“Bitcoin will reach $80,000 in 2024†Bitwise predicts bullish cryptocurrency market
Prediction of Bitcoin exceeding 10 million yen
Bitwise, an American crypto asset (virtual currency) investment company, has announced its predictions for the crypto asset (virtual currency) market in 2024. Please note that this is the best prediction Bitwise has made at this time, but there is no guarantee that it will come true.
First, Bitwise stated that Bitcoin (BTC) rose 128% in 2023, outperforming all major asset classes. We expect this trend to continue in 2024, with Bitcoin trading above a new high of approximately 11.4 million yen ($80,000).
This prediction assumes that a Bitcoin spot ETF will be launched.
To date, the U.S. Securities and Exchange Commission (SEC) has not approved any physical Bitcoin ETFs, but expectations are rising in the market. Early January next year marks the deadline for ARK’s application to be approved by the SEC.
In addition, financial giant BlackRock has amended the structure of its physical Bitcoin ETF, which is currently under application. Financial institutions in the U.S. are giving their cash to BlackRock-affiliated Coinbase, which allows them to buy Bitcoin on their behalf. This is aimed at increasing liquidity.
Bitwise notes that Bloomberg says there is a 90% chance that a physical Bitcoin ETF will be approved in the first half of 2024. Bitwise research predicts that physical Bitcoin ETFs will capture 1% of the approximately 1,025 trillion yen ($7.2 trillion) U.S. ETF market, or approximately 10 trillion yen ($72 billion), within five years. It is said that
connection: New developments in BlackRock Bitcoin ETF
What is Bitcoin ETF?
An Exchange Traded Fund that includes Bitcoin as an investment. An investment trust is a financial product that collects money from investors into a single fund and invests it in stocks, bonds, etc. The system is such that the investment results are distributed according to each investor’s investment amount. Among investment trusts, ETFs are listed on stock exchanges, so they can be bought and sold just like stocks.
Virtual currency glossary
connection:What is the exchange-traded fund “Bitcoin ETF� | Why BlackRock’s application is attracting attention
Bitwise also cited halving as a factor pushing up prices. Considering current prices, the halving around April to May 2024 will be an event equivalent to a decrease of approximately 880 billion yen ($6.2 billion) in new Bitcoins introduced to the market, leading to increased demand. I think so.
connection: Prediction of Bitcoin reaching $125,000 in 2024, Matrixport analysis based on halving
Predicting further spread of Ethereum
Bitwise also predicted that Ethereum (ETH) will become more popular as its fees are kept below approximately 1.4 yen ($0.01). This is due to the implementation of EIP-4844 included in the “Dencun†upgrade scheduled for 2024.
The reduction in fees could lead to widespread adoption of Ethereum (L2 network) in micropayments, social media, large-scale gaming, etc. Regarding Ethereum, it is also predicted that the fees paid by users for various apps on the Ethereum network will reach approximately 710 billion yen ($5 billion) in 2024.
In addition, JP Morgan also stated that Ethereum will outperform Bitcoin’s rise due to EIP-4844.
connection: “Ethereum is expected to outperform Bitcoin’s growth rate†JP Morgan forecast for next year
About RWA tokenization
Bitwise also predicted that financial giant JP Morgan will launch a tokenized fund in 2024, allowing it to take advantage of the efficiencies offered by on-chain assets.
This comes as JPMorgan begins testing a tokenized portfolio leveraging the Avalanche (AVAX) blockchain.
Bitwise has already tokenized more than 780 billion yen ($5.5 billion) of real-world assets (RWA), and the World Financial Markets Association estimates that by 2030, tokenized assets will reach approximately 2,300 trillion yen ($16 trillion). ), he also pointed out that it is predicted that the
What is RWA?
Abbreviation for “Real World Asset.†RWA that is tokenized on the blockchain includes real assets such as real estate, artwork, trading cards, and securities such as stocks and bonds.
Virtual currency glossary
connection:Why investors are interested in real asset tokenization and what is Real World Assets (RWA)?
Other predictions include that popular American singer Taylor Swift will issue NFTs (non-fungible tokens) and that AI (artificial intelligence) assistants will use virtual currency for online payments.
connection: OpenAI continues to be confused, Microsoft accepts Altman and others
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