The president of Avalanche (AVAX) developer Ava Labs issues his crypto predictions for 2024.
In the interview with CNBC, Ava Labs president John Wu discusses Friend.tech challenger Stars Arena, a decentralized social finance application (SocialFi) that launched on the AVAX blockchain in late September.
“We just talked about Stars Arena, and they’re coming back online, and we’re going to see one of these SocialFi DApps figure it out. There have been a couple already, and they had booms and some failures, but sooner or later they fix the business model and it will work well. So that’s one of my predictions.”
Wu also predicts that the US Securities and Exchange Commission (SEC) will approve a Bitcoin (BTC) spot exchange-traded fund (ETF), possibly as early as the fourth quarter of 2023.
“When that happens, I expect a big influx.”
The SEC delayed decisions in a number of BTC ETF spot applications, including BlackRock’s, in late September.
The final deadline for the Securities and Exchange Commission to review an application, the ARK 21 Shares Bitcoin ETF, is January 10.
As for updates to Avalanche, Wu notes that Ava Labs plans to release real-world assets, some of which will be announced in November.
“These are, I think, game-changing developments with… TradFi banks and asset managers. These announcements are going to be huge, I’m very excited about these real-world institutional elements being developed at Avalanche.”
Avalanche is a rival to Ethereum (ETH). The project’s native asset, AVAX, is trading at $8.93 at the time of writing.
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