Bitcoin Bulls Eye $80,000 in 2024 as Stablecoins Surge Set to Eclipse Visa

Bitcoin Bulls Eye $80,000 in 2024 as Stablecoins Surge Set to Eclipse Visa

3 min read

In less than a decade, the payment industry has undergone a radical transformation with the advent of cryptocurrencies, fuelled by advancements in digital technology. Bitwise, a prominent player in the crypto space is betting big on stablecoins, predicting their meteoric rise to surpass even industry giant Visa by 2024.


Stablecoins Surge: Dollar-Backed Tokens Triumph

Bitwise’s senior research analyst, Ryan Rasmussen, recently unveiled a set of bullish predictions for the crypto landscape in 2024, placing particular emphasis on the explosive growth of stablecoins. Forecasts indicate that stablecoins will outshine Visa, settling more financial transactions collectively than the global payment giant’s mammoth volume.

By Q3 of 2023, Visa had processed an impressive $9 trillion in payments. In contrast, the stablecoin market, fuelled by an insatiable demand for digital dollars, soared to a staggering $5 trillion in trading volume. Rasmussen highlights the dollar and other asset-pegged tokens as crypto’s potent “killer apps.”


Industry Consensus: Stablecoin Mania Sweeps In

Bitwise’s optimism regarding stablecoins is not a solitary stance. Circle CEO Jeremy Allaire, in a recent CNBC interview, echoed the sentiment, predicting an explosion in demand for stablecoins as investors seek the security of internet-enabled digital dollars. He emphasised the transformative nature of dollar stablecoins, embodying a powerful store of value with the capabilities of the internet, addressing a substantial appetite for online dollars.

Asset manager Van Eck foresees the total stablecoin market cap reaching $200 billion by the close of the upcoming year. Meanwhile, Bernstein’s research report projected an astronomical growth from $125 billion to $2.8 trillion in the stablecoin market over the next five years.


Bitcoin’s Ascent: Beyond the $80,000 Milestone

Rasmussen’s predictions extend beyond stablecoins, foreseeing a robust year for Bitcoin. With anticipated catalysts such as the launch of the first spot Bitcoin ETF and the halving event in April, Bitcoin is expected to breach the $80,000 mark in 2024. However, predictions for Bitcoin’s trajectory vary widely, with some anticipating a surge to $100,000 and others even contemplating the possibility of a million-dollar valuation.

Bitwise entertains the notion that not only will the spot Bitcoin ETF gain approval but its launch will set records, attracting a colossal $72 billion in assets under management within the next five years. Currently among the 13 financial institutions vying for approval with the SEC, Bitwise is positioning itself at the forefront of this transformative development.


Ethereum’s Evolution: A 100% Revenue Jump

In the crypto constellation, Ethereum is not to be overshadowed. Bitwise places its bets on Ethereum experiencing a significant uptick in 2024, foreseeing a 100% increase in revenue to a noteworthy $5 billion. The catalyst for this growth is anticipated to be the EIP-4484 upgrade, potentially driving gas costs on the main network below $0.01.


Coinbase’s Triumph: A Wall Street Challenger Emerges

Beyond the realm of crypto assets, Coinbase emerges as the top Traditional Finance (TradFi) contender poised to capitalise on the consensus bull market of 2024. Bitwise predicts a staggering 100% growth in revenue for Coinbase, surpassing Wall Street expectations by tenfold.


Unleashing the Potential of Stablecoins

The crypto landscape in 2024 is thus shaping up to be a transformative era, marked by the stablecoins surge, Bitcoin’s potential growth, Ethereum’s evolution, and Coinbase’s triumph. Stablecoins, in particular, represent a seismic shift in the financial paradigm, offering a secure and efficient medium of exchange with the potential to outpace traditional payment giants like Visa. Their versatility and the growing demand for digital dollars highlight the substantial benefits they bring to the evolving financial ecosystem. As stablecoins continue to gain prominence, their role as a stabilising force in the volatile crypto market becomes increasingly evident, marking a new era in digital finance. Learn more about stablecoins and how they work here.


Stay informed with our Bi-Weekly Pulse for the latest crypto and blockchain news.

Get access to the week’s most interesting reads, stats and find out about the most recent trends in the cryptocurrency market.