Bitcoin has struggled over the last few months, falling by more than half from its peak of around $65,000 set in April.
The bitcoin price is still up significantly from before it began its latest rally in October, a bull run that sent combined crypto market to a staggering $2.5 trillion before crashing back (subscribe now to Forbes' CryptoAsset & Blockchain Advisor and discover crypto blockbusters poised for 1,000% gains).
Now, a panel of cryptocurrency experts has predicted bitcoin will overtake the U.S. dollar as the dominant form of global finance by the year 2050—putting the bitcoin price at just over $66,000 by the end of 2021.
Sign up now for CryptoCodex—a free, daily newsletter for the crypto-curious that explains the world of bitcoin with brevity. Arriving in your inbox at 7am EDT every weekdayMORE FROM FORBESCoinbase CEO Hits Back At Dogecoin Creator After Attack On 'Cult-Like' Bitcoin And Crypto Price CultureBy Billy Bambrough The bitcoin price has surged through 2021 but its rally has stalled--some think bitcoin is going to ... [+] climb far higher over coming years. Getty Images
"Some countries will leverage bitcoin as their primary currency of choice," said one panelist, Thomson Reuters technologist and futurist Joseph Raczynski, who said he thinks bitcoin will overtake the dollar by 2025 with a value of $150,000. "With fixed circulation, ease of transfer, it will serve them well to move to a 'bankless' model inherent in this ecosystem."
This year, El Salvador has adopted bitcoin as legal tender alongside the U.S. dollar in a controversial economic experiment. Other Central and South American countries have indicated they may follow suit in an attempt to escape dependence on the dollar.
However, the bitcoin price is predicted to fall further before finding a floor, with the panel consensus of $25,000 per bitcoin—down around $8,000...