What might become of Bitcoin by year 2030?

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Highlights

  • Bitcoin is the king of the cryptocurrency world as it has the largest share in the total market cap of the sector
  • Many countries are contemplating new and clearly defined regulations for Bitcoin and altcoins, which might add at least some stability to the sector
  • It is also possible that a few countries may adopt their respective central bank digital currencies (CBDCs) by 2030, and Bitcoin may end up as a speculative asset

To this day, many people are confused about whether Bitcoin is a currency, an asset like listed shares, or a rare commodity like gold. The cryptocurrency, usually considered the first-ever, began its journey in 2009. Almost 13 years after its launch, there is not much clarity about Bitcoin’s future.

It is being anticipated by many that it may take some more years before things become clear about the future of Bitcoin and the overall cryptocurrency world. Today, let us explore what might become of Bitcoin by 2030. However, we won’t predict the price of Bitcoin, which is so unpredictable that it can change very sharply within a few hours.

Will Bitcoin gain a wider reach, or will there be more sanctions on it?

Bitcoin and its peer virtual currencies like Ether and Dogecoin are yet to be regulated properly in most countries. In the US, there is little clarity over whether the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), or the Federal Reserve would have the overall regulatory authority over Bitcoin. There are murmurs that powers could be divided between the SEC and the CFTC in such a manner that one regulates bigger assets like Bitcoin and Ether while the other oversees smaller altcoins.

Bitcoin already has a very wide reach. However, its trading as a speculative asset is mostly restricted to exchanges like Coinbase and Binance, which are caught in a tussle with regulators. Once agencies like the SEC in the US and the Australian Securities and Investments Commission (ASIC) in Australia come up with a detailed and clear approach on the regulation of cryptocurrencies, it is possible that mainstream players like bigger stock exchanges might list a few big cryptos.

On the other hand, China, which is the world’s second-biggest economy after the US, has already outlawed Bitcoin. In 2022, the collapse of Terra and the resulting losses sustained by investors renewed the call for other countries to also take stern action against cryptocurrency trading. By 2030, it might become clear whether most countries want to regulate Bitcoin or impose harsher restrictions on it.


 


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