of attendees believe the event will take place before 2035, while 44% say Bitcoin will never become the dominant form of global finance.

El Salvador’s move to recognize Bitcoin as legal tender is just the beginning for developing countries to accept BTC as their main currency, the majority of respondents said. 33% of crypto experts expect cryptocurrencies to become the most popular form of money in developing countries in the next 10 years. Another 21% believe we will see an induction, but it will take 10 years or more.

One thing that the panelists agreed on was the environmental concerns surrounding Bitcoin mining. A whopping 93% expect the green energy debate will continue to influence Bitcoin, with 31% believing energy use will have a significant impact on price.

Related: “Billions of Users Accept Bitcoin? Maybe in 10 years, ”said Dan Held

However, more than half of the experts are of the opinion that switching to an environmentally friendly proof-of-stake model is not the solution despite possible price effects, as 66% of those surveyed describe the proof-of-work as a “necessary bad thing” . “

In an exclusive interview, Dan Held, Head of Growth at Kraken, told Cointelegraph that Bitcoin has a good chance of becoming the world’s reserve currency, but it will take at least 10 years. He said that bitcoin was valuable in developing countries primarily to avoid censorship – while bitcoin was attractive in the western world as a hedge against money printing by central banks.