Billionaire venture capitalist Chamath Palihapitiya has recently discussed Bitcoin, predicting that the leading cryptocurrency will become mainstream in 2024, catalyzed by the approval of a Bitcoin ETF. The Canadian-American investor of Sri Lankan origin emphasized that the most significant trend of 2024 will be the mainstream adoption of Bitcoin.
Palihapitiya believes that the potential approval of spot Bitcoin ETFs will mark the most important year for Bitcoin yet, signifying a time when mainstream adoption will truly be visible, as even our parents and grandparents will understand, purchase, and hold Bitcoin.
He refers to the concept of “Crossing the chasm,” popularized by Geoffrey A. Moore, which describes the critical transition in technology adoption from early adopters to the early majority. This leap is often seen as a fundamental challenge for mass adoption.
Palihapitiya’s latest comments contrast his April 2023 claims that “crypto is dead in America,” suggesting that a shift could occur if the U.S. Securities and Exchange Commission approves one or more spot Bitcoin ETFs this week.
He also points out the critical process for Bitcoin, where failing to achieve this could potentially send BTC prices below $40,000. However, industry experts and analysts consider this unlikely. Nate Geraci, President of ETF Store, highlighted important aspects to watch, including fee competition and potential moves by Grayscale, which has a significant advantage with $27 billion in managed assets and plans for aggressive marketing campaigns to promote Bitcoin across the U.S.
