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Bitcoin will soar past $80,000 in 2024 to a new all-time high driven by the launch of spot Bitcoin ETFs (exchange-traded funds) and the BTC halving, Bitwise said.
The spot Bitcoin ETFs will spur a ”a wave of new capital” from investors that will reach $72 billion over five years and start boosting demand for Bitcoin next year, it said in a Dec. 12 note.
The Bitcoin halving will slash the supply of new BTC being produced by a half from April or May, reducing the equivalent of $6.2 billion in new Bitcoin entering the market every year at current prices, it added.
“We believe we are on the cusp of crypto’s mainstream era,”’ said the report. “The moment crypto steps out of the shadows and establishes its place in the real world, for the long term.”
In 2024… Bitcoin will set a new all-time high, the spot bitcoin ETF will be the most successful ETF launch of all time, Coinbase’s revenue will double, and more…
Here are 10 Crypto Predictions for 2024 by the team at @BitwiseInvest
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— Ryan Rasmussen (@RasterlyRock) December 13, 2023
Other Bitwise Predictions For 2024
Among other Bitwise predictions are the following:
- Ethereum’s revenue will increase to $5 billion amid high demand for crypto applications. Ethereum will be among the “fastest-growing large-scale tech platforms” in 2024. A major Ethereum upgrade, EIP-4844, could lower transaction costs by over 90%, paving the way for more crypto applications.
- The 2024 bull market will also see Coinbase revenues double to beat Wall Street estimates by at least 10x.
- More money will settle using stablecoins than using Visa.
- JPMorgan will tokenize a fund and launch it on-chain as Wall Street gears up to tokenize real-world assets.
- 1 in 4 financial advisors will allocate to crypto in client accounts by the end of 2024.
Separately, Bitwise said it is already making plans for a spot Bitcoin ETF. Chief Investment Officer, Matt Hougan, said that it was “preparing as though there’s going to be a launch.”
The Bitwise spot Bitcoin ETF is listed on the Depository Trust and Clearing Corporation (DTCC) website under the ticker $BITB.
JUST IN: Bitwise Spot #Bitcoin ETF has been listed on the DTCC under ticker $BITB. pic.twitter.com/WWR1wCbtDS
— Watcher.Guru (@WatcherGuru) December 14, 2023
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