Bitcoin could dominate global finance as developing world adopts BTC, says Finder survey
Fifty-five percent of the panelists believe that BTC will likely become the currency of choice in developing countries while 61 percent believe that BTC is currently undervalued.
Wed, 21 Jul 2021, 04:21 am UTC
Bitcoin could dominate the most dominant force in global finance as adoption picks up in the developing world, according to a recent survey. The majority of the study’s participants also believe that BTC is currently undervalued and believe that the crypto could go higher by the end of this year.
This was revealed in a survey done by the personal finance site Finder. The study, which is titled “Bitcoin price prediction report” and published on July 15, 2021, interviewed 42 crypto experts from the academia, finance, and technology sectors.
The majority or 54 percent of the panelists believes that hyberbitcoinisation, described in the report as “the moment that Bitcoin overtakes global finance,” could happen as early as 2050. Only 44 percent of the panelists do not expect it to happen.
Of the 54 percent who believe in hyperbitcoinsation, 5 percent said that it could happen by 2025, 10 percent by 2030, 15 percent by 20 percent by 2040, and the remaining 5 percent by 2050. Meanwhile, one panelist (2 percent) believes that it could happen at a much later date and predicts it could happen by 2101 or later.
The study also noted the latest developments in the crypto space such as El Salvador becoming the first country to make Bitcoin a legal tender and Venezuela citizens using the crypto to beat hyperinflation. With these precedents, the panel was also asked if they think BTC will eventually become the currency of choice among developing nations.
Fifty-five percent of the panelists believe that BTC will likely become the currency of choice in developing countries. A third or 33 percent said that it will happen within the next 10 years while 21 percent believe it will take a bit longer saying that it could happen in at least 10 years.
Meanwhile, 12 percent said they are unsure. The remaining 33 percent believe that it will not happen.
“The momentum will only pick up,” Amber CEO Aleks Svetski said. “But the beauty is also that these broken nations will transform faster than major nations as Bitcoin undermines the nation-state model.”
When asked if Bitcoin is fairly priced, 61 percent believe that BTC is currently undervalued. Only 24 percent said that the crypto is overvalued at its current level while the remaining 15 percent said that it is fairly priced.
Panel member and Morpher CEO Martin Fröhler gave the most bullish price prediction and said that BTC could end up at $160,000 by the end of 2021. “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,” he explained. “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.”
Wave Financial senior trader Justin Chuh gave a more modest $56,000 end-of-year price prediction for Bitcoin. “As crypto-assets continue to spring up, most will ultimately fail, and funds will eventually rotate back to Bitcoin as the tried-and-true safe haven and store of wealth,” he said. “Investors in alt coins ultimately must have some faith in cryptocurrencies. But when their flavour of the day fails, hopefully, they realise only some of the digital assets in existence will actually accomplish what they need.”
Thomson Reuters technologist and futurist Joseph Raczynski and Arcane Crypto analyst Vetle Lunde highlighted the institutionalization of Bitcoin when giving their EOY predictions of US$75,000 and US$120,000, respectively.
“We’re standing in the midst of the institutionalisation of Bitcoin,” Lunde explained. “More funds are joining the space, the first country has adopted Bitcoin as legal tender, and we have several exchange-listed companies now owning Bitcoin. I believe this trend will continue onwards.”
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