Bitwise’s 10 Crypto Predictions for 2024
Crypto asset manager Bitwise has released a report titled “The Year Ahead: 10 Crypto Predictions for 2024.” The firm predicts that bitcoin will trade above $80,000, reaching a new all-time high. This will be facilitated by the launch of a spot bitcoin ETF and the halving of new bitcoin supply. Bitwise also predicts that spot bitcoin ETFs, once approved by the SEC, could capture $72 billion in assets under management, representing 1% of the U.S. ETF market. The firm expects Ethereum revenue to more than double to $5 billion as users increasingly adopt crypto applications. Bitwise also predicts that one in four financial advisors will allocate funds to crypto by the end of 2024.
Predictions on Bitcoin, ETFs, and Coinbase
The first prediction revolves around the price of bitcoin, with Bitwise forecasting that it will trade above $80,000, setting a new all-time high. Bitwise attributes this prediction to the anticipated launch of a spot bitcoin ETF and the halving of new bitcoin supply. Bitwise also predicts that spot bitcoin ETFs will gain approval from the SEC and will be the most successful ETF launch ever. They estimate that these ETFs could capture 1% of the U.S. ETF market, equivalent to $72 billion in assets under management. Furthermore, Bitwise predicts that Coinbase’s revenue will double, surpassing Wall Street expectations.
Ethereum, AI, and Stablecoins
Bitwise anticipates that Ethereum revenue will more than double to $5 billion, as users increasingly embrace crypto applications. The firm also expects a major upgrade to the Ethereum blockchain that will significantly reduce transaction costs and pave the way for mainstream adoption. Additionally, Bitwise predicts that AI assistants will begin using cryptocurrencies, such as bitcoin and stablecoins, to pay for online transactions. The firm foresees stablecoins being used for more settlement purposes than Visa. Bitwise also envisions JPMorgan launching a tokenized fund on the blockchain and Taylor Swift entering the NFT market to connect with fans.
Prediction Markets and Vaneck’s Predictions
Bitwise predicts that prediction markets will emerge as a new “killer app” for crypto, with over $100 million being staked in these markets. Lastly, Vaneck, another asset management firm, recently published its own set of 15 crypto predictions for 2024. Vaneck believes that bitcoin will reach an all-time high in Q4 2024, potentially driven by political events and regulatory shifts after a U.S. presidential election.
Hot Take: Crypto Predictions Point to Growth and Mainstream Adoption
Bitwise’s 10 crypto predictions for 2024 highlight the potential for significant growth and mainstream adoption in the crypto industry. With anticipated advancements such as the launch of spot bitcoin ETFs, the reduction of transaction costs on the Ethereum blockchain, and the integration of crypto into AI assistants, cryptocurrencies are poised to play an increasingly prominent role. These predictions indicate that crypto assets have the potential to reach new highs, attract institutional investors, and revolutionize various sectors.
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