Bitcoin and cryptocurrency are ready for mainstream adoption, according to researchers at Imperial College London. According to a recent publication, Cryptocurrencies: Overcoming Barriers to Trust and Adoption, cryptocurrencies will become a widespread method of payment for goods and services within the next 10 years.
As a result, having the backing of the researchers is expected to boost the price of Bitcoin. This includes other cryptocurrencies in the near to mid future according to experts. Here are some predictions on what Bitcoin will be worth in 2018 and beyond.
“The world of cryptocurrency is evolving as rapidly as the considerable collection of confusing terminology that accompanies it,” said Imperial professor William Knottenbelt in a statement to Forbes.
“The first ever bitcoin transaction took place a little over eight years ago and today we are already seeing it begin to meet the requirements of everyday money. Given the speed of adoption, we believe that we could see Bitcoin and other cryptocurrencies on the high street within the decade. There are of course barriers to mainstream adoption, but they are far from insurmountable.” said eToro’s UK managing director Iqbal Gandham.
The paper, which was sponsored by the brokerage eToro, uncovered that cryptocurrencies are already fulfilling one of the major roles of traditional fiat money by acting as a store of value.
This is two of the three criteria that are necessary for mass adoption according to the researchers. The other two are:
- Medium of exchange: facilitating the exchange of goods and services while getting rid of the inherent efficiencies of a barter economy.
- Unit of account: serving as a measure of value in the economic system.
The paper also mentions that in order for these last two criteria to be met, Bitcoin and cryptocurrencies must evolve to address current challenges. These challenges include design, regulation, and scalability.
“There’s a lot of skepticism over cryptocurrencies and how they could ever become a day-to-day payment system used by the man on the street. In this research we show that cryptocurrencies have already made significant headway towards fulfilling the criteria for becoming a widely accepted method of payment.” said Knottenbelt.
In recent months, however, the Bitcoin price, along with the majority of other cryptocurrencies, has struggled to find a bottom. This comes after an all-time high for the Bitcoin price at $19,783.06 on December 17, 2017.
Despite retracing lows, the Bitcoin price has jumped several times in recent weeks. This has been giving some holders the hope that a bull market may be on the way. As of early July 2018, Bitcoin prices continue to hover around $6,400.