Messari highlights Bitcoin’s resilience in ‘Crypto Theses for 2024’ report

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Crypto research Messari has claimed Bitcoin as the “Godzilla of Finance” in its latest report “Crypto Theses for 2024.”

Coingape highlights how Bitcoin is reshaping traditional ideas about money and investment. Bitcoin has surged to great heights, disrupting conventional financial practices.

The report underscores Bitcoin’s resilience, showcasing its ability to endure despite regulatory challenges and uncertainties. Despite the crypto winter, Bitcoin surged by 170 percent year-on-year and is currently valued at $45,129.

Bitcoin’s foundation on decentralized blockchain technology ensures independence from centralized control, contributing to its strength.

Messari also reports the challenges Bitcoin faces. It addresses regulatory scrutiny, environmental concerns about mining and price volatility as potential hurdles for cryptocurrency.

Messari emphasized the ongoing move towards digital cash, saying, “As the world transitions toward digital assets and a cashless society, bitcoin is likely to capture demand from those who want assets that are difficult to surveil and seize.”

While stablecoins have potential, Messari claims that they may not offer the same level of security as Bitcoin. For instance, the uncertainty following the Terra/LUNA collapse raises doubts about creating a solely algorithmic stablecoin.

“If you want full control over your money, bitcoin is still the best game in town,” said Messari.

Spot Bitcoin ETF approval could pave way for institutional adoption

Messari said that if a spot Bitcoin Exchange Traded Fund (ETF) is approved, it could kickstart increased institutional adoption. There is a 90 percent chance, as per earlier reports, of a spot Bitcoin ETF creating significant effect.

If approved by the U.S. SEC, it could revolutionize how institutional investors get involved with cryptocurrency. This regulatory approval is expected to encourage significant U.S. corporate investment, boosting market liquidity and changing how cryptocurrency trading works.

Simultaneously, introducing a spot BTC ETF is expected to compel crypto exchanges to reassess their fee structures and operational models, fostering a more competitive environment, as noted by Nate Geraci of ETF store and Eric Balchunas of Bloomberg.

Several analysts forecast a potential new all-time high for Bitcoin if this approval is attained. PlanB, the creator of Bitcoin’s Stock-2-Flow (S2F) model, recently predicted BTC’s price for 2024.

He said that Bitcoin’s price would surge following the April 2024 Bitcoin halving, a crucial event coinciding with the anticipated Bitcoin ETF approval. The halving, set at block height 840,000, is scheduled around April 23 according to the Bitcoin halving countdown.

TRON’s projections in 2024

The Messari report acknowledges TRON as a pioneer in crypto payments within emerging markets and also cites it among the top 10 products of 2024.

TRON leads in crypto adoption in emerging economies, excelling in USDT payments and surpassing six billion transactions. Messari’s report reveals a growing demand for USDT on TRON in those countries, fostering financial inclusion.

Messari’s report highlights the increasing preference of people in developing countries for USDT on TRON because it provides both value storage and payment functions.

Around 40 percent of the demand for USDT is because it serves as a reliable and stable payment method. This shift signifies a move towards fairer payment options and stability, showcasing USDT as more than just another cryptocurrency but as a tool for financial empowerment.

By the end of 2023, TRON completed over six billion transactions and has a user base of 200 million.

TRON ecosystem leader Dave Uhryniak said that blockchain technology will have a major impact in the future. It aligns with the vision of making digital assets like USDT a means for inclusion and empowerment in payments.