“Bitcoin is the Godzilla of the financial world”, the revival of Solana and the spread of DePIN/AI = Messari’s 2024 report

“Virtual currency is back”

Messari, a leading crypto asset (virtual currency) analysis company, announced on the 19th the release of founder and CEO Ryan Serkis’ annual report, “The Messari Claim.”

CRYPTO THESES FOR 2024

For the fifth year in a row, I wrote Messari’s annual report to celebrate crypto’s survivors and builders.

Crypto remains inevitable.

Here’s why:https://t.co/NY6lgUDOgL pic.twitter.com/yj2PEdYyVI

— Ryan Selkis (d/acc) (@twobitidiot) December 19, 2023

The 192-page report is divided into 11 sections detailing the top 10 investment and policy trends, people, products, and cryptocurrencies to watch in 2024.

Serkis said that after a year of upheaval and uncertainty, the crypto industry is “certainly back” and is reminiscent of 2013 after the credit crisis. But the big difference between then and now is that cutting-edge technology developments continue to evolve, which is why he is “bullish on this technology and the community” that has survived multiple cycles.

The report predicts that by 2024, the usefulness of cryptocurrencies will be demonstrated at the forefront of technological innovation, and the path forward will become clearer.

Bitcoin and digital gold

Serkis is bullish on the outlook for the cryptocurrency market in 2024. We believe that Bitcoin, stablecoins, and CBDC will be the “main players,” but we are particularly bullish on Bitcoin.

The reasons for this are that everything is moving in the direction of digitalization, governments are in huge debt and “money printing” continues, and Bitcoin has an issuance limit of 21 million. He also cited the impending Bitcoin halving.

He argued that Bitcoin has a “propensity to lead a recovery” and that it is useful to “bet on the king” in the early stages of a bull market. While he doesn’t think Bitcoin will “go another 100x” in the future, he said it “could easily outperform” other asset classes again in 2024.

If it eventually reaches parity with gold, the price per BTC is expected to exceed $600,000 (approximately 85.8 million yen). At the same time, gold prices are expected to rise due to “macro tailwinds,” so this price is not necessarily the ceiling.

Stablecoins and CBDC

Serkis said stablecoins, which have become an “explosive growth area” in cryptocurrencies, are “the first true killer app.” Algorithm-based stablecoins are currently on the decline, but they are still paying attention to their potential.

On the other hand, he commented that he is thinking about retail CBDC targeting individuals in the same way as meme coins such as DOGE and PEPE. He said that CBDCs cannot be easily transferred across borders, and it is questionable how much demand there is compared to stablecoins, which are highly fungible and are already popular.

Solana’s breakthrough and DePIN

The report mentioned Solana as “this year’s returning player.” The company said it has seen significant progress, with a flurry of new product releases, a surge in on-chain liquidity, and expanded availability of developer tools.

The following are some of Solana’s initiatives that will attract attention in 2024.

• Enhance performance with Firedancer
• Light client development through Tinydancer
• Deployment of “token-22” standard to extend functionality of Solana tokens

Also attracting attention is the enhancement of payment flows in the payments field, the improvement of the DeFi user experience, and the emergence of new consumer apps (such as Drip and Dialect) using cheap NFT mints. He pointed out that “SVM (Solana Virtual Machine) has emerged as the industry’s second-largest OS,” with 907 projects born from recent hackathons alone.

connection:Why is Solana’s “Fire Dancer” expected to be a game changer?

Additionally, the focus is on the migration of numerous decentralized physical infrastructure (DePIN) projects to Solana, including Helium, Hivemapper, Render, and Teleport.

Hivemapper is a community-owned decentralized mapping protocol that competes with Google Street View and is said to have the potential to have an advantage over Google in terms of speed and cost of capital.

Serkis said he is interested in DePIN because it is “less speculative and focused on solutions that are important to our industry, far beyond finance.”

AI and virtual currency

“In the age of digitalization and generative artificial intelligence (AI), technologies that provide trusted, global, mathematically guaranteed provenance and digital scarcity will be critical,” the report said. are doing.

Advances in AI will also raise concerns about issues such as deepfakes, and the demand for encryption solutions to address these issues is expected to increase.

“AI is great for cryptocurrencies and we welcome machine masters,” Serkis said, adding, “Bitcoin is the perfect money for machines.”

connection: US Coinbase digs into next year’s outlook for the virtual currency market

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— CoinPost (virtual currency media) (@coin_post) November 15, 2023

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