Messari, a prominent player in cryptocurrency research, has unleashed a striking metaphor in its latest report, boldly proclaiming that Bitcoin (BTC) is “the Godzilla of Finance.” This vivid analogy underscores the profound and disruptive nature of Bitcoin in reshaping traditional notions of money and investment.
Just like the iconic monster Godzilla, Bitcoin has risen to towering heights, disrupting traditional financial norms. The decentralized nature of Bitcoin, operating outside the control of traditional financial institutions, contributes to its Godzilla-like analogy.
Messari’s View on Bitcoin (BTC)
Notably, BTC’s resilience, akin to Godzilla’s ability to weather storms, is a key theme in the report.
Despite facing regulatory challenges and skeptics, Bitcoin has consistently demonstrated its ability to bounce back and thrive. Despite the crypto winter, Bitcoin soared as high as 170% Year-on-Year (YoY) and is currently trading at $45,129.
The decentralized blockchain technology that underpins Bitcoin ensures its independence from centralized control, adding to its robustness.
However, Messari’s report does not shy away from acknowledging the challenges that Bitcoin faces. Regulatory scrutiny, environmental concerns related to mining, and price volatility, are discussed as potential hurdles for the cryptocurrency. This balanced approach adds nuance to the metaphor, recognizing both the strengths and weaknesses of Bitcoin in its bid to disrupt mainstream finance.
As Bitcoin (BTC) continues to evolve, its Godzilla-like presence in finance is likely to endure, leaving an indelible mark on the future of money.
Bitcoin ETF Approval to Open Door for Institutional Investments
The hype surrounding a potential spot Bitcoin Exchange Traded Fund (ETF) comes with a high probability of 90% per earlier reports. Should the US SEC greenlight this product, it is poised to revolutionize how institutional investors engage with cryptocurrency. Meanwhile, this regulatory breakthrough will pave the way for substantial U.S. corporate investment, enhancing market liquidity and altering the dynamics of cryptocurrency trading.
Simultaneously, introducing a spot BTC ETF is expected to compel crypto exchanges to reassess their fee structures and operational models, fostering a more competitive environment, as noted by Nate Geraci of ETF store and Eric Balchunas of Bloomberg.
However, several analysts have predicted that Bitcoin price will hit a new all-time high should this approval be secured. Bitcoin’s Stock-2-Flow (S2F) model creator PlanB took to X on January 1 to share his BTC price prediction for 2024.
He said the price of Bitcoin (BTC) would rise in response to the April 2024 Bitcoin halving, another inevitable network event that will serve as a complement to Bitcoin ETF approval. The halving will happen at block height 840,000 and is expected to happen on April 23 as per the Bitcoin halving countdown.
