A survey revealed that many cryptocurrency and fintech professionals expect a “hyperbitcoinization” to occur by 2040.
Some experts are optimistic about Bitcoin’s ( BitcoinTC) current slump in price, but they have not dampened their optimism.
A new survey conducted by personal finance comparison platform Finder.com found that half of respondents believed Bitcoin would surpass fiat money or central bank-issued currency by 2040.
Although the sample is arguably small — Finder.com claims the report is based upon 42 cryptocurrency experts — it shows how Bitcoin’s crash from April’s all-time high did not impact the long-term outlook of crypto professionals.
According to the survey, 50% of respondents believe that Bitcoin will overtake global finance within the next 20 year. A third of respondents believe that the event will take place before 2035. 44% of the participants predict that Bitcoin will not become the dominant form global finance.
The majority of respondents believe that El Salvador’s decision to recognize Bitcoin is only the first step in developing countries adopting BTC as their primary currency. 33% of crypto experts believe that the original cryptocurrency will be the most popular form of money within the next 10 year. 22 percent believe we will see adoption but it will take at least 10 years.
Panelists all agree on one thing: the environmental issues surrounding Bitcoin mining. The panelists agree that the green energy debate will continue to harm Bitcoin. 31% believe that the increase in energy consumption will have a significant impact on the price.
However, the majority of experts do not believe that moving to an environmentally-friendly Proof-of-Stake system is the solution, despite the potential price repercussions. 66% of respondents called it a “necessary evil.”
Kraken Head for Growth Dan Held said that Bitcoin has a good chance to become the world’s reserve currency. However, it will take at most 10 years. He stated that Bitcoin is most valuable in developing countries to avoid censorship, while Bitcoin in the West is appealing as a hedge against central bank money-printing.