- Bitfinex forecasts the crypto market’s value to double to $3.2 trillion by 2024.
- Expected increase in global cryptocurrency users to 850-950 million.
- Institutional investments to grow, especially with the introduction of spot Bitcoin ETFs.
In a bold projection, cryptocurrency exchange Bitfinex has forecasted a significant growth for the crypto market by 2024. The exchange predicts that the total market value, which currently stands at approximately US$1.6 trillion, is expected to double, reaching around US$3.2 trillion. This prediction paints a promising future for the cryptocurrency industry, reflecting growing investor confidence and market maturation.
A key aspect of Bitfinex’s forecast is the anticipated increase in global cryptocurrency users. From the current count of 575 million users, the exchange expects this number to surge to between 850 and 950 million by 2024. Such an increase would signify not only wider acceptance and use of cryptocurrencies but also a significant expansion of the market’s base.
Another critical factor in this forecast is the expected increase in institutional investment in crypto assets. Bitfinex particularly highlights the potential role of spot Bitcoin Exchange-Traded Funds (ETFs) as a catalyst for this growth. The approval and introduction of these ETFs are seen as crucial in attracting more institutional investors, as they provide a more familiar and regulated investment vehicle for entering the crypto market.
The prediction by Bitfinex underscores the belief that the cryptocurrency market is moving towards greater mainstream acceptance. The anticipated growth in market value, user base, and institutional investment indicates a maturation of the market, moving beyond early adopters and speculators to a broader, more diverse group of participants.
This forecast also reflects the evolving perception of cryptocurrencies as not just speculative assets but viable components of diversified investment portfolios. The expected growth in institutional investments, particularly through mechanisms like ETFs, suggests that cryptocurrencies are increasingly being viewed as legitimate and valuable investment opportunities.
For investors, both individual and institutional, these projections provide a glimpse into the potential future landscape of the cryptocurrency market. As the market continues to evolve, staying informed and adaptive will be crucial for those looking to participate in the anticipated growth.
