Crypto Asset Management Company Bitwise Unveils Bullish Predictions for 2024
In a recent revelation, Bitwise, a leading crypto asset management firm, has laid out ten bold predictions for the crypto market in 2024. Kicking off with a reflection on 2023 as a notably positive year for the market, Bitwise anticipates 2024 to mark substantial advancements in the realm of cryptocurrencies.
Here are the ten audacious forecasts put forth by Bitwise for the crypto market in 2024:
- Prediction 1: Bitcoin will trade above $80,000, setting a new all-time high.
- Prediction 2: Spot bitcoin ETFs will be approved, and collectively will be the most successful ETF launch of all time.
- Prediction 3: Coinbase’s revenue will double, beating Wall Street expectations by at least 10x.
- Prediction 4: More money will settle using stablecoins than using Visa.
- Prediction 5: J.P. Morgan will tokenize a fund and launch it on-chain as Wall Street gears up to tokenize real-world assets.
- Prediction 6: Ethereum revenue will more than double to $5 billion as users flock to crypto applications.
- Prediction 7: Taylor Swift will launch NFTs to connect with fans in new ways.
- Prediction 8: AI assistants will use crypto to pay for things online, affirming crypto as “the native currency of the internet.”
- Prediction 9: More than $100 million will be staked in prediction markets as they emerge as a new “killer app” for crypto.
- Prediction 10: A major upgrade to the Ethereum blockchain will drive the average transaction cost below $0.01, paving the way for more mainstream uses.
- Bonus Prediction: 1 in 4 financial advisors will allocate to crypto in client accounts by the end of 2024.
The prevailing sentiment among market participants appears to lean toward an optimistic outlook for 2024, anticipating an uptrend. Factors such as the Bitcoin Halving event, macroeconomic indicators like potential approval of Bitcoin spot ETFs, RWA adoption, and potential rate cuts by the Fed are believed to contribute to the increased scarcity and external investment flowing into the crypto market.
Furthermore, Matrixport echoes Bitwise’s sentiments with similar predictions, forecasting Bitcoin to reach $125,000 by the end of 2024. Conversely, analysts at JPMorgan Chase, a major US banking institution, suggest that Ethereum might offer a more favorable investment choice compared to Bitcoin in 2024.
The convergence of these optimistic forecasts from leading industry players bolsters the positive narrative surrounding the crypto market’s potential growth and development in the upcoming year. Investors and enthusiasts alike eagerly await these projections to unfold as the crypto landscape continues to evolve.
- BlackRock Engages SEC In Talks Over Prospective Bitcoin Spot ETF
- Fidelity Files For Spot Ethereum ETF, Following BlackRock’s Path
- BlackRock And Bitwise Revise SEC Filings For Spot Bitcoin ETFs