Bitwise has published 10 predictions for the crypto industry in 2024, including a fall in Ethereum transaction cost and the approval of Bitcoin ETFs.
As we are coming closer to a new year, there are inevitably not only recaps of 2023 but predictions for 2024. The industry is in a very interesting place with top tokens showing signs of recovery and major milestones within view. In light of this, Bitwise has released 10 predictions they have for the crypto industry in 2024.
Bitwise’s Crypto Predictions for a New Year
The first prediction is that Bitcoin will reach the $80,000 price mark. Some analysts have predicted $100,000 but Bitwise seems to be a bit more conservative in its outlook. Either way, this would represent a new price high for the token. The second prediction is that spot ETFs will be approved. Currently, BlackRock seems pegged as the most likely firm to be approved but Bitwise believes that multiple ETFs will get the green light and collectively, they will be the most successful ETFs of all time.
The third prediction has to do with the crypto exchange Coinbase. It’s been predicted that Coinbase will exceed expectations and double its revenue in 2024. Bitwise is also very optimistic about stablecoins, predicting that more money will be settled using stablecoins than Visa. Considering the billions of dollars that Visa settles each year, this is rather ambitious.
The fifth prediction is that JPMorgan will tokenize a fund and launch it on-chain as part of a wider trend of Wall Street tokenizing assets. Should this happen, we can expect more use of blockchain by the mainstream financial world.
Bitwise’s sixth prediction is that Ethereum’s revenue will more than double to $5 billion. This is credited to more people using blockchain applications and also comes as Ethereum is looking to implement better sharding techniques.
According to Bitwise, the biggest popstar in the world Taylor Swift will launch NFTs to connect with fans. The NFT market has been in a slump for a while but this could very well reenergize it. The 8th prediction is that AI assistants will begin using crypto to complete payments for users. This will not only drive adoption overall but also position crypto firmly as the “currency of the internet”.
2024 will allegedly be a big year for prediction markets as Bitwise says that over $100 million will be staked in them. The 10th prediction touches on Ethereum and its transaction fees. Bitwise believes that the average transaction cost on the blockchain will fall to $0.01 and this will, in turn, drive more mainstream use of Ethereum.
Bitwise also gave a bonus prediction that 1 in 4 financial advisors will include crypto in client accounts by the end of the year. Given how profitable cryptos like Bitcoin have been, even beating out legacy assets like gold in some cases, this doesn’t seem far-fetched.
While these are interesting, we will have to wait and see which come to fruition.