As the appetite for risk in the cryptocurrency markets continues to grow, potential issuers are vying for prominence. Following the approval of an ETF, competition among spot Bitcoin ETF issuers is expected to intensify, accompanied by aggressive crypto advertising in the US. One of the applicants has released their predictions for 2024 today.
Bitwise, a potential Spot Bitcoin ETF issuer, shared its projections for the remainder of the year. Such forecasts are particularly intriguing when they come from companies applying for an ETF, as they hold significant interest for investors. The analysts at Bitwise have several expectations for the new year in the crypto space.
Their predictions include Bitcoin reaching a new all-time high above $80,000, the approval and successful launch of spot Bitcoin ETFs, and Coinbase‘s revenue doubling, surpassing Wall Street expectations by at least tenfold. They also foresee stablecoin usage outpacing Visa transactions and Wall Street preparing to tokenize real-world assets, with JP Morgan expected to tokenize a fund and launch it on the blockchain.
As users flock to crypto applications, Ethereum‘s revenue is predicted to more than double, reaching $5 billion. Taylor Swift is anticipated to release NFTs to connect with her fans in new ways, and AI assistants will begin using crypto for online payments, solidifying it as the “native currency of the internet.” A new “killer app” in the form of prediction markets is expected to attract over $100 million in investments.
Furthermore, a significant upgrade on the Ethereum blockchain is projected to reduce average transaction costs to below $0.01, enabling wider adoption. By the end of 2024, one in every four financial advisors is expected to allocate space for crypto in client portfolios.
These predictions do not seem far-fetched, and if the targeted scenario unfolds, we will witness these developments. The Federal Reserve is expected to start cutting interest rates by the end of the second quarter, and the Bitcoin halving in April is anticipated to trigger a historical surge. Moreover, the SEC is targeted to approve an ETF within days, potentially revitalizing institutional demand. By December 2024, we will be looking back to compile and review these and other prediction news.
