Bitcoin is poised to hit a new all-time high of $80,000 in 2024, the same year stablecoins will collectively liquidate more money than payments giant Visa, says a Bitwise senior research analyst.
In a December 13 post on
According to Bitwise, stablecoins will be used to settle more volume than Visa's payment volume, describing the dollar and other asset-linked tokens as one of the "killest applications" of cryptocurrencies.
By the third quarter of 2023, Visa processed more than $9 trillion in payments, while stablecoin trading volume surpassed $5 trillion.
Prediction #4: More money will be settled using stablecoins than using Visa.
Stablecoins are one of the โkiller appsโ of cryptocurrencies, having grown from zero to a $137 billion market over the past four years, and we believe 2024 will be another major year of growth. pic.twitter.com/uGjRxZjsyt
-Ryan Rasmussen (@RasterlyRock) December 13, 2023
Rasmussen noted that stablecoins have grown from near zero market capitalization to a whopping $137 billion, all in the span of the last four years. Considering that growth trend, he predicted that stablecoins in 2024 would only witness higher trading volume and utility.
Bitwise is not alone in its stablecoin-oriented optimism.
On December 13 interview On CNBC, Circle CEO Jeremy Allaire said demand for stablecoins will skyrocket in the coming years, as investors seek the security of internet-enabled digital dollars.
โGreat appetite for dollars on the Internet. That's something very important and different from people who want a currency hedge, so to speak, or a store of value hedge.โ
Furthermore, asset manager Van Eck predicted that the total market capitalization of stablecoins would grow to reach 200 billion dollars at the end of next year.
Related: 'I'm a big fan': Cantor Fitzgerald CEO praises Tether and Bitcoin
Rasmussen also sees a strong year for Bitcoin, predicting it will trade above $80,000 in 2024, with the expected launch of the first Bitcoin spot ETF and the April halving event acting as major catalysts for growth. Of the prices.
However, Bitcoin predictions for 2024 have varied widely among analysts and market commentators. In November, Bitcoin commentator Plan B said that he expected the average price of Bitcoin to be at least $100,000 between 2024 and 2028. BitQuant, meanwhile, set a target price of around $250,000 after the halving in 2024. Some commentators even see the possibility of Bitcoin will finally hit $1 million.
Prediction #1: Bitcoin will trade above $80,000, setting a new all-time high.
There are two main catalysts that will help us get there: the planned launch of a Bitcoin spot ETF in early 2024 and the halving of new bitcoin supply at the end of April. pic.twitter.com/KvHNx9XINz
-Ryan Rasmussen (@RasterlyRock) December 13, 2023
Bitwise speculates that not only will the Bitcoin spot ETF be approved, but its launch will be the most successful ETF launch of all time, raising $72 billion in assets under management over the next five years.
Bit by bit it is between 13 financial institutions apply for an approved spot Bitcoin ETF with the SEC.
Ethereum is also expected to improve significantly in 2024, with Bitwise betting on a 100% increase in revenue to $5 billion, adding that the EIP-4484 upgrade could bring gas costs below $0.01 in the main network.
Outside of cryptoassets, Coinbase stands as TradFi's top contender to make the most of the seemingly consensus 2024 bull market, with Bitwise forecasting 100% revenue growth next year, allowing it to exceed expectations tenfold of Wall Street.
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