U.Today - As the new bull market is gaining traction, Netflix (NASDAQ:NFLX) alum and seasoned crypto VC Vance Spencer indicates a number of milestones the blockchain segment could reach in the coming two years. While his forecast sounds optimistic, he also recommends being prepared for a "roller coaster."
Ethereum ETF could be next, Vance Spencer opined
The fourth Bitcoin (BTC) halving, Ethereum ETF approval and growing institutional adoption of digital assets are "next" for us in 2024, Spencer shared with his 85,000 followers on X. In general, the crypto journey at this stage should be treated as a marathon, not a sprint.Also, Web3 games will bring the next 100 million active users to the cryptocurrency scene. Regulatory hostility might be on borrowed time as the odds of "pro-crypto" administration in the U.S. coming in 2025 are estimated at 70%.
In terms of macroeconomic context, the market will go through an entire rate cutting cycle with rates getting back to 2-3%. Last time, this indicator was below 2% in mid-2022.
At the same time, the situation on the cryptocurrency market will not be all roses: Every market participant should be prepared for roller coasters in the next 24 months.
It should be noted that Spencer almost managed to exactly predict the date of the Bitcoin ETFs approval. In early July, he opined that they could be green-lit by the end of 2023.
$1 billion for DeFis: New milestone for 2024-2025
In the same July thread he stressed that the Bitcoin ETF approval would pave the path for ETFs on various altcoins.Alongside the ETFs saga, the VC investor foresees bright midterm prospects for the DeFi sphere. As crypto prices go up, revenues of DeFi protocols will grow "superlinearly." At least two major DeFis will cross $1 billion in revenue in the next 24 months.
Previously, he foresaw the emergence of the "FAANG of DeFi" that would demonstrate sustainable cash flow and will not be vulnerable to "vampire attacks."