Bitcoin Will Surge Above $80,000 in 2024, Bitwise Predicts
Digital asset investment firm Bitwise outlines 10 likely crypto developments in 2024, pointing to factors like Bitcoin halving, rising institutional involvement, and surging adoption of blockchain technology applications.
Bitcoin Setting New Highs
Bitwise predicts Bitcoin will reach over $80,000 in 2024, beating its previous all-time high. This would be fueled by a spot bitcoin ETF approval, likely in early 2024. The Bitcoin halving in April 2024 is also expected to trigger a surge in BTC’s price.
- Spot bitcoin ETF may launch in early 2024, and Bitwise expects to become the most successful ETF ever within 5 years with $72 billion in assets under management.
Read more: FASB: Crypto Must Be Recorded At Fair Value Starting 2025
Stablecoins have risen from nothing four years ago to a $137 billion market sector. Bitwise expects rapid stablecoin growth to continue in 2024, with more transaction volume settled in stablecoins than by credit card giant Visa.
Major banks have been dipping their toes into crypto, but 2024 may see direct participation and offerings. Bitwise specifically predicts JPMorgan will tokenize an investment fund on a blockchain next year.
Ethereum Revenue Will Double
As crypto apps from NFTs to DeFi draw in users, Bitwise forecasts fees paid to use the Ethereum network will double year-over-year to over $5 billion.
Other predictions focus on areas like music, AI, prediction markets, and wealth management embracing crypto next year:
- Pop artist Taylor Swift may release music NFTs in line with experiments on streaming services asking fans to own tokens to access the content.
- AI finance assistants will begin purchasing goods and services using cryptocurrency natively rather than fiat currency.
- Prediction markets are expected to see over $100 million committed next year.
- 25% of financial advisors will allocate crypto investments into client portfolios amid the growing accessibility of options.
Read more: Coinbase To Launch Crypto Spot Trading Beyond The U.S.
While not explicitly outlined, Bitwise likely expects increased regulatory clarity and security around crypto in tandem with its explosive growth in 2024.
Overall, Bitwise paints an optimistic picture of mass adoption accelerating next year across areas from institutional finance to music fandom. 2023 saw continued growth and maturation in the cryptocurrency industry, despite some volatility. 2024 is shaping up to be a pivotal year, according to the new set of predictions from Bitwise.
