Analysts at CoinShares, a cryptocurrency investment firm, predict that 2024 will be a significant year for Bitcoin in the stablecoin market.

They believe a successful Bitcoin-based stablecoin could even compete with the speed and cost of contemporary stablecoins.

"We anticipate 2024 as a pivotal year for Bitcoin in the stablecoin arena," stated the CoinShares analysts in an outlook report published on January 22nd.

The prediction was made by CoinShares' head of Bitcoin research, Christopher Bendiksen, and analyst Matthew Kimmel.