Cost of Bitcoin to Soar by the End of 2021
and Overtake the Dollar by 2050
The cost of bitcoin has fallen over the last few months by more than half of its peak value in April. Despite bitcoin's recent rally, which shot the combined crypto market to an astonishing $2.5 trillion before crashing, the price is still up significantly from where it was before October.
However, experts have observed the digital currency and predicted that it will rise again before the end of the year and also become recognised as the main form of global finance by the year 2050. According to one of the panellists, Joseph Raczynski, he thinks that some countries will use bitcoin as their main currency and by 2025, bitcoin will surpass the dollar with a value of $150,000. Taking advantage of the fixed circulation and ease of transfer will help cryptocurrency be better suited to other forms of payment.
Earlier in the year, El Salvador agreed to use bitcoin as legal tender together with the U.S. dollar. Several Central American and South American countries have stated their intention to abandon their dependence on the dollar as stated on Bitcoin System trading benefits.
There is a consensus among panellists that bitcoin will continue to fall before reaching a floor of $25,000 per bitcoin, down over $8,000 from its current price of $35,000. According to a survey by personal finance comparison site Finder, 54% of panellists expect bitcoin to eventually surpass fiat by 2050, however, 44% do not believe bitcoin ever to become the dominant form of global finance.
While there are people who agree with this line of thought among the panellists, there are those who share a different opinion and believe central bank digital currencies will have the upper hand in the battle for supremacy. According to Lee Smales Western Australian Associate Professor, “Ultimately, it is likely that bitcoin and other cryptocurrency assets alike will lose more value to central bank digital currencies, many of which will be in use by the decade's end.
Nevertheless, the panel predicted bitcoin will average $318,000 by the end of 2025, despite the warning of further losses in the coming months. We are witnessing bitcoin's institutionalization," said Vetle Lunde, an analyst for Arcane Crypto, who predicts that bitcoin will be $120,000 by the year's end and $300,000 by the end of 2025 and $500,000 by 2030.
Also, there is a prediction by another crypto panel that predicts that Ethereum would double the value of Bitcoin by the end of the year. "Despite ethereum price largely following bitcoin, their relativity may diverge going into the future, and as ETHdevelops feature bitcoin do not possess," said Daniel Polotsky.
As a reason for their bullish predictions, a large number of panellists used ETH much-awaited upgrades which would improve efficiency and scalability, which began in2020. At the beginning of 2021, Ethereum co-founder VitalikButerin said destroying or burning ethereum tokens would make ethereum becomes more solid than bitcoin.
Soon, when Ethereum becomes proof-of-stake, we can expect deflation in the Ethereum supply, and this means halving the Bitcoin new token supply” said Forrest Przybysz as he projects that ETH will have an $8,000 value by year's end. Hence, it will be a more valuable store than bitcoin, besides all the utilities it offers that bitcoin lacks.
Using a personal finance comparison site Finder, the 42 top cryptocurrency academics and specialists, predicted that ethereum will have a$4,596 value by the year's end. By the end of 2025, the panel also said Ethereum would reach $17,810, and at the end of 2030, it could reach $71,763. 68% predicts Eth will go higher than bitcoin sometime in the future