Bitcoin to hit $80K by 2024 as stablecoin passes Visa – Bitwise
Bitcoin (BTC) is ready to register a new all-time high of $ 80,000 in 2024, in the same year stablecoins payments are set to settle more money in common than Visa, said Bitwise senior research analyst.
In a December 13 post on X (formerly Twitter), Bitwise's Ryan Rasmussen outlined 10 bullish predictions for the crypto industry in 2024, with one of the main themes being the growth of the stable coin industry.
According to Bitwise, stablecoins are used to fix the dollar and other asset-based tokens as one of the most “killer applications” of crypto, even more so than Visa payments.
In the third quarter of 2023, Visa processed more than $9 trillion in payments and stablecoin transaction volume topped $5 trillion.
Prediction #4: More money will be saved using stablecoins than using Visa.
Stablecoins have grown from zero to a $137 billion market in the past four years, making it one of the “killer applications” of crypto, and we think 2024 will be another big year of growth. pic.twitter.com/uGjRxZjsyt
— Ryan Rasmussen (@RasterlyRock) December 13, 2023
Rasmussen points to a stable coin that has grown from near-zero market value to $137 billion, all in the past four years. Considering that growth trend, it is predicted that in 2024, the stablecoin will only witness more trading volume and utility.
Bitwise is not alone in its stable coin-based bully.
In a December 13 interview with CNBC, Circle CEO Jeremy Allaire said demand for stablecoins is set to explode over the next few years as investors seek the security of Internet-enabled digital dollars.
Big appetite for dollars on the internet. That's a huge thing, and that's different than people looking for a currency hedge, say, or a price storage hedge.
In addition, the asset manager Van Eck predicted that the total stat coin market will grow to $200 billion by the end of 2024.
Related: ‘I'm a big fan': Cantor Fitzgerald CEO praises Tether and Bitcoin
Rasmussen sees a strong year for Bitcoin, which he predicts will trade above $80,000 in 2024, with the expected launch of a first-ever Bitcoin exchange-traded fund and the April halving event acting as major catalysts for price growth.
However, Bitcoin predictions for 2024 vary widely among analysts and market analysts. In November, Bitcoin analyst Plan B said that the average price of Bitcoin between 2024 and 2028 is expected to be at least $100,000. BitQuant, on the other hand, has set a price of around $250,000 in 2024 after the reduction. In the end, it will reach 1 million dollars.
Prediction #1: Bitcoin will trade above $80,000, a new all-time high.
There are two major incentives to help us get there: the expected launch of a Bitcoin ETF in early 2024 and the halving of new bitcoin supply around the end of April. pic.twitter.com/KvHNx9XINz
— Ryan Rasmussen (@RasterlyRock) December 13, 2023
Bitwise predicts that not only will the spot Bitcoin ETF be approved, but the startup will become the most successful ETF launch of all time, with $72 billion in assets under management over the next five years.
Bitwise is one of 13 financial institutions that have approved a Bitcoin ETF with the United States Securities and Exchange Commission.
Ethereum is predicted to improve significantly by 2024, with Bitwise finishing with a 100% increase in revenue to $5 billion, suggesting that the EIP-4484 upgrade could bring gas costs on the main network to under $0.01.
Outside of crypto assets, Coinbase stands as a top TradFi contender to make the most of the bull market expected in 2024, with Bitwise predicting 100% revenue growth next year, something it sees as 10 times higher than Wall Street expectations.
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