[NEWS] Bitwise predicts Bitcoin price to exceed 10 million yen in 2024

Cryptocurrency investment company Bitwise has published a report predicting that the price of Bitcoin (BTC) will exceed $80,000 (approximately 11.35 million yen) in 2024, hitting an all-time high. In addition, the profitability of cryptocurrency exchange Coinbase will increase, and Ethereum (ETH) will become more popular.

Bitwise predicts that the end of the "cryptocurrency winter" is near, and that in 2024, "an era in which cryptocurrencies become mainstream will arrive."

It also points out that Bitcoin has increased in price by 128% since the beginning of the year, and that many major cryptocurrencies have risen, especially altcoins such as Solana (SOL). It says that this trend will continue in 2024, with Bitcoin trading at more than $80,000 and hitting an all-time high.

It cites Bitcoin spot ETFs as a factor that will have a major impact on Bitcoin prices. He gave evidence that the demand for Bitcoin will increase as the ETF is approved and listed in early 2024, and new funds will flow in from individual and institutional investors.

In addition, the Bitcoin halving is expected to occur between March and April next year. He claims that the price of Bitcoin will soar due to the supply and demand relationship. Specifically, he claims that the birth of a Bitcoin spot ETF will create demand worth $72 billion (approximately 10.2 trillion yen).

Currently, 13 companies, including Bitwise, BlackRock, WisdomTree, and Fidelity, have applied for a Bitcoin spot ETF. The review deadline for BlackRock and Bitwise's Bitcoin spot ETFs is scheduled to be in mid-January next year.

Meanwhile, Bloomberg ETF analyst James Seyffart speculates that the most likely time for the Bitcoin spot ETF to be approved is between January 5th and 10th next year.

Ethereum becomes more popular due to reduced fees

The report points out that Ethereum fees will be reduced through updates, which will lead to increased adoption.

According to Bitwise, Ethereum fees paid by users this year amounted to approximately $2.3 billion (approximately 326 billion yen), but it is expected to more than double to over $5 billion (approximately 708 billion yen) in 2024 due to the increased use of dApps. It also points out that Ethereum has become one of the fastest growing platforms in the world.

Bitwise expects that Ethereum's major updates will significantly reduce the fees paid by users. Although Ethereum fees are still high, it said that the reduction in fees will expand use cases in micropayments, social media, blockchain games, etc., leading to increased adoption.

Coinbase's presence grows

Analysts also predicted that the cryptocurrency bull market will continue, cryptocurrency exchange Coinbase will expand its services, and revenue will double from $2.8 billion to $5.7 billion, more than 10 times the average Wall Street forecast.

They also predicted that stablecoins will be used for more payments than VISA next year. In addition, they predicted that JP Morgan will tokenize and launch an on-chain fund, and that one in four financial advisors will allocate to crypto assets.

Opinions are divided on the outlook for other companies

According to a report from financial services firm Matrixport, Bitcoin is expected to rise in 2024 even if a Bitcoin spot ETF is not approved. Analyst Markus Thielen said that the Bitcoin halving and the US presidential election will increase liquidity.

In addition, he also cited the expansion of the size of the short-term money market in the US since the outbreak of the COVID-19 pandemic as a factor. In addition, he pointed out the possibility of companies with excess funds investing in crypto assets.

Meanwhile, JP Morgan remains cautious about the crypto asset market in 2024. However, he speculates that Ethereum will perform better than Bitcoin and other crypto assets due to its major update.

According to the report, the market has already factored in the optimism of the SEC's approval of a Bitcoin spot ETF. He also said that the price surge due to the Bitcoin halving is likely already factored in.

参考：Bitwise、Matrixport
画像：Shutterstock

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