CoinShares: Bitcoin-based stablecoin to emerge in 2024
CoinShares: Bitcoin-based stablecoin to emerge in 2024
CoinShares, the largest investment group in Europe, said that a Bitcoin-based stablecoin will be launched in 2024 that will be able to compete with other stablecoins on parameters such as speed and cost.
"We expect 2024 to be a pivotal year for Bitcoin in the stablecoin arena," said Christopher Bendiksen and Matthew Kimmel, analysts at CoinShares, in a forecast report published on January 22.
The analysts are confident that viable, at least theoretical, development projects will finally emerge as affordable tools.
Although Bitcoin-based stablecoins have been introduced before, the new project is expected to solve all the technical problems of its predecessors, making it more competitive and user-friendly.
In addition, the new project will have the stability inherent in the Bitcoin infrastructure due to factors such as its long history, minimal technical debt, and strong guarantees.
"Bitcoin's blockchain has the longest history, greatest stability, least technical debt, and strongest guarantees," Bendiksen and Kimmel said, arguing for Bitcoin as a platform for stablecoins.
According to CoinShares analysts, early Bitcoin-based stablecoin projects were not widely adopted due to the difficulty of access, but the new project will be easily accessible, which will significantly increase its popularity among users.
Still, Bendiksen and Kimmel acknowledged that despite Bitcoin's strengths, many technical issues have yet to be resolved, according to Financial News. Since stablecoin users prefer faster and cheaper networks, the new Bitcoin-based project will have to offer a solution to these problems.
In conclusion, if this project is successfully launched, it will not only strengthen the monetary properties of Bitcoin but will also be able to resist censorship, which will have a positive impact on users and the entire crypto industry.
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