2024: Ready For A Crypto Craze? Bitwise's Predictions For Bitcoin, Taylor Swift And More

2024 could be a year of significant milestones for the cryptocurrency industry.

Crypto index fund manager Bitwise on Wednesday laid out key trends to look forward to, including Bitcoin's BTC/USD reaching new heights as well as the emergence of artificial intelligence (AI) assistants using crypto for online transactions.

There are also two highly-anticipated events on the calendar: the launch of a spot Bitcoin exchange-traded fund (ETF) in early 2024 and the halving of new Bitcoin supply around the end of April.

Both milestones are expected to help Bitcoin surpass its previous all-time high of $69,000.

Also Read: Five Utility Tokens Ready To Surge In The Crypto Bull Run

Bitwise also predicts that the Bitcoin ETFs will collectively become the most successful ETF launch in history, capturing a significant portion of the $7.2 trillion U.S. ETF market.

Other predictions Bitwise is making:

• Stablecoins: Cryptocurrencies pegged to fiat currencies like the U.S. dollar, are poised to become the preferred method for settling payments. Bitwise predicts that stablecoin transaction volume will surpass that of Visa, the world's largest credit card company.
• Coinbase Inc. COIN: The cryptocurrency exchange is expected to see its revenue double in 2024, exceeding Wall Street expectations by at least 10x. This growth is attributed to increased trading volumes in bull markets, as well as the launch of new products that have gained traction among users.
• JPMorgan JPM: The Wall Street giant is expected to capitalize on the growing trend of tokenizing real-world assets by launching a tokenized fund on-chain. This move would allow the company to leverage the efficiency of blockchain technology and tap into the rapidly expanding tokenization market.
• Ethereum ETH/USD: The network's revenue is expected to triple in 2024, reaching $5 billion. This growth is driven by the increasing adoption of Ethereum for decentralized finance (DeFi) and other innovative applications.
• Artificial intelligence: AI assistants are expected to start using cryptocurrencies for online payments, reinforcing their role as the native currency of the internet. Bitwise believes AI assistants will prefer digitally native money like Bitcoin or stablecoins.
• Killer App: Decentralized prediction markets — platforms where users can bet on the outcome of events — are predicted to emerge as a new "killer app" for the crypto industry. With over $100 million expected to be staked in these markets, they could become a primary venue for both event-based and traditional sports-related wagering.
• Network Upgrades: Ethereum's network, EIP-4844, is expected to reduce average transaction costs by over 90%, making the network more accessible to a wider range of users. This upgrade could pave the way for the adoption of Ethereum for mainstream applications.
• Taylor Swift: Time's 2023 Person of the Year is predicted to enter the non-fungible token (NFT) space, potentially launching digital collectibles to engage with her fans. Spotify's experimentation with token-gated playlists could pave the way for Swift to utilize NFTs to enhance her connection with her audience.
• Mainstream Recognition: Bitwise predicts that by the end of 2024, one in four financial advisors will allocate to crypto in client accounts. This increased adoption among financial professionals reflects the growing recognition of crypto's potential as a viable asset class.

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