Bitcoin to Reach $80,000, Stablecoins to Outperform Visa by 2024, Predicts Bitwise Analyst
Summary:
Bitwise Senior analyst, Ryan Rasmussen, predicted a new all-time high for Bitcoin at $80,000 and a surge in stablecoin transaction volume surpassing Visa in 2024. Stablecoins are expected to grow significantly, considering the growth from nearly zero to a $137 billion market cap in just four years. Circle CEO, Jeremy Allaire, anticipated an explosive demand for stablecoins in the next few years. The asset management company Van Eck also projects the total stablecoin market cap to hit $200 billion by the end of 2024. In the crypto market, Bitcoin and Ethereum are forecasted to see major growth, and Coinbase stands to benefit significantly from the predicted bull trend.
Bitwise senior research analyst, Ryan Rasmussen, in a recent post on X (previously known as Twitter), projected that Bitcoin might hit a new all-time high of $80,000 in 2024. In the same year, stablecoins are predicted to collectively handle more transactions than payment behemoth Visa. Rasmussen declared ten optimistic outcomes for the crypto sphere in 2024, with the robust expansion of the stablecoin industry being a key theme. Bitwise suggested that stablecoins will process a higher transaction volume than Visa, owing to their stance as one of the significant inventions within the crypto sector. By Q3 of 2023, Visa managed over $9 trillion in transactions, while stablecoin transaction volume exceeded $5 trillion.
Rasmussen highlighted the impressive rise of stablecoins, evolving from practically zero to a staggering $137 billion market cap in four years. Given this upward trajectory, he envisioned an increase in trading volume and usage of stablecoins in 2024. Other industry players echo Bitwise's sentiment regarding stablecoins. In a CNBC interview on Dec. 13, Circle CEO, Jeremy Allaire, expressed that the demand for stablecoins would skyrocket as investors migrate towards the security of digital dollars. Moreover, asset management company Van Eck anticipates the total stablecoin market cap to hit $200 billion by next year's end.
In addition, Rasmussen maintains an optimistic outlook for Bitcoin, predicting that it will exceed $80,000 within 2024. Events like the debut of the first Bitcoin ETF and April's halving event are primary influences for this price climb. The assumption is not only that a Bitcoin ETF will be approved but also that it will have the most triumphant ETF launch ever, seizing $72 billion in assets within five years. Bitwise is currently one of 13 financial institutions seeking SEC approval for a Bitcoin ETF.
Besides Bitcoin, Ethereum is expected to significantly advance in 2024, with Bitwise anticipating a 100% surge in revenue to $5 billion. The firm believes the EIP-4484 upgrade could lower gas costs to below $0.01 on the main network. Outside of the crypto landscape, Coinbase is anticipated to benefit immensely from 2024's predicted bull market. Bitwise anticipates the company's revenue to double, significantly surpassing Wall Street's expectations.
Published At
12/14/2023 4:54:14 AM
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