Bitcoin has managed to gain increased backing from companies such as JPMorgan, Goldman Sachs, PayPal, Visa, Tesla, Apple, MicroStrategy, and more.2021 will probably go down in history as the year when Bitcoin started to enter the mainstream financial world with an increasing number of global financial institutions, large technology enterprises, and even a nation adopting the crypto king. While Bitcoin will sooner or later come out of the current price correction phase, the majority in a survey of 42 crypto experts globally recently said hyperbitcoinisation – the moment when Bitcoin overtakes global finance – will happen by 2050.
The survey, which also included heads of Indian crypto exchanges ZebPay and Unocoin – Avinash Shekhar and Sathvik Vishwanath respectively, was published this month by the UK-based personal finance platform Finder. The study noted that 29 per cent said hyberbitcoinisation will happen as soon as 2035 while an additional 20 per cent believed it to happen by 2040. However, 44 per cent of panelists didn’t expect it to ever occur. Bitcoin has managed to gain increased backing or attracted the interest of companies and financial entities across the globe such as JPMorgan, Goldman Sachs, PayPal, Visa, Tesla, Apple, MicroStrategy, and more. Recently, the Central American nation El Salvador became the first country globally to adopt Bitcoin as a legal tender. Others such as Bulgaria and Ukraine also owned Bitcoins, according to BitcoinTreasuries.org.
Even as there could be a medium-term price depreciation, the price of Bitcoin is predicted to increase up to $318,417 by December 2025, according to the panel. “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.”
Also read: Apple finally bought over $2 billion in Bitcoin? Here’s what Bitcoiners are saying
However, panelists expected that by December 2030, the price will go up to $4,287,591 but “the average is skewed by outliers – when we look at the median price prediction, the 2030 price forecast comes down to $470,000.” This is still over 14X from the current price of near $32,000. Nonetheless, 2021 is expected to end at $66,284, according to 61 per cent of panelists. This would be just $2,000 more than the all-time high of $64,234 as of April 14, 2021, as per data from CoinMarketCap.com.
Martin Fröhler, CEO at the virtual trading platform on the Ethreum blockchain — Morpher was the most bullish expert on the panel to predict $160,000 year-end prediction. “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 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.
From the current price hovering near $32,000, the panel expected Bitcoin to drop as low as $25,112 based on an average of forecasts from 23 panellists who shared thoughts on how long will Bitcoin go in the current cycle.
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