Bitcoin has struggled for the past few months, more than halving from its high of around $ 65,000 in April.
However, the price of Bitcoin is still significantly higher than it was before the last bull run began last October – bringing the total price of the crypto market to a staggering $ 2.5 trillion before the fall.
Now a panel of experts predicts that Bitcoin will reach USD 66,000 by the end of the year and overtake the US dollar as the dominant form of global finance by 2050.
“Some countries will use Bitcoin as their preferred currency,” Thomson Reuters panelist, technologist and futurologist Joseph Raczynski said that by 2025, Bitcoin will surpass the USD and cost $ 150,000.
“With a fixed edition that is easily transferable, it will help them transition to the ‘non-banking’ model that is inherent in this ecosystem.”
This year El Salvador accepted Bitcoin as legal tender in addition to the US dollar in a controversial economic experiment. Other Central and South American countries also indicated that they could follow suit to break their dependence on the USD.
However, Bitcoin price is predicted to continue falling before it hits a bottom. The council agreed that the price would return to $ 25,000 – about $ 7,500 below the current level of about $ 31,500.
While 54% of board members surveyed by Finder’s personal financial comparison website expect bitcoin to overtake fiat money – sometimes referred to as “hyperbitcoinization” – by 2050 – don’t expect bitcoin to be the dominant form of Western Australia global finance will.
“Ultimately, I think Bitcoin (and many other crypto assets) will lose to central bank digital currencies – many of which will survive the end of the decade.”
This week, Federal Reserve Chairman Jerome Powell said one of the stronger arguments in favor of the digital dollar is that it could weaken demand for Bitcoin, other cryptocurrencies, and stablecoins – digital currencies like USDT tied to traditional assets.
In Europe, the EU is continuing its plans to develop a digital euro over the next few years, while China has started a physical test of its digital yuan.
Bitcoin price tfrom the beginning of the year until now | SleepNoise: Tradingview
Despite warning that Bitcoin could continue to fall in the medium to long term in the coming months, the panel has come up with an average Bitcoin price forecast of $ 318,000 by the end of 2025.
Arcane crypto analyst Vetle Lunde said:
“We are in the process of institutionalizing Bitcoin. Bitcoin will trade at $ 120,000 through the end of 2021, $ 300,000 through the end of 2025, and $ 500,000 through 2030. More funds are coming into the room, the first country to accept Bitcoin as a legal currency. I believe that this trend will continue to grow. “
According to Forbes
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