Forbes’ 2024 Crypto Predictions: USDT’s Fate Hangs in Balance, Enhanced Accounting Standards, and Bitcoin’s Rise
Forbes’ Digital Assets column has made some bold predictions for the cryptocurrency landscape in 2024, foreseeing significant developments including the potential delisting of USDT and the emergence of the first spot Bitcoin ETF.
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Accounting Rules Will Continue Improving
The Financial Accounting Standards Board (FASB) introduced the first cryptocurrency accounting rules in September, set to take effect for fiscal years starting after December 15, 2024. These new rules mandate fair value calculation for assets like BTC and ETH, ensuring a true reflection of gains and losses. Michael Saylor of MicroStrategy hailed this as a catalyst for global enterprise adoption of BTC as a reserve asset.
Further reading：U.S. SEC Under Fire: GAO Calls Out Missteps on Crypto Accounting Bulletin!
A Spot ETF Will Be Approved
Multiple fund management firms have applied for spot Bitcoin ETFs with the SEC, with widespread expectations of approval in 2024. This would solidify Bitcoin’s legitimacy and reduce market volatility.
Further reading：Bitcoin Spot ETFs Approach Critical Milestone: A Comprehensive Look at SEC Review Dates and Negotiations
Tether Will Either Be Audited Or Deplatformed
Forbes predicts a critical year for USDT in 2024, with issuer Tether facing a choice between undergoing a full audit or facing increased delisting risks. Following the FTX debacle, Tether’s Paolo Ardoino cited reluctance from auditing firms to accept crypto clients. S&P Global’s report ranked USDT and DAI low at 4 points, while USDC scored higher at 2 points (Strong).
Further reading：Tether Soars High: A Whopping 85.7% in Cash Equivalents and A Boost in USDT’s Excess Reserves!
U.S. Banks Will Embrace Tokenized Payments
Large financial institutions like JPMorgan Chase are piloting tokenized payment programs on enterprise blockchains, signaling a shift towards adoption in traditional finance.
Further reading：JPMorgan CEO’s Bitcoin Criticism Contrasts With Blockchain Department’s Billion-Dollar Daily Trades and 300% Staff Growth
Bitcoin Will Top $60,000
In a conservative estimate, Forbes predicts Bitcoin breaking the $60,000 mark in 2024. This forecast does not emphasize surpassing the previous high of $69,000, suggesting that wild fluctuations may become less frequent due to institutional investor involvement.
Further reading：Bitwise’s ‘Top 10 Crypto Predictions for 2024’: Bitcoin Poised to Hit a New High of $80,000
Conclusion
Forbes’ predictions for 2024 indicate pivotal changes in the crypto world, from regulatory compliance and institutional adoption to technological advancements. These developments could redefine the landscape of digital currencies and blockchain technology.
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Keywords: Forbes, Cryptocurrency Predictions, USDT, Bitcoin ETF, FASB, Crypto Accounting, Tether, JPMorgan Chase, Tokenized Payments, Digital Assets, SEC, Blockchain Technology
