The president of the development company Avalanche (AVAX) Ava Labs announces his crypto predictions for 2024.
In the interview with CNBC, Ava Labs President John Wu talks about Friend.tech challenger Stars Arena, a decentralized social finance application (SocialFi) that launched on the AVAX blockchain in late September.
“We were just talking about Stars Arena, and they’re going back online, and we’ll see one of these SocialFi DApps figure it out. There have been a few, and they have had growth and some failures, but sooner or later they will 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 spot Bitcoin (BTC) exchange-traded fund (ETF), possibly as soon as the fourth quarter of 2023.
“If that happens, I expect a lot of influx.”
The SEC postponed decisions on a slew of spot BTC ETF applications in late September, including BlackRock’s.
The final deadline for the SEC to review one application, the ARK 21 Shares Bitcoin ETF, is January 10.
As for updates for Avalanche, Wu notes that Ava Labs plans to roll out real-world assets, some of which will be announced in November.
“These are, I think, groundbreaking developments at… TradFi banks and asset managers. These announcements will be huge, I’m super excited about deploying these institutional, real-world assets on Avalanche.”
Avalanche is a rival to Ethereum (ETH). The project’s original asset, AVAX, is trading at $8.93 at the time of writing.
