Crypto experts see Bitcoin replacing fiat money in 20 years

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In a new survey, a number of cryptocurrency and fintech professionals expected a “hyperbitcoinization” to take place by 2040.

Bitcoin’s (bit-cointalk.com/bitcoin-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/bitcoin-price-index”>BTC) current price slump has failed to dampen some experts’ optimism regarding the world’s biggest cryptocurrency. 

In a new survey by personal finance comparison platform Finder.com, half of the respondents believe Bitcoin will surpass fiat money, or central bank-issued currencies, by 2040. 

While the sampling is arguably narrow — Finder.com says the report is based on a panel of 42 cryptocurrency experts — it shows that Bitcoin’s price crash from bit-cointalk.com/news/bitcoin-price-drops-to-near-61k-shortly-after-coin-lists-on-nasdaq” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/bitcoin-price-drops-to-near-61k-shortly-after-coin-lists-on-nasdaq/amp”>April’s all-time high didn’t impact the long-term perspective of crypto professionals.

The survey reveals that 50% of the respondents expect to see the moment that Bitcoin overtakes global finance, also known as hyperbitcoinization, within the next 20 years. One-third of participants believe the event will occur before 2035, while 44% predict that Bitcoin will never become the dominant form of global finance.

El Salvador’s move to bit-cointalk.com/news/el-salvador-president-bitcoin-law-will-be-approved-tonight” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/el-salvador-president-bitcoin-law-will-be-approved-tonight/amp”>recognize Bitcoin as legal tender is just the beginning of developing nations’ adoption of BTC as the primary currency, a majority of respondents say. 33% of the crypto experts expect the original cryptocurrency to become the most common form of money in developing countries within the next 10 years. Another 21% believe that we will see the adoption, but it will take 10 years or more.

One thing panelists agree upon is the environmental concerns surrounding Bitcoin mining. A whopping 93% expects the bit-cointalk.com/news/bitcoin-mining-council-survey-estimates-a-56-sustainable-power-mix-in-q2″ data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/bitcoin-mining-council-survey-estimates-a-56-sustainable-power-mix-in-q2/amp”>green energy debate will continue to hurt Bitcoin, with 31% believing that energy consumption will significantly impact the price.

Related: bit-cointalk.com/news/billion-of-users-adopting-bitcoin-maybe-in-ten-years-says-dan-held” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/billion-of-users-adopting-bitcoin-maybe-in-ten-years-says-dan-held/amp”>‘Billion of users adopting Bitcoin? Maybe in 10 years,’ says Dan Held

Yet, more than half of the experts don’t think moving to an environmentally friendly Proof-of-Stake model is the answer despite the potential price repercussions, as 66% of respondents called the proof-of-work model a “necessary evil.”

In an exclusive interview, Kraken Head of Growth bit-cointalk.com/news/billion-of-users-adopting-bitcoin-maybe-in-ten-years-says-dan-held” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/billion-of-users-adopting-bitcoin-maybe-in-ten-years-says-dan-held/amp”>Dan Held told Cointelegraph that Bitcoin has a good chance of becoming the world’s reserve currency, but it will take at least 10 years. He said that in developing countries, Bitcoin is mainly valuable for avoiding censorship — while in the Western world, Bitcoin is attractive as a hedge against central banks’ money-printing.