The price of Bitcoin may be going down towards $30,000 right now, but that does not in any way resemble future price projections shared by a group of experts surveyed by personal finance site, Finder.com.
The survey reportedly covered 42 fintech specialists, seeking to get their opinion and predictions about Bitcoin’s long-term price performance and when they think the cryptocurrency will eventually overtake fiat.
“Hyperbitcoinization,” is a slang that refers to a period when Bitcoin has reached full mainstream adoption and potentially overtaken government money. According to the panelists, this will happen within the next thirty years with 29% of the panelists even arguing it could happen as soon as 2035.
Joseph Raczynski, a Reuters technologist predicted in the report, that “hyperbitcoinization” could happen as soon as 2025 and Bitcoin would be worth around $150,000 at that time.
Regarding his reasons, he noted that more countries could perhaps copy El Salvador and make Bitcoin their primary currency. He said:
Some countries will leverage BTC as their primary currency of choice. With fixed circulation and ease of transfer, it will serve them well to move to a “bankless” model inherent in this ecosystem.
Meanwhile, a collection of the panelists’ answers predicted an average price of $318,417 by 2025 and an even wilder projection is that 1 Bitcoin could be worth up to $4.3 million by the end of 2030.
With central bank digital currencies (CBDCs) making the rounds, around 44% of panelists voted against Bitcoin becoming the dominant network for global finance, and tipped CBDCs to win the race on the front.
Short-Term Bitcoin Bears
Like many observers, the panelists had some bearish short term predictions, with a majority agreeing that Bitcoin would need to touch an average price of $25,112, before recovering to end the year at a price well above $60,000.
At the time of writing, Bitcoin trades at $31700, having dropped up to $31090 earlier in the day. Although the GBTC unlock by fund manager Grayscale has been a huge talking point, many analysts suggest it could end up as a non-event.