BoE Chief Economist Believes Bitcoin will Be Money in 20-30 Years

Bank of England Chief Economist Andrew G. Haldane thinks Bitcoin will be money in 20 to 30 years. BTC is currently trending within a $30 range as bears slow down.

It has been a roller coaster for Bitcoin and altcoins because of their direct correlation with the major currency. While skeptics like Nouriel Roubini and Kevin O’Leary expressed their disbelief, Bitcoin’s performance for the last 10 years is remarkable. Created to decentralize control and counter banks, Bitcoin is now a worldwide phenomenon. It is the core of research and a mixture of several disciplines, including Cryptography and Economics.

According to Haldane, the peer-to-peer electronic cash will be considered money in the next two to three decades. While speaking to students, a spectator relayed:

“Mr. Haldane said it [Bitcoin] could replace cash. He even joked about us likely having Bitcoin in our wallets. He said he didn’t think it’d replace cash tomorrow, but he was quite open to the idea 20 or 30 years down the line. He was also quite familiar with cryptocurrencies and joked that there were now thousands of them.”

On the other hand, bears are beginning to slow down their momentum. Although BTC is only up 2.1 percent at the moment, it is having lower lows and correcting in tight trade ranges. However, the failure of bulls to go higher and avoid liquidation as volumes decline is a sign of sell pressure.