Bitcoin (BTC) is on its way to world dominion, and any currency that stands in its way will experience demonetization or Hyperbitcoinization. Those are the sentiments held by leading cryptocurrency philosopher, Daniel Krawisz, who believes the cryptocurrency will be worth $100,000,000 by 2030.
Bitcoin Domination or Hyperbitcoinization
Hyperbitcoinization is a state in which bitcoin is expected to become the world’s dominant form of money. The fact that the digital currency is socially wired should work to its advantage when it comes to exponential adoption.
Cryptocurrencies enthusiasts expect bitcoin to displace legacy currencies and become the only method of value exchange. With Hyperbitcoinization, Bitcoin should change people’s relationship with money. The fact that people will own their money and be in total control of its value is seen as one of the attributes that will make most people shun fiat currencies.
Central Bank machinations should end as more people join the cryptocurrency bandwagon. Krawisz expects bitcoin to reframe citizen’s roles in a borderless, global economy. The virtual currency should become the world’s first universal currency in part because of voluntary social drivers and its inherent social drivers.
According to Mr. Krawisz, no currency has what it takes to stand in the way of Bitcoin world dominion given the expected mass adoption. Any currency that tries to stand in the way should lose value as bitcoin supplants it.
The cost of rejecting Bitcoin should exceed the cost of adopting it as more people start to use the cryptocurrency. The digital currency is expected to begin assuming money’s traditional roles helped by widespread adoption and acceptance. Institutional and government support should go a long way in accelerating adoption of the cryptocurrency in the mainstream sector, a feat expected to strengthen its value.
Something like 20% of Bitcoin total supply will be missing or lost in the future, which means there will only be about 16.8 million coins in circulation. Dividing the global value of money 1.8Q with the total 16.8 million coins, incomes $107,142,857 which when rounded brings about the expected bitcoin value of $100 million.
Amidst the bullish sentiments, Bitcoin still faces an uphill task to replace legacy currencies. The cryptocurrency has experienced a string of micro-bubbles ever since it touched record highs of $20,000. With the price now hovering at the $6,000 level, many people remain skeptical of its ability to find its way back to its record highs let alone the 2030 estimate of $100 Million. Its current price is 0.01% of its expected future value.
Regulatory pressure poses the biggest threat to bitcoin becoming a mainstream currency. A number of countries have already banned the virtual currencies even as other pass stringent regulations designed to limit its use as a legal tender.
However, that has not stopped people from coming up with ways to bypass the regulations all in the effort of using the virtual currency. Unlike in the past, Bitcoin is no longer considered a fad, but a cryptocurrency with the potential to stick around much longer. It remains to be seen if it will ever replace fiat currencies.