Tuesday, 20 February 2024

Crypto News

Bitcoin to surge to $80K as stablecoins overtake Visa in 2024: Bitwise

Bitcoin to surge to $80K as stablecoins overtake Visa in 2024: Bitwise

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.

In a Dec. 13 post to X (formerly Twitter), Bitwise’s 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.

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’s most “killer apps.”

By the third quarter of 2023, Visa processed more than $9 trillion in payments while stablecoin trading volume topped $5 trillion.

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.

Bitwise isn’t alone in its stablecoin-oriented bullishness.

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.

“Huge appetite for dollars on the internet. That’s a very big thing and that’s distinct from people who want a currency hedge so to speak, or a store-of-value hedge.”

Additionally, asset manager Van Eck predicted that the total stablecoin market cap would grow to reach $200 billion by the end of next year.

Related: ‘I’m a big fan’: Cantor Fitzgerald CEO praises Tether and Bitcoin

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’s halving event acting as major catalysts for price growth.

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