Crypto asset manager Bitwise published a report titled “The Year Ahead: 10 Crypto Predictions for 2024” on Tuesday. Bitwise, the creator of crypto index fund BITW, offers a suite of crypto-focused equity and futures exchange-traded funds (ETFs), as well as investment products that span bitcoin, ethereum, decentralized finance (defi), and non-fungible tokens (NFTs).
“2023 was a very good year for crypto. But we think 2024 is going to be even better,” Bitwise said. Its first prediction, which concerns the price of bitcoin, states:
Bitcoin will trade above $80,000, setting a new all-time high.
“There are two major catalysts that will help get us there: the anticipated launch of a spot bitcoin ETF in early 2024 and the halving of new bitcoin supply around the end of April,” the firm elaborated.
The second prediction concerns the approval of spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). Bitwise believes that “Spot bitcoin ETFs will be approved, and collectively they will be the most successful ETF launch of all time.” The asset manager further predicts:
Within five years, we estimate spot bitcoin ETFs could capture 1% of the $7.2 trillion U.S. ETF market, or $72 billion in AUM.
The third prediction is about the Nasdaq-listed cryptocurrency exchange Coinbase. Bitwise detailed: “Coinbase’s revenue will double, beating Wall Street expectations by at least 10x … Historically, Coinbase’s trading volumes surge in bull markets, and we expect the same to happen again. Plus, they’ve launched a wide range of new products that are showing traction.”
Bitwise also believes that one in four financial advisors “will allocate to crypto in client accounts by the end of 2024.” The firm emphasized: “We anticipate that once bitcoin becomes easily accessible, more and more advisors will allocate to crypto in clients’ accounts.”
The next prediction is about Ethereum. “In 2023, users will pay ~$2.3b in fees to use Ethereum. We think that will at least 2x in 2024, making Ethereum one of the fastest-growing large-scale tech platforms in the world,” Bitwise detailed, predicting:
Ethereum revenue will more than double to $5 billion as users flock to crypto applications.
Moreover, Bitwise believes that “A major upgrade to the Ethereum blockchain will drive the average transaction cost below $0.01, paving the way for more mainstream uses.” The firm noted: “EIP-4844 could result in a 90%+ reduction in the cost to use Ethereum. We think this upgrade will pave the way for the first truly mainstream applications in crypto.”
Another prediction is about artificial intelligence (AI). The asset manager explained: “AI assistants will start using crypto to pay for things online, affirming crypto as ‘the native currency of the internet.'” The firm added: “We believe AI assistants will prefer digitally native money, like bitcoin or stablecoins. And we think that starts happening in 2024.”
Moreover, Bitwise expects “More money will settle using stablecoins than using Visa,” “JPMorgan will tokenize a fund & launch it on-chain as Wall Street gears up to tokenize real-world assets,” “Taylor Swift will launch NFTs to connect with fans in new ways,” and “More than $100 million will be staked in prediction markets as they emerge as a new ‘killer app’ for crypto.”
Last week, Vaneck, another asset management firm, released its 15 crypto predictions for 2024. Vaneck believes BTC “will make an all-time high in Q4 2024, potentially spurred by political events and regulatory shifts following a U.S. presidential election.”
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