Barry Silbert, a main character for Bitcoin miners, discusses the good year for Bitcoin miners and the potential approval of an ETH ETF. The hosts also share their 2024 predictions for stablecoins, Bitcoin, Ethereum, DeFi, NFTs, and adoption. They discuss the debate between Solana and Ethereum, the BSA's constitutionality, and the possibility of the 3AC boys being apprehended in 2024.
Stablecoin supplies are predicted to reach $200 billion by the end of 2024, accounting for 80% of on-chain transaction value.
Bitcoin is expected to be net deflationary throughout 2024, with an ETF approval attracting $20 billion in flows in the first year.
Deep dives
Stablecoins
Stablecoin supplies are predicted to reach $200 billion by the end of 2024. Stables are estimated to account for 80% of on-chain transaction value. USDT volume dominates in Europe and Africa, while North America shows a preference for USDC. Additionally, tokenized US treasuries are expected to reach $1.5 billion.
Bitcoin
Bitcoin is expected to be net deflationary throughout 2024. An ETF approval is expected to attract $20 billion in flows in the first year. On the flip side, Bitcoin is predicted to be flat on the week of the ETF approval. Two nation states are expected to announce mining Bitcoin at a sovereign level.
ETH and DeFi
ETH is predicted to have a net positive spot ETF approval and reach a ratio of 0.75 or higher against BTC. DeFi lending on Colat is expected to hit $1 billion in TVL. Major non-crypto native brands are expected to issue or sell at least $100 million worth of fidgetal goods. And at least one smartphone manufacturer will add blockchain time stamping to images produced on their phones.
NFTs and Adoption Bits
Top three NFT chains for trading volume in 2024 are predicted to be ETH, Bitcoin, and Solana. Non-crypto native brands will sell at least $100 million worth of digital goods. Prediction markets are anticipated to reach $100 million in TVL. AI will face similar energy consumption criticism as Bitcoin. Helium is expected to showcase real-world crypto utility.
In Coin Metrics State of the Network Issue 239, we reflect on a year full of riveting data and crucial events through the lens of the research team’s favorite issues from 2023
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode