<\/p>\n
Bitcoin is poised to record a new all-time high of $80,000 in 2024, the same year stablecoins are set to collectively settle more money than payments giant Visa, says a Bitwise senior research analyst.<\/p>\n
In a Dec. 13 post to X (formerly Twitter), Bitwise\u2019s Ryan Rasmussen outlined ten bullish predictions for the crypto industry in 2024, with one of the major themes being the explosive growth of the stablecoin industry.<\/p>\n
According to Bitwise, stablecoins will be used to settle more volume than Visa payments volume, describing the dollar and other asset-pegged tokens as one of crypto\u2019s most \u201ckiller apps.\u201d<\/p>\n
By the third quarter of 2023, Visa processed more than $9 trillion in payments while stablecoin trading volume topped $5 trillion. <\/p>\n
\nPrediction #4: More money will settle using stablecoins than using Visa.<\/p>\n
Stablecoins are one of crypto\u2019s \u201ckiller apps,\u201d growing from effectively zero to a $137 billion market in the past four years, and we think 2024 will be another major year of growth. pic.twitter.com\/uGjRxZjsyt<\/a><\/p>\n
\u2014 Ryan Rasmussen (@RasterlyRock) December 13, 2023<\/a><\/p><\/blockquote>\n
Rasmussen pointed to stablecoins growing from a market cap of near-zero to a whopping $137 billion all within the span of the last four years. Considering that growth trend, he predicted that stablecoins in 2024 would only witness more trading volume and utility. <\/p>\n
Bitwise isn\u2019t alone in its stablecoin-oriented bullishness. <\/p>\n
In a Dec. 13 interview with CNBC, Circle CEO Jeremy Allaire said the demand for stablecoins is going to explode over the next few years, as investors seek the safety of internet-enabled digital dollars. <\/p>\n
\u201cHuge appetite for dollars on the internet. That\u2019s a very big thing and that\u2019s distinct from people who want a currency hedge so to speak, or a store-of-value hedge.\u201d<\/p><\/blockquote>\n
Additionally, asset manager Van Eck predicted that the total stablecoin market cap would grow to reach $200 billion by the end of next year. <\/p>\n
Related: <\/em><\/strong>\u2018I\u2019m a big fan\u2019: Cantor Fitzgerald CEO praises Tether and Bitcoin<\/em><\/strong><\/p>\n
Rasmussen also sees a strong year for Bitcoin, which he predicts will trade above $80,000 within 2024, with the expected launch of the first spot Bitcoin ETF and April\u2019s halving event acting as major catalysts for price growth. <\/p>\n
\nPrediction #1: Bitcoin will trade above $80,000, setting a new all-time high.<\/p>\n
There are two major catalysts that will help get us there: the anticipated launch of a spot Bitcoin ETF in early 2024 and the halving of new bitcoin supply around the end of April. pic.twitter.com\/KvHNx9XINz<\/a><\/p>\n
\u2014 Ryan Rasmussen (@RasterlyRock) December 13, 2023<\/a><\/p><\/blockquote>\n
Bitwise speculates that not only will the spot Bitcoin ETF be approved, but its launch will be the most successful ETF launch of all time, capturing $72 billion in assets under management within the next five years. <\/p>\n