A recent survey has found that over half of the experts who took part believe bitcoin will become more dominant than money issued by central banks in less than 30 years.
According to Markets Insider, the survey – conducted by personal finance comparison site Finder.com – found that 54% of 42 crypto experts surveyed expect ‘hyperbitcoinization’, which is the moment bitcoin overtakes global finance, as likely to occur by 2050.
Some respondents – 29% to be exact – believe this event could maybe even take place by 2035.
Thomson Reuters technologist and futurist Joseph Raczynski said in the report, “Some countries will leverage bitcoin as their primary currency of choice. With fixed circulation, ease of transfer, it will serve them well to move to a “bankless” model inherent in this ecosystem.
Raczynski added that he expects bitcoin to overtake fiat currencies by 2025.
The projection isn’t completely a surprise, as the interest around cryptocurrencies is continuing to grow at a high rate. Recently, El Salvador become the first country worldwide to make Bitcoin legal tender alongside the US dollar.
Beyond El Salvador, there are many central banks that are starting to warm – or at least consider – the idea of a digital currency. For example, UK Chancellor of the Exchequer Rishi Sunak recently told the Bank of England to look at the case for a potential ‘Britcoin’ or central-bank-backed digital currency.
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