Bitcoin Price Predictions and Stablecoins: What to Expect
A researcher from Bitwise, Ryan Rasmussen, has recently published two interesting forecasts related to the price of Bitcoin and the use of stablecoins. According to Rasmussen, he predicts that by 2024, the price of BTC will exceed $80,000, reaching new all-time highs. This forecast is based on the anticipated launch of a spot Bitcoin ETF in early 2024 and the halving of new bitcoin supply around the end of April.
Furthermore, Rasmussen also predicts that more money will be settled using stablecoins than Visa. Stablecoins have become one of the “killer apps” in the crypto world, with a market value that has grown from zero to $137 billion in just four years. The forecast suggests that 2024 will see significant growth in stablecoin usage.
The Potential Impact on Stablecoins
While stablecoins like USDC experienced a contraction in 2023 due to depegging issues, Rasmussen’s prediction suggests that they will continue to grow in 2024. It’s worth noting that USDT remains the dominant stablecoin with a market capitalization of over $90 billion.
Other Forecasts to Consider
Rasmussen’s predictions include ten other forecasts, such as the successful launch of Bitcoin spot ETFs in the USA and Coinbase doubling its revenue. However, some predictions may seem overly optimistic or speculative, such as Ethereum transaction costs dropping to $0.01 or financial advisors recommending cryptocurrencies to their clients.
The Probability of Success
Rasmussen acknowledges that these are predictions rather than guarantees and that they represent Bitwise’s best estimate at the current state of affairs. While some forecasts may seem far-fetched, the path towards lower transaction costs on Ethereum through layer-2 solutions is already underway. The future remains complex, and the realization of these predictions depends on various factors.
Hot Take: What Lies Ahead for Bitcoin and Stablecoins?
As we look to the future, it’s clear that Bitcoin and stablecoins have the potential for significant growth. While Rasmussen’s predictions may be optimistic, they reflect the ongoing developments in the crypto market. Whether it’s the price of Bitcoin reaching new highs or stablecoins surpassing traditional payment systems, these forecasts highlight the potential impact of cryptocurrencies in the coming years. As always, it’s important to approach these predictions with caution and consider them as possibilities rather than certainties.
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