In a recent video, Guy Turner, the host of the “Coin Bureau” YouTube series, unveiled his top 10 predictions for the cryptocurrency market in 2024.
- Approval of a Spot Bitcoin ETF in 2024 Guy Turner predicts that a spot Bitcoin ETF will likely be approved in early 2024. The SEC is expected to make decisions on multiple spot Bitcoin ETF applications by the end of January, with a final approval window in mid-March. The approval of BlackRock’s spot Bitcoin ETF application, in particular, is considered highly probable by most people in the crypto community.
- Bitcoin to Reach New All-Time High Turner anticipates Bitcoin surpassing its previous all-time high in 2024, potentially reaching over $80,000. This prediction is based on Bitcoin’s historical performance, where it typically exceeds its previous high about a year before its cycle high.
- Minimal Immediate Impact from Bitcoin Halving According to Turner, the 2024 Bitcoin halving is not expected to have an immediate significant impact on Bitcoin’s price. This is because the halving event is already known and likely priced in by the market.
- Emergence of a New Crypto Market Narrative Turner foresees a new narrative emerging in the crypto market, similar to the DeFi summer of 2020. He speculates that this could be related to decentralized social media, gaming, or AI, with decentralized social media being the most likely due to increasing censorship on centralized platforms.
- Significant Adoption of Ethereum’s Layer 2s The Coin Bureau host expects Ethereum’s Layer 2 solutions to see substantial adoption in 2024, potentially challenging other Layer 1 platforms. He mentions that Ethereum’s “Dencun” upgrade, which will be implemented on the Goerli testnet on January 17, will enhance the scalability and reduce transaction costs of Ethereum’s Layer 2s.
- Global Adoption of Stablecoins for Payments Turner predicts that stablecoins, particularly non-USD ones, will start being used for payments globally in 2024. This is facilitated by regulatory developments and the readiness of Ethereum’s Layer 2s for payment processing.
- Governments Using Bitcoin for International Trade Turner predicts that some governments, especially those facing sanctions, might start using Bitcoin for international trade in 2024, and he sees this as a significant step in Bitcoin’s adoption at the nation-state level.
- Companies Holding Bitcoin on Balance Sheets Turner anticipates that more publicly traded companies will hold Bitcoin on their balance sheets in 2024. This trend could be influenced by recent changes in crypto accounting rules in the U.S. and the approval of a spot Bitcoin ETF.
- Restart of FTX Exchange Turner believes that the FTX exchange could restart operations in 2024, potentially becoming a top competitor in the exchange market. This is contingent on resolving ongoing issues with the IRS.
- Election of Pro-Crypto Politicians Lastly, Tuener expects pro-crypto politicians to get elected globally. He says the growing political significance of cryptocurrencies and concerns over centralized digital currencies drives this.
Featured Image via Pixabay