a Bitwisean American manager in the race to spot Bitcoin ETFs in the US, published 11 predictions for the cryptocurrency market in 2024. The list ranges from singer Taylor Swift’s NFTs to a new all-time high for Bitcoin.
Another curiosity is that the manager also commented on her 2022 predictions for 2023. At the time, Bitcoin was operating below $20,000 with the bankruptcy of FTX, but this did not stop Bitwise from making some optimistic assessments.
For example, the manager agreed that Coinbase shares would rise 100% in 2023, currently the increase is 300%. Another success was the recovery of the cryptocurrency market, which doubled in value this year. Of the 10, there were 5 ‘full’ hits, 2 partial hits and 2 errors.
The only thing awaiting results is the prediction that Uniswap will have more volume than Coinbase. While Uniswap won this battle in the first two quarters, Coinbase led the third. Both will be released in the first week of December with similar volumes.
Bitwise’s predictions for the cryptocurrency sector in 2024
Bitwise’s first prediction for 2024 is that cryptocurrencies will reach the ‘mainstream era’, that is, they will be used by the masses. Following this, the manager also states that not only will Bitcoin ETFs be approved in the US, but their launches will be the best ever.
Still with the advent of the traditional market, one of the predictions is that 1 in 4 financial advisors will push cryptocurrencies to their clients.
Perhaps as a result of the two predictions above, Bitwise also notes that Bitcoin will reach a new price peak next year. To be more precise, it is stated that its value will exceed $80,000, higher than the $69,000 reached in 2021.
“The launch of a spot bitcoin ETF (scheduled for early 2024) is expected to herald a wave of new capital from institutional and retail investors, increasing demand for bitcoin”Bitwise explained. “Meanwhile, the supply of new bitcoins produced each year will be halved after the next bitcoin halving in April or May 2024.”
“More question? Less supply? You do the math.”
Going a little further, the manager believes Taylor Swift will launch a collection of NFTs. In the past, the pop singer was almost one of Sam Bankman-Fried’s victims, but he ultimately pulled out of a $100 million deal with FTX at the last minute. Therefore, in addition to the rise of his career, his knowledge of the cryptocurrency sector would be another reason.
The full list of Bitwise’s 11 predictions for 2024 is as follows:
- Entering the mainstream era of cryptocurrencies.
- Bitcoin will trade above $80,000, setting a new all-time high.
- Spot Bitcoin ETFs will be approved and will collectively be the most successful ETF launch ever.
- Coinbase’s revenues will double and exceed Wall Street expectations by at least 10x.
- More money is settled with stablecoins than with Visa.
- JP Morgan will tokenize a fund and launch it on-chain as Wall Street prepares to tokenize real-world assets.
- Ethereum revenues will more than double to $5 billion as users flock to cryptocurrency apps.
- Taylor Swift will be releasing NFTs to connect with her fans in new ways.
- AI assistants will start using cryptocurrencies to pay for things online, claiming cryptocurrencies are “the internet’s own currency.”
- More than $100 million will be wagered in prediction markets, which will emerge as a new “killer app” for cryptocurrencies.
- A major upgrade to Ethereum will reduce average transaction fees to less than $0.01, paving the way for more mainstream use.
- One in four financial advisors will allocate cryptocurrencies to client accounts by the end of 2024.
Another prediction from the list above that is attracting attention is the use of stablecoins, surpassing Visa’s higher settlement volume. The use of cryptocurrencies by artificial intelligence is the manager’s most daring bet.
Finally, many are excited that Bitcoin and other cryptocurrencies will continue to rise in 2024. Without many barriers, the market seems to have rid itself of all its ghosts and is ready to move on.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
