Experts see Bitcoin’s chances of replacing fiat by 2040

Half of fintech and crypto experts expect Bitcoin to surpass fiat and national digital currencies by 2040. Finder.com reached this conclusion in a survey.

The survey included 42 respondents. Among them were Celsius Network chief executive Alex Mashinsky, Arcane Research analyst Vetle Lund, Unocoin head Satvik Vishwanath, Morgan Creek Digital senior partner Xavier Segura, and others.

13 of 42 respondents said the so-called “hyperbitcoinization” will arrive by 2035 or earlier. 44 per cent doubted Bitcoin’s ability to become a dominant asset in global finance.

Optimists have not lost faith in the favorable prospects for the first cryptocurrency after May crash. They believe that El Salvador’s recognition of Bitcoin as a means of payment will serve as an example for authorities in other developing economies.

A third of the experts believes that over the next ten years digital gold will displace local currencies in emerging markets. By contrast, 21 per cent of respondents think it will take longer.

Ninety-three per cent of respondents expect the continuation of debates over the environmental sustainability of mining, with 31 per cent saying this factor will continue to play a significant role in the pricing of the crypto market.

Two-thirds of respondents doubted the advisability of moving to Proof-of-Stake, deeming Proof-of-Work a “necessary evil”.

Analysts at JPMorgan called low liquidity, Bitcoin volatility, and the risk of conversion into the U.S. dollar as the main constraints on using Bitcoin as a means of payment in El Salvador.

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