Among the 10 forecasts presented in their comprehensive report, the primary highlight was the projected price for the pioneering cryptocurrency. The analysts believe that the BTC rate’s surge to $80,000 will be fueled by the anticipated approval of spot Bitcoin ETFs in the United States. Additionally, the forthcoming halving event in spring 2024, which will decrease the circulating supply of Bitcoin, is expected to contribute to this significant price increase.
Furthermore, the researchers anticipate a twofold rise in the revenue of Coinbase, the leading cryptocurrency exchange. They also predict an influx of new users engaging with Ethereum-based applications, resulting in the network’s income soaring to an impressive $5 billion. Notably, transaction fees are forecasted to decline to a mere $0.01 thanks to updates in the blockchain. Furthermore, analysts foretell a scenario where the volume of transactions in stablecoins surpasses that of the Visa payment system. Additionally, popular singer Taylor Swift is predicted to venture into the world of non-fungible tokens (NFTs) by launching her very own NFT collection.
Another intriguing forecast by Bitwise’s experts suggests that investment banking giant, JPMorgan, will tokenize a fund and introduce blockchain trading for Wall Street participants. Moreover, the development and widespread adoption of AI assistants is expected. Lastly, the analysts anticipate the growing popularity of “prediction markets,” with the volume of bets in this domain projected to reach a staggering $100 million.
It is worth noting that Bitwise’s experts had previously highlighted that Bitcoin would benefit more from the introduction of spot ETFs in the United States as compared to Ethereum.