Michael Saylor Predicts Bitcoin Halving and Institutional Investment Will Create Supply Shock
According to Michael Saylor, the 2024 Bitcoin halving will result in a supply shock that will complement the growing institutional investment in exchange-traded funds (ETFs). He believes that the approval of ETFs will provide a “high bandwidth” channel for companies to invest in Bitcoin, which will coincide with a reduction in the release rate of new Bitcoins.
Short and Long-Term 2024 Crypto Predictions
Saylor did not give a specific price prediction, but Anthony Scaramucci, the founder of SkyBridge Capital, believes that ETF demand could push Bitcoin to $100,000 next year. Despite a difficult period for cryptocurrencies, some crypto funds have seen significant gains. For example, SkyBridge’s flagship vehicle is up 25%, while other funds like Stoka Global LLP have seen gains of 268%. Daniel Slavin, the CEO of Chainview Capital, predicts a “token mania” in 2024.
Cathie Wood, the CEO of ARK Invest, did not provide a price prediction either. However, ARK’s recent reshuffling of its crypto exposure suggests optimism about Bitcoin’s performance compared to crypto-related equities. Wood sold shares in Grayscale’s Bitcoin Trust and bought ProShares Bitcoin Strategy ETF shares.
Altcoins Will be Driven by Bitcoin Rally
Ethereum and Solana are expected to perform well among altcoins. VanEck, a crypto futures ETF provider, believes that Ethereum will outperform mega-cap tech stocks and follow Bitcoin’s upward momentum after the halving. Solana is predicted to become the blockchain with the third-largest total value locked (TVL) and continue its momentum from 2022.
Stablecoins, particularly yield-bearing stablecoins, are expected to see an increase in market capitalization due to Europe’s Markets-in-Crypto-Assets bill. Circle’s USDC stablecoin is anticipated to regain market share after a decline during the 2023 banking crisis.
Hot Take: Crypto Predictions for 2024
The predictions for the crypto market in 2024 suggest a positive outlook for Bitcoin and altcoins. The Bitcoin halving and increased institutional investment through ETFs are expected to create a supply shock and drive up prices. Ethereum and Solana are predicted to outperform other altcoins, while stablecoins will experience growth due to regulatory developments. Overall, experts believe that the crypto market will continue to expand and attract more investors in the coming year.
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