In a series of forward-looking statements, Bitwise Asset Management, through their Senior Crypto Research Analyst Ryan Rasmussen, has unveiled a comprehensive set of predictions for the cryptocurrency market in 2024. These predictions encompass various aspects of the crypto world, including Bitcoin’s price trajectory, the success of ETFs, advancements in Ethereum, and the increasing prominence of stablecoins.

Prediction #1: Bitcoin Reaching New Heights

  • Bitwise anticipates Bitcoin to break records by trading above $80,000, driven by two key catalysts: the expected launch of a spot Bitcoin ETF in early 2024 and the Bitcoin supply halving around the end of April.

Prediction #2: Spot Bitcoin ETFs’ Unprecedented Success

  • The firm projects that spot Bitcoin ETFs will be approved and collectively become the most successful ETF launch ever, potentially capturing 1% of the $7.2 trillion U.S. ETF market, equating to $72 billion in assets under management.

Prediction #3: Coinbase’s Revenue Surge

  • Coinbase’s revenue is expected to double, significantly exceeding Wall Street expectations. Bitwise bases this prediction on the historical pattern of trading volumes spiking in bull markets and the company’s successful range of new product launches.

Prediction #4: Stablecoins Overtaking Visa

  • Bitwise forecasts that transactions settled through stablecoins will surpass those of Visa, considering the stablecoin market’s growth from almost nothing to $137 billion in just four years.

Prediction #5: JPMorgan’s Blockchain Foray

  • JPMorgan is predicted to tokenize a fund and launch it on-chain, taking advantage of blockchain efficiencies and entering a rapidly growing market of tokenized real-world assets.

Prediction #6: Ethereum’s Revenue Doubling

  • The firm anticipates Ethereum’s revenue to more than double to $5 billion as the platform becomes increasingly popular for crypto applications, driven by user fees.

Prediction #7: Taylor Swift’s NFT Launch

  • Bitwise speculates that Taylor Swift may launch NFTs, potentially in collaboration with Spotify, to create a unique fan engagement experience through token-gated playlists.

Prediction #8: AI Assistants and Crypto Payments

  • The prediction here is that AI assistants will begin using cryptocurrencies like Bitcoin or stablecoins for online transactions, reinforcing the idea of crypto as the internet’s native currency.

Prediction #9: Surge in Crypto Prediction Markets

  • Over $100 million is expected to be staked in decentralized prediction markets, emerging as a significant application in the crypto sphere.

Prediction #10: Ethereum Upgrade Reducing Costs

  • A major Ethereum upgrade, likely EIP-4844, is forecasted to reduce average transaction costs below $0.01, paving the way for mainstream crypto applications.

Bonus Prediction: Financial Advisors Adopting Crypto

  • Bitwise also predicts that by the end of 2024, one in four financial advisors will include cryptocurrencies in client portfolios, particularly as Bitcoin becomes more accessible.

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