Bitcoin expected to surpass the dollar in value by 2050 and reach $66,000 by the end of the year.
The bitcoin price is still considerably higher than it was when it started its most recent rise in October, a bull run that drove the total cryptocurrency market to an all-time high of $2.5 trillion before plummeting by almost half.
In a recent study, Delphi Digital took a macro look at Bitcoin’s current price movement and discovered that a number of variables, including low exchange volumes and the strengthening of the U.S. dollar, have had a significant impact on the top cryptocurrency’s performance.
Despite warnings that the bitcoin price may fall much lower in the following months, a panel of experts predicted an average bitcoin price of $318,000 by the end of 2025 over the medium to long term.
Several cryptocurrency specialists have projected that bitcoin would surpass the United States dollar as the main form of global money by the year 2050, implying that the bitcoin price will be slightly more than $66,000 by the end of 2021. Some nations, according to one panelist, will use bitcoin as their main currency of choice in the future.
Technology expert and futurist Joseph Raczynski of Thomson Reuters believes bitcoin will surpass the dollar in value by 2025 when it would have a market capitalization of $150,000. “I think this tendency will continue in the future,” he said.
The panel, which was commissioned by personal finance comparison site Finder, predicts that bitcoin will eventually replace fiat currency by the year 2050, a phenomenon known as “hyperbitcoinisation.” However, 44 percent of panelists, including University of Western Australia associate professor Lee Smales, do not believe bitcoin will ever overtake fiat currency as the dominant form of global finance.
According to Smales, “at the end of the day, I believe bitcoin (and many other cryptocurrency assets) will lose out against central bank digital currencies, many of which will be operational by the end of the decade.”
Despite the fact that dogecoin’s value has fallen by about 75% from its April high, the cryptocurrency has recovered from recent lows of less than 17 cents as a result of Musk’s Twitter tweet.
Elon Musk, the Tesla billionaire and proponent of dogecoin, has helped to raise the price of the meme-based cryptocurrency by tweeting that his kid is “handling his doge like a champ.”
Musk has previously said that he purchased dogecoin for his kid, whose given name is X A-12, “so that he may be a toddler hodler,” and that he also owns dogecoin himself, but it is not known how much he owns. A meme shared on Twitter by a Musk and dogecoin fan account received a response from Musk: “Lil X is hodling [a cryptographic spin on the term “holding”] his doge like a champ.”
Sources: Forbes, Cointelegraph.