Bitcoin firm to $80,000, stablecoins that surpass Visa… Bitwise’s optimistic predictions for 2024
Analytics firm Bitwise has published its predictions for 2024, and they’re very optimistic. With the price of Bitcoin (BTC) and Ether (ETH) exploding, and Wall Street entering the ecosystem, the year ahead could be a fruitful one for the sector
Bitcoin could exceed $80,000 in 2024
Advisory firm Bitwise this week published a list of predictions for the cryptocurrency market. Ryan Rasmussen, head of research, is rather optimistic about the year ahead. He believes that Bitcoin (BTC) will exceed $80,000, reaching an all-time high. This will be partly due to the approval of Bitcoin ETFs, which will mark a key step in the sector’s development.
Prediction 1: Bitcoin will trade above $80,000, setting a new all-time high.
There are two major catalysts that will help get us there: the anticipated launch of a spot Bitcoin ETF in early 2024 and the halving of new bitcoin supply around the end of April. pic.twitter.com/KvHNx9XINz
– Ryan Rasmussen (@RasterlyRock) December 13, 2023
Bitwise isn’t the only firm to be optimistic. Standard Chartered Bank has estimated that BTC could exceed $100,000 by the end of next year
And Bitcoin isn’t the only one benefiting from this enthusiasm. According to the Bitwise analyst, Ether will double in price by 2024, reaching $5,000. This would be due to a growing number of users on crypto applications, and Ethereum’s prominent place in the sector. In addition, Ryan Rasmussen notes that the network will be much cheaper to use once EIP-4844, which begins to implement “danksharding”, is approved.
Stablecoins would overtake Visa in 2024
Would stablecoins be the future of payments? Possibly, according to Bitwise, which estimates that their volume will overtake that of Visa in the coming year. The analysis believes that their explosion over the last four years is a good indicator of the markets’ appetite for tokenized versions of fiat currencies:
Prediction 4: More money will settle using stablecoins than using Visa.
Stablecoins are one of crypto’s “killer apps,” growing from effectively zero to a $137 billion market in the past four years, and we think 2024 will be another major year of growth. pic.twitter.com/uGjRxZjsyt
– Ryan Rasmussen (@RasterlyRock) December 13, 2023
“Stablecoins are one of the “killer apps” of cryptos: they’ve gone from zero to a capitalization of $137 billion in the last four years. “
Visa is still clearly in the lead this year, but there’s a dip in volume at the payment processor. It’s this dip that stablecoins could fall into.
JPMorgan to enter tokenization race
According to Bitwise analysts, much of the growing interest in the sector will come from Wall Street. The report estimates that JPMorgan will launch its own tokenized fund, and will launch it “on-chain”: a first for an institution of this type. The tokenization of real assets (RWA) is indeed booming at the moment, and the total value locked up in instruments of this type has exploded over the course of 2023.
Bitwise further estimates that 1 in 4 financial advisors will turn to cryptocurrencies to manage their clients’ wealth during 2024. The predictions are therefore highly optimistic, and in line with a general enthusiasm on the cryptocurrency markets, which are anticipating a “bull run”.
analyses Bitwise has published its predictions for 2024, and they are highly optimistic. With the price of Bitcoin (BTC) and Ether (ETH) exploding and Wall Street entering the ecosystem, the year ahead could be a fruitful one for the sector
Bitcoin could exceed $80,000 in 2024
Advisory firm Bitwise this week published a list of predictions for the cryptocurrency market. Ryan Rasmussen, head of research, is rather optimistic about the year ahead. He believes that Bitcoin (BTC) will exceed $80,000, reaching an all-time high. This will be partly due to the approval of Bitcoin ETFs, which will mark a key step in the sector’s development.
Prediction 1: Bitcoin will trade above $80,000, setting a new all-time high.
There are two major catalysts that will help get us there: the anticipated launch of a spot Bitcoin ETF in early 2024 and the halving of new bitcoin supply around the end of April. pic.twitter.com/KvHNx9XINz
– Ryan Rasmussen (@RasterlyRock) December 13, 2023
Bitwise isn’t the only firm to be optimistic. Standard Chartered Bank has estimated that BTC could exceed $100,000 by the end of next year
And Bitcoin isn’t the only one benefiting from this enthusiasm. According to the Bitwise analyst, Ether will double in price by 2024, reaching $5,000. This would be due to a growing number of users on crypto applications, and Ethereum’s prominent place in the sector. In addition, Ryan Rasmussen notes that the network will be much cheaper to use once EIP-4844, which begins to implement “danksharding”, is approved.
Stablecoins would overtake Visa in 2024
Would stablecoins be the future of payments? Possibly, according to Bitwise, which estimates that their volume will overtake that of Visa in the coming year. The analysis believes that their explosion over the last four years is a good indicator of the markets’ appetite for tokenized versions of fiat currencies:
Prediction 4: More money will settle using stablecoins than using Visa.
Stablecoins are one of crypto’s “killer apps,” growing from effectively zero to a $137 billion market in the past four years, and we think 2024 will be another major year of growth. pic.twitter.com/uGjRxZjsyt
– Ryan Rasmussen (@RasterlyRock) December 13, 2023
“Stablecoins are one of the “killer apps” of cryptos: they’ve gone from zero to a capitalization of $137 billion in the last four years. “
Visa is still clearly in the lead this year, but there’s a dip in volume at the payment processor. It’s this dip that stablecoins could fall into.
JPMorgan to enter tokenization race
According to Bitwise analysts, much of the growing interest in the sector will come from Wall Street. The report estimates that JPMorgan will launch its own tokenized fund, and will launch it “on-chain”: a first for an institution of this type. The tokenization of real assets (RWA) is indeed booming at the moment, and the total value locked up in instruments of this type has exploded over the course of 2023.
Bitwise further estimates that 1 in 4 financial advisors will turn to cryptocurrencies for their clients’ wealth management during 2024. The predictions are therefore highly optimistic, and in line with a general enthusiasm on the cryptocurrency markets, which are anticipating a “bull run”.
