The next 20 or so years are expected to be quite interesting and defining especially for the cryptocurrency industry because this is the duration that will determine the future of digital currencies. Cryptocurrency experts believe that Hyperbitcoinization could be achieved during this period.
The term Hyperbitcoinization came into existence in 2014 and was introduced by Daniel Krawisz through an article from the Satoshi Nakamoto Institute. The concept was explained as a situation where people switch from an old currency after it becomes worthless for instance through hyperinflation and they then start using a new currency.
?Hyperbitcoinization is a voluntary transition from an inferior currency to a superior one,? the Satoshi Nakamoto Institute article explained.
The article further points out that the adoption of a superior currency involves a lot of individual acts of entrepreneurship instead of monopolists that play with the system. Talks regarding hyperbitcoinization had died down but now seem to be resurfacing, raising curiosity as to whether Bitcoin (BTC) can indeed surge to highs of more than $1 million.
Will Bitcoin reach new heights?
It is indeed hard to tell especially considering the current performance of the cryptocurrency. The cryptocurrency market kicked off this year on a bearish tone and that has remained the case up until the present. Bitcoin is currently valued at around $6,757 at the time of this press and thus seems quite far from reaching the $1 million mark. However, it is not exactly impossible given the performance of the cryptocurrency over the past few years.
The price of Bitcoin was at some point below the dollar, meaning one could purchase more than 1 Bitcoin using $1. Given its current price or even its all-time-high of above $19,000, such surge would not be far fetched. Such an achievement would, however, have to be backed by large-scale adoption and also once blockchain technology reaches a certain level at which it will have overcome some of the major challenges limiting adoption.
Some experts believe that Bitcoin could end up becoming a default global currency especially since it has unique characteristics such as being borderless, transparent and decentralized. This makes it more desirable as a currency that can be used all over the world.