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2024 looks set to be a memorable and exciting year in our industry, particularly in the crypto markets but also for fintechs. My top 5 predictions for the crypto world in 2024 are:
1) The combination of the SEC’s approval of Bitcoin ETFs and MiCA will bring increased credibility and maturity to the crypto sector, resulting in far greater adoption of the main cryptocurrencies such as BTC and ETH.
2) Stablecoins will grow and grow, as people realise their massive potential in removing monetary friction. To put it simply, they make it much easier to get money from A to B, wherever A or B happen to be.
3) CBDC (Central Bank Digital Currencies) will start taking shape, and as they operate like a 200% guaranteed stablecoin, will follow the same path as stablecoins.
4) Global regulation will start to coalesce in crypto-friendly regions, and other, not so friendly, regions will, effectively, ban cryptos.
5) The FX POP (Prime of Prime) model will be replicated in crypto world, with new 24x7 POPS offering liquidity to smaller entities down-stream. This liquidity will not be sourced from a single exchange, but will be aggregated from OTC and exchange liquidity to give the best price, order book depth, reliability and security.
In terms of fintechs, the future looks very bright. Fintechs will continue to grow in 2024, with banks desperately trying to compete but struggling due to their legacy infrastructure. The new UK government (yes, there will be a change of party), will realise the importance of fintech and despite hating Brexit, will find some benefit from the UK being able to out-manoeuvre the EU.
Of course, Elon Musk and Amazon will continue to make headlines – their global domination will continue. If I look into my crystal ball, I see Elon Musk creating a phone with no screen or keyboard that automatically dials who you want to speak to by using an advanced neural network generated AI model, accompanied by Neurolink brain implants. And Amazon will start using autonomous, 4-legged, biological delivery vehicles that are prevalent in most people’s homes. These Delivery Optimised Gigs (DOGs) and Calculative Autonomous Tractions (CATs), will deliver nearly 100% of your purchases, with only a 50% failure rate!
Undoubtedly, we have a big year ahead! Advancements in AI, wider adoption of crypto and greater automation will continue to challenge the status quo. 2024 will be a year of pushing boundaries, major technological developments and significant opportunities for firms – and clients – in the financial services sector.
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