2024: The Year Bitcoin Strikes Back!

• Andreessen Horowitz's Absence of Bitcoin in Crypto Predictions for 2024
• Crypto Predictions Package: Crypto 2024
• The Expected Bitcoin Exchange-Traded Fund (ETF) Approval
• The Need for Bitcoin Evolution
• Layer 2 Solutions and Their Importance
• The Launch of ETFs and Its Impact
• The Role of Bitcoin in the Future Crypto Landscape

Andreessen Horowitz's Absence of Bitcoin in Crypto Predictions for 2024

The future of cryptocurrency trends, according to Andreessen Horowitz's (a16z), shows no mention of Bitcoin$42,260 -0.64%. The focus appears to be on the ascending ecosystems of Ethereum$2,315 -2.42% and Solana$104 5.03%, leaving Bitcoin, which many consider antiquated and mundane, out of the limelight.

Crypto Predictions Package: Crypto 2024

The CEO of Thesis, Matt Luongo, has worked on a diverse range of projects related to fintech, DeFi, infrastructure, and zero-knowledge cryptography, such as Fold, tBTC, and Embody. A notable prediction for 2024 is that Bitcoin will re-establish itself in a significant way. The anticipated revenge of Bitcoin may bring about positive or negative effects.

The expected mainstream breakthrough of Bitcoin in 2024 could either engender a step closer toward actualizing the decentralization dream and self-custody of assets, or it could lead to Bitcoin being appropriated as another commodity by major corporations such as Vanguard and Amazon.

The Expected Bitcoin Exchange-Traded Fund (ETF) Approval

The anticipated approval of the first spot Bitcoin ETF in the United States is predicted to trigger substantial investment in this ancient cryptocurrency. However, this development may bring about a significant problem. New investors may think that they have invested in BTC, but they may not interact with anything that actually lives on-chain. This could lead to the emergence of paper Bitcoin - a representation of Bitcoin, not the actual cryptocurrency.

The Need for Bitcoin Evolution

To thrive on its terms, Bitcoin must develop as a technology, not merely as a store of value. Apps allowing users to buy, sell, trade, borrow, and lend, using synthetic assets that never touch the blockchain, could overshadow the true self-custody concept that underlies Bitcoin.

Although Bitcoin has always been the largest digital asset in terms of market cap, it hasn't been the epicenter of innovation, particularly in terms of use cases. This is a domain where Ethereum has reigned supreme, with other chains like Solana joining the lead. Therefore, if Bitcoin is to succeed, it must shatter the myth of it being a finished product and instead continue to evolve.

Layer 2 Solutions and Their Importance

The stage for Bitcoin's evolution has been set by the rapid development and widespread adoption of layer 2 solutions like the Lightning Network. However, these solutions, though indicative of what's possible, also underscore the work that still needs to be done, especially in terms of onboarding the next billion users.

The Launch of ETFs and Its Impact

The launch of ETFs is expected to dramatically increase Bitcoin adoption. However, the underlying blockchain must become an arena of activity-a decentralized financial ecosystem where people can trade and build. The ultimate goal is to have Bitcoin as a network where like-minded individuals can gather, conduct business, and create.

The Role of Bitcoin in the Future Crypto Landscape

Bitcoin is situated in a position of great opportunity and risk, with the approval of ETFs presenting an extraordinary onboarding opportunity. However, the challenge lies in building the infrastructure that can manage all this new activity and push the future of decentralized, sound money forward.

VCs and influencers akin to Marc Andreessen may be caught off guard by these developments. Yet, Bitcoin continues to defy naysayers, emphasizing that as a project, idea, and community, it is far from done.

Edited by Jonathan Stoker