According to Bitwise Asset Management, predictions for 2024 include Bitcoin reaching unprecedented heights with a new all-time high.
A December 13 post on Coinbase is expected to see a stunning doubling of its revenue.
A new peak for Bitcoin?
Ryan Rasmussen, Senior Cryptocurrency Research Analyst at Bitwise Asset Management, shares the first of 10 predictions that Bitcoin will hit a new all-time high. This rise is due to two main factors: the imminent introduction of spot Bitcoin ETFs in early 2024 and the expected halving of new Bitcoin supply by the end of April.
The second prediction focuses on the approval and subsequent success of spot Bitcoin ETFs, which are expected to collectively achieve the title of most successful ETF launch in history. Over the next five years, these ETFs are estimated to capture 1% of the $7.2 trillion U.S. ETF market and have $72 billion in assets under management.
Another Bitwise forecast suggests that Coinbase’s revenue will double, exceeding Wall Street forecasts by at least 10x. The basis for this expectation lies in Coinbase’s historical trend of experiencing increased trading volume during bull market phases.
The thread continues to predict that more financial transactions will be settled using stablecoins than Visa. Stablecoins, considered one of the “killer apps” of cryptocurrencies, have grown from virtually zero to a $137 billion market over the past four years. Forecasts to 2024 predict that stablecoin uptake will continue to see significant growth, surpassing traditional payment methods such as Visa.
Entering the Spring of Cryptocurrency
These predictions closely align with a previous interview conducted by Bitwise Chief Investment Officer Matt Hougan on December 6th. He expected near-term volatility following a significant surge this year. Bitcoin in the next 6-12 months.
The CIO also declares the end of the cryptocurrency bear market, which he calls cryptocurrency winter, and the transition to what he defines as cryptocurrency spring.