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Bitcoin to Become Dominant in Global Finance by 2050: Study
The "Bitcoin price prediction" report canvassed 42 panelists from finance, technology and academia.
Updated Sep 14, 2021, 1:26 p.m. Published Jul 16, 2021, 9:45 a.m.
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Bitcoin will be the dominant force in global finance by 2050, according to 54% of those surveyed by personal-finance site Finder. But 44% say it will never happen.
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The "Bitcoin price prediction 2021" report, published Thursday, canvassed a panel of 42 experts from finance, technology and academia. Some respondents (15%) see that dominance point, labeled "hyperbitcoinisation" in the U.K. study, occurring as early as 2035.
Adoption by the developing world is seen as the key driver, with 33% of respondents saying bitcoin will become the currency of choice in developing nations within 10 years. A further 21% say that level of adoption is more than 10 years away.
“The momentum will only pick up," said Amber CEO Aleks Svetski, one of the panelists, citing El Salvador's decision to adopt bitcoin as legal tender and its wide use in Venezuela as a means of beating hyperinflation. "The beauty is also that these broken nations will transform faster than major nations as bitcoin undermines the nation-state model.”
Read more: El Salvador Could Face ‘Limitation’ on Bitcoin’s Use as Medium of Exchange: JPMorgan
The panel predicted bitcoin's price will have climbed to $318,417 by December 2025. That's 61% higher than in a similar survey conducted December 2020.
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- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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