As 2024 is anticipated to be a pivotal year for the cryptocurrency ecosystem, Bitwise, the American crypto asset company, has put forth ten bullish predictions for the year. These predictions span various aspects of the crypto market, including Bitcoin price, regulatory developments, and the emergence of new trends. Here are the key predictions made by Bitwise:
- Bitcoin Surpassing $80,000: Bitwise predicts that Bitcoin will trade above $80,000 in 2024, reaching a new all-time high. This optimistic outlook aligns with expectations of a new bull run in the crypto market.
- Approval of Spot Bitcoin ETFs: The company anticipates the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Furthermore, Bitwise expects these approved ETFs to collectively become the most successful ETF launch in history.
- Coinbase’s Revenue Doubling: Bitwise envisions Coinbase’s revenue doubling in 2024, surpassing Wall Street expectations by at least 10 times. The cryptocurrency exchange’s performance is expected to reflect the growing adoption and interest in the crypto space.
- Stablecoins Overtaking Visa Settlements: Bitwise predicts that more money will be settled using stablecoins than using Visa. Stablecoins are recognized as a “killer app” in the crypto space, with a market that has grown significantly over the past four years.
- JPMorgan Tokenizing a Fund: The forecast includes JPMorgan tokenizing a fund and launching it on-chain, contributing to the broader trend of tokenizing real-world assets on Wall Street.
- Ethereum Revenue Surpassing $5 Billion: Bitwise expects Ethereum’s revenue to more than double, reaching $5 billion in 2024. This projection is based on the increasing user adoption of crypto applications built on the Ethereum blockchain.
- Taylor Swift Launching NFTs: A notable prediction suggests that Taylor Swift will enter the NFT space to connect with her fans. Celebrities leveraging non-fungible tokens (NFTs) for engagement has become a growing trend.
- AI Assistants Using Crypto for Payments: Bitwise envisions AI assistants starting to use crypto for online payments, positioning cryptocurrencies as the “native currency of the internet.”
- Over $100 Million Staked in Prediction Markets: Prediction markets are expected to emerge as a new “killer app” for crypto, with more than $100 million being staked in these markets.
- Major Ethereum Upgrade Reducing Transaction Costs: Bitwise predicts a significant upgrade to Ethereum that will drive the average transaction cost below $0.01, making transactions more cost-effective on the platform.
These predictions offer a comprehensive view of the potential developments and trends that Bitwise anticipates in the crypto space in 2024. It reflects the company’s outlook on the maturation and expansion of the cryptocurrency ecosystem, taking into account market dynamics, regulatory advancements, and technological innovations.
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