Forbes predicts 2024: Bitcoin will exceed $60,000, USDT may be delisted

The author of the Forbes Digital Assets column makes five crypto predictions for 2024, one of which predicts that USDT will have to choose between a full audit and the risk of delisting.

1. Improvement of Crypto Accounting Rules

The Financial Accounting Standards Board (FASB) issued its first cryptocurrency accounting standards in September this year, which will begin after December 15, 2024. Effective for public and private companies of the year.

The new requirement requires companies to calculate fair value when holding cryptocurrencies such as BTC and ETH to truly reflect the profits and losses of currency holdings.

Michael Saylor, the founder of MicroStrategy, said that FASB’s upgrade of crypto accounting standards will promote global companies to adopt BTC as a reserve asset for companies holding large amounts of Bitcoin.

2. The advent of the first spot Bitcoin ETF

A number of fund management and issuers have submitted spot Bitcoin ETF applications to the U.S. Securities and Exchange Commission (SEC), and analysis predicts that it may be approved in 2024.

This will further solidify Bitcoin’s legitimacy and reduce market volatility.

3. Will USDT be delisted?

Forbes believes that 2024 will be crucial for USDT. As regulation gradually tightens, Tether will face a key choice: undergo a comprehensive audit or face greater risks of delisting.

In an exclusive interview with Fortune Magazine, Tether CEO Paolo Ardoino said that the reason for the lack of audits can be attributed to U.S. lawmakers’ calls for auditing agencies to accept crypto users, especially after the FTX incident was exposed.

In addition, in a recent report released by the credit rating company S&P Global, USDT and DAI were rated as the second-lowest 4 points, while USDC received the second-best rating of 2 points (Strong).

4. Traditional financial institutions embrace tokenized payments

Forbes named large financial institutions including JPMorgan Chase as having begun pilot programs such as tokenized payments on the enterprise blockchain. , believing that this can drive adoption by traditional financial institutions.

5. Bitcoin rises above US$60,000

Finally, Forbes very conservatively predicts that the price of Bitcoin will exceed US$60,000 in 2024, without even emphasizing that it will exceed the previous high of US$69,000. , which believes that due to the entry of many institutional investors, the wild fluctuations in the past will no longer occur frequently.

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