Bitcoin will break $80,000 in 2024, Bitwise predicts
The asset manager believes ETFs, stablecoins, and real-world asset tokenization will steer crypto's course in the years to come.
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Bitwise, one of the largest crypto asset managers in the US, released a report this week forecasting a bright future for crypto in the coming year. The report suggests that the momentum gained by crypto assets in 2023 will continue into 2024, with Bitcoin prices and mainstream adoption expected to rise.
The report predicts explicitly that Bitcoin will surpass its all-time high price of over $60,000, potentially reaching $80,000. It also anticipates the US approval of spot Bitcoin exchange-traded funds (ETFs) in 2024. If these ETFs are launched, they could quickly gain popularity among investors.
According to the report, the crypto ecosystem is poised for significant expansion. It suggests that stablecoins could handle more transaction volume than Visa’s payment system. It also predicts that Ethereum’s revenue could double, approaching $5 billion due to increased usage of decentralized applications (dApps).
The report even mentions pop star Taylor Swift, predicting that she might release non-fungible tokens (NFTs) to foster deeper connections with her fans.
The report also anticipates that crypto adoption will extend far beyond the confines of the industry in the coming year. For instance, it predicts that 25% of financial advisors will include crypto in their client asset management by the end of the year. The report also indicates that JPMorgan is a likely candidate for tokenizing assets using blockchain technology.
Two critical themes identified in the report as driving the future of crypto are regulation and scaling. With appropriate regulatory oversight, the report suggests that crypto is well-positioned for growth within the traditional finance sector. Furthermore, with network upgrades, crypto foundations could drastically expand their capacities while reducing costs.
Bitcoin is trading at $42,900, up 1.8% over the last 24 hours, according to CoinGecko.
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