Bitwise Investments, currently awaiting a decision on its spot Bitcoin ETF filing with the SEC, has followed VanEck in releasing a set of bold predictions for the crypto market in 2024.
Bitcoin‘s new all-time high above $80,000 is the first of Bitwise’s predictions. The report attributes this potential surge to two major catalysts: the expected launch of a spot bitcoin ETF in early 2024 and the halving event in April or May 2024, which will cut the annual supply of new bitcoin in half.
Another key prediction involves the approval of spot bitcoin ETFs, which Bitwise anticipates will collectively become the most successful ETF launch in history. This expectation hinges on the significant capital inflow from retail and institutional investors that these ETFs are poised to attract.
Coinbase is expected to see its revenue double, far surpassing Wall Street expectations. Bitwise’s optimism is based on the crypto bull market, Coinbase’s innovative product launches, and its position as the primary custodian for most bitcoin ETFs.
Traditional finance looks over its shoulder at crypto.
Bitwise also predicts that stablecoins will process more volume than Visa, marking a significant shift in the landscape of digital transactions. This prediction underscores the rapid growth and expanding applications of stablecoins in the financial sector.
Notably, Bitwise sees financial giant J.P. Morgan poised to foster a new wave of digital asset integration by tokenizing a fund and launching it on-chain. The move indicates Wall Street’s increasing inclination towards tokenizing real-world assets, which is anticipated to escalate the total value locked in assets currently valued at over $5.5 billion. Forecasts by the Global Financial Markets Association envisage this figure could surge to $16 trillion by 2030.
Tokenization trials conducted on the Avalanche blockchain by J.P. Morgan have verified the potential to automate numerous portfolio management processes, augmenting the…
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