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Home»ETHEREUM NEWS»Bitwise predicts $80,000 BTC in 2024 as ETF launches will be the most successful in history.
ETHEREUM NEWS

Bitwise predicts $80,000 BTC in 2024 as ETF launches will be the most successful in history.

By Crypto FlexsDecember 14, 20235 Mins Read
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Bitwise predicts ,000 BTC in 2024 as ETF launches will be the most successful in history.
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Bitwise Investments, which is currently awaiting a decision on filing a spot Bitcoin ETF with the SEC, followed in VanEck’s footsteps and released a bold prediction for the cryptocurrency market in 2024.

Bitcoin hits a new all-time high above $80,000 is Bitwise’s first prediction. The report attributes this potential surge to two key catalysts: the expected launch of a spot Bitcoin ETF in early 2024 and the expected halving event in April or May 2024, which will result in a decrease in the annual supply of new Bitcoin. Explain that it will be reduced by half.

Another key prediction involves the approval of a spot Bitcoin ETF, which Bitwise predicts will be the most successful ETF launch in history. These expectations depend on significant capital inflows from retail and institutional investors that these ETFs are prepared to attract.

Coinbase is expected to double its profits, well exceeding Wall Street expectations. Bitwise’s optimism is based on the cryptocurrency bull market, Coinbase’s innovative product launches, and its position as the primary custodian for most Bitcoin ETFs.

Traditional finance is looking over its shoulder at cryptocurrencies.

Bitwise also predicts that stablecoins will handle more transaction volumes than Visa, bringing a major change to the digital trading landscape. These forecasts highlight the rapid growth and expanding adoption of stablecoins in the financial sector.

In particular, Bitwise believes that financial giant JP Morgan is poised to create a new wave of digital asset integration by tokenizing its funds and launching them on-chain. The move signals Wall Street’s growing tendency to tokenize real-world assets, which is expected to boost the total value locked in the asset, which is currently valued at more than $5.5 billion. This figure could soar to $16 trillion by 2030, according to projections from the Global Financial Market Association.

JP Morgan’s tokenization trial on the Avalanche blockchain validated its potential to increase trading and management efficiency within the financial sector by automating numerous portfolio management processes. Through these initiatives, JP Morgan will leverage the efficiencies of blockchain technology while participating in a rapidly growing market segment.

Ethereum expansion and adoption increase.

Bitwise also expects Ethereum revenues to double to around $5 billion as demand for cryptocurrency applications grows. Countering the idea that blockchains lack cash flow, Ethereum proves the opposite by contributing to the blockchain’s cash flow by functioning similarly to a global supercomputer that hosts numerous applications that require transaction fees to be paid in Ethereum. . With expectations of mainstream adoption of blockchain applications, Bitwise believes that Ethereum is poised to emerge as one of the world’s rapidly expanding large-scale technology platforms.

Bitwise highlights a significant upgrade to the Ethereum blockchain known as EIP-4844. This is expected to dramatically reduce L2’s transaction costs to less than $0.01. This decline could usher in a new era of mainstream digital applications, from microtransactions to broader gaming environments, by alleviating one of the existing barriers to widespread adoption of blockchain.

The decentralized prediction market stands out as an emerging “killer app” for cryptocurrencies, with over $100 million expected to be staked. These platforms allow users to bet on a variety of events and scenarios, from political outcomes to environmental developments, in a borderless and permissionless framework that simplifies betting processes and payouts through automation.

Taylor Swift NFT Release Predictions Will Become Mainstream

One of the speculative predictions includes Bitwise’s bet that megastar Taylor Swift will revolutionize fan engagement through the launch of NFTs. In doing so, she will collaborate with artists like Snoop Dogg and Eminem, who have already adopted NFTs to foster new artist-fan dynamics and leverage blockchain’s power to provide concert access, experiences, and even partial music ownership through royalties. It will. Internationally renowned streaming service Spotify, which saw Swift as the most streamed artist in 2023, is experimenting with token-gated playlists to further mainstream the NFT presence in popular music.

“Taylor Swift NFT? It doesn’t get more mainstream than that.”

The report also speculates that adoption will increase with AI assistants initiating cryptocurrency transactions, strengthening the digital currency’s position as the de facto currency of the internet. This convergence of AI and blockchain could redefine transaction dynamics by enabling AI “agents” to autonomously manage actions and purchases online using Bitcoin or stablecoins, seamlessly integrating into the digital environment. there is.

Combining insights from financial institutions, entertainment, cutting-edge technology, and platform developments, Bitwise’s report paints a holistic and exciting picture of the transformational potential for the cryptocurrency industry in 2024.

As a bonus forecast, Bitwise expects an increase in financial advisors allocating cryptocurrencies to client accounts in 2024, reflecting the growing acceptance and integration of digital assets in traditional finance.

“One in four financial advisors will allocate to cryptocurrencies in their client accounts by the end of 2024.”

Although these forecasts are speculative, they are based on current trends and market dynamics and provide valuable perspective on the potential direction of the cryptocurrency market in 2024. It also highlights the rapidly evolving nature of the cryptocurrency sector and its increasing relevance across a variety of industries.

While there is a lot of interest globally over the seemingly imminent approval of a Bitcoin ETF, it is refreshing to see that two major ETF issuers, Bitwise and VanEck, are evaluating the digital asset landscape beyond Bitcoin alone.

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