Crypto Survey estimates Bitcoin to takeover fiat currency by 2050, earliest by 2035

A recent crypto survey has estimated that Bitcoin will soon replace fiat currency. Also, it has been assumed that this transition from money to bitcoin can take place earlier than estimated. The survey has been conducted amidst the ongoing market of cryptocurrency with millions of people investing in cryptocurrency. 

Survey report of bitcoin takeover

The survey has been conducted by a finance website named Finder.com who has predicted the takeover of money by bitcoin and this take over will be called 'hyperbitcoinization.' According to the survey, this transition can take place by 2050 or earliest by 2035. 

The development came at a time when a major population is involved in cryptocurrency. For instance, the acceptance of bitcoin as a legal tender by El Salvador indicates similar instances in more countries. 

54% of 42 crypto experts have foreseen the hyperbitcoinization when bitcoin will take over global finance sooner or later. 

Finder.com panel said that bitcoin is currently undervalued. On average, the panel expects bitcoin to climb to $66,284 by the end of the year. Meanwhile, bitcoin on Friday traded below $32,000 and was headed towards its worst weekly performance in more than a month.

A  technologist and futurist, Joseph Raczynski said in the Finder.com report that, "Some countries will leverage BTC as the primary currency of choice. With fixed circulation, ease of transfer, it will serve them well to move to a "bankless" model inherent in the ecosystem." Joseph expects bitcoin to take over fiat currencies by 2025 and it can be priced at around $150,000. 

According to Business Insider, Federal Reserve Chairman Jerome Powell told US lawmakers that cryptocurrencies have failed to become a viable payment method and that an official US digital currency can undercut cryptocurrency.

What is cryptocurrency?

The term Bitcoin and Cryptocurrency has recently gained momentum in the market. Cryptocurrency is pretty much similar to real currency and is a digital currency that can be used to buy goods and services. Thereafter, Bitcoin is one of the most popular cryptocurrencies which has gained the attention of several traders around the world.

Reportedly, different kinds of cryptocurrencies are traded publicly including Bitcoin, Ethereum, Tether, Binance Coin, Cardano, XRP, USD Coin, Dogecoin, and many more. Cryptocurrency is presently not legalized in every country.