The market is gradually improving, and expectations such as the Federal Reserve rate cut and Bitcoin ETF are on the way, which will become the catalyst for the rally of this round of bull market.
In this article, we will focus on Bitwise's predictions for cryptocurrencies in 2024, including Bitcoin will hit an all-time high in 2024, the spot Bitcoin ETF will be the most successful ETF ever, Coinbase's revenue will double, and more.
1. Bitcoin price will break through $80,000, a new all-time high.
There are two main factors that will help Bitcoin break above $80,000: the expected launch of a spot Bitcoin ETF in early 2024, and the Bitcoin supply halving event around the end of April.
2. Spot Bitcoin ETFs will be approved
In our view, the Bitcoin ETF will be the most successful ETF ever.
Within five years, we estimate that spot Bitcoin ETFs could account for 1% of the $7.2 trillion ETF market in the United States, or $72 billion in assets under management.
3. Coinbase's revenue will be doubled
The third prediction is that Coinbase's revenue will double, which will exceed Wall Street expectations by at least 10 times.
Historically, Coinbase's trading volume has surged during bull runs, and we expect the same to happen again. In addition, they have launched a series of attractive new products.
4. There will be more funds settled in stablecoins than in Visa
Stablecoins are one of the "killer apps" of cryptocurrency, with the market growing from zero to $137 billion over the past four years, and we expect it to continue to grow in size in 2024.
5. The tokenized foundation is launched on-chain
As Wall Street prepares to tokenize real-world assets, JPMorgan Chase will tokenize a fund and launch it on-chain.
The launch of a tokenized fund will allow them to take advantage of the efficiencies offered by on-chain assets, while JPMorgan also has access to an explosive cryptocurrency market.
6. Ethereum revenue grows to more than $5 billion
As the bull market arrives and users flock to crypto apps, Ethereum revenue will grow more than 2x to $5 billion.
In 2023, users will pay a fee of about $2.3b to use Ethereum. We believe this number will grow at least 2x by 2024, making Ethereum one of the fastest-growing big tech platforms in the world.
7. Taylor Swift will launch NFTs to connect with fans
Spotify (Swift is the most streamed artist in 2023 with over 26 billion views) is trying to set up some special music playlists that require listeners to have specific NFTs in order to listen to them.
8. Artificial intelligence accepts cryptocurrency payments
We believe that AI assistants will start paying online with cryptocurrency, confirming that cryptocurrency is the "native currency of the internet". We believe that AI assistants will prefer digital native currencies such as Bitcoin or stablecoins. We think this will start happening in 2024.
9. Web3 will produce new killer apps
We believe that the decentralized prediction market will become the primary venue for event-based and more traditional sports-related betting.
It is predicted that more than $100 million will be invested in the market, which will become the new "killer app" of cryptocurrency.
10. The Ethereum upgrade will bring down transaction costs significantly
We believe that a major upgrade for Ethereum will bring the average transaction cost below $0.01.
EIP-4844 has the potential to reduce the cost of using Ethereum by more than 90%. We believe this upgrade will pave the way for the first truly mainstream application in the crypto space.
Finally, we believe that once Bitcoin becomes more accessible and easier to invest in, more and more financial advisors will allocate cryptocurrencies to their clients' accounts. By the end of 2024, a quarter of financial advisors will allocate crypto assets in client accounts.