Crypto News – According to cryptocurrency investment company CoinShares, a stablecoin based on Bitcoin might launch in 2024 and compete with other stablecoins in the market in terms of speed and price.
Bitcoin-Based Stablecoins Will Be a Strong Competitor to Modern Stablecoins in 2024
We anticipate 2024 as a pivotal year for Bitcoin in the stablecoin arena. Altogether, our prediction is that a Bitcoin project focused on competing in the modern stablecoin sector will be made easily accessible to users this year.CoinShares’ latest report
Christopher Bendiksen, head of Bitcoin research at CoinShares, and analyst Matthew Kimmel made the forecast.
We predict viable, at least in theory, development projects finally emerging as accessible tools.Bendiksen & Kimmel
The two stated that while retaining the core stability of the Bitcoin infrastructure, a well-executed Bitcoin stablecoin project may potentially outperform alternatives in terms of speed and cost.
Bitcoin’s Resistance to Censorship Could Increase
Bendiksen and Kimmel believe that in 2024, a stablecoin project based on Bitcoin will become freely available to users, despite the fact that such projects have been developed previously.
We suspect that businesses and Bitcoin plugins will then steadily integrate stablecoin spending, paving the way for continued usage growth.Bendiksen & Kimmel
They contended that this might enhance Bitcoin’s monetary qualities and censorship resistance far more. However, there are still technological obstacles, and historical data indicates that stablecoin users want speedier and less expensive networks.
Not only is Bitcoin architecturally designed without the flexibility to natively support external assets like dollar-pegged tokens, but history has shown that stablecoin adoption tends to flock towards the platform offering the cheapest transaction costs and highest speed.Bendiksen & Kimmel