Bitcoin pioneers may be bullish about its prospects, but there is a growing belief that the tokenization industry that is headed by BTC will die off eventually and not become pertinent enough to replace fiat, as it widely aims to do so. The drastic fall from grace in price markets since 2017 to arriving at a point where moving past the $3,000 range seems like a challenge is a testament to its demise.
Now, amid greater resistances by authorities, regulators and the general public who incurred losses after investment during the bull run, Bitcoin and its concurrent cryptocurrencies appear to be heading towards a point of no return. Talking to BlockPublisher, crypto and blockchain influencer and economist Ken Bodnar shared his prediction over the current worrying signs surrounding the digital asset space. He reported:
I am predicting Bitcoin to the $2,000 level in the near future. It will eventually drop to a price where it is too expensive to mine because of the energy costs.
Bodnar predicted that the real and absolute application of cryptocurrencies lie for launderers and looters, who will always stay keen-eyed towards the space for their heinous motives. He said:
I predict that it will always be around in some form to be used by criminal elements and those wishing to bypass AML/KYC compliance officers in banks
(Anti-Money-Laundering/Know Your Customers), but it will be a fraction of what it is now (in the hundreds of dollars or less). It was the thin edge of the wedge that ushered in a paradigm shift, like Black and White TV.
So, what will be the future finance structure like if fiat is not going to be ousted and will Bitcoin be pertinent anywhere? Bodnar seemed to be of the belief that the coming times will see an amalgamation between both the traditional forms of finance and the digital one. As soon as regulations come in, it will pave way for governments and state banks to once again establish centralization, which seems to make all sense. Bodnar suggested:\
Bitcoin is a ground-breaker. However with the evolving regulations by the OECD and FATF as well as the FATCA regulations, we will see crypto-currencies that are not only asset-backed, but a lot less anonymous.
As with all technologies, this space will also be bettered by newer technology. One that offers much more than what Bitcoin only claims of. Bodnar, who is working with esteemed economist Dr. Richard Rahn suggested that it will die off and will be superseded like nothing happened. He said:
Even within this framework, cryptocurrency will be empowering to the world. But by that time, Bitcoin will have been superseded by something better, like all groundbreaking technologies that came before it. It
will be supplanted by something better that is infinitely more fungible.