Published in December 2024, Messari’s Crypto Theses 2024 spans an impressive 193 pages—a 23% increase from the 2023 edition—solidifying its status as one of the most comprehensive and insightful annual overviews of the cryptocurrency landscape. Authored by Ryan Selkis, co-founder and CEO of the leading web3 data and research platform Messari, this report blends deep analysis with bold predictions, offering a must-read roadmap for investors, builders, and crypto enthusiasts alike.
At its core, the thesis asserts a powerful belief: crypto remains inevitable. Despite regulatory headwinds, market cycles, and global uncertainty, decentralized technologies continue to gain momentum. This article distills the first five pivotal chapters of the report, highlighting key narratives, people, products, monetary trends, and policy developments shaping the future of digital assets.
Chapter 1: AI & Crypto – Money for the Machines
Artificial intelligence and blockchain are converging to redefine how value is created, verified, and transferred. As AI systems generate vast amounts of data—and even autonomous economic activity—crypto provides the infrastructure to manage machine-to-machine transactions securely.
One of the most compelling ideas in this chapter is that crypto enables mathematically guaranteed provenance. In an era where deepfakes and synthetic media threaten trust, blockchain timestamping can verify the origin of digital content. Public blockchains also offer a defense against AI-driven DDoS attacks by imposing transaction fees—making spam economically unviable.
Perhaps most transformative is the role of crypto in handling trillions of microtransactions per day, a scale that traditional financial rails cannot support. As AI agents begin operating independently—paying for services, licensing data, or renting compute power—decentralized ledgers will serve as the backbone of this new machine economy.
👉 Discover how blockchain is powering the next generation of AI-driven economies.
This synergy has fueled growing interest in DePIN (Decentralized Physical Infrastructure Networks), a term popularized by Messari. DePIN projects leverage token incentives to build real-world infrastructure like wireless networks, cloud storage, and sensor arrays—bridging the digital and physical worlds.
Chapter 2: Cathie Wood – A Visionary to Watch
Few figures have had as consistent an impact on crypto adoption as Cathie Wood, founder and CEO of ARK Invest. Since launching her firm in 2014, Wood has positioned ARK at the forefront of innovation investing, making it the first institutional fund to gain exposure to Bitcoin through the Grayscale Bitcoin Trust.
Her unwavering bullishness on digital assets, combined with transparent research practices, has made ARK a trusted voice in both traditional finance and crypto circles. The firm open-sources all its research and maintains a robust YouTube channel with over half a million subscribers—democratizing access to high-level financial analysis.
Now, ARK is at the center of one of 2024’s most anticipated developments: the potential approval of a spot Bitcoin ETF by the SEC. With a January deadline looming, regulators must either approve or reject ARK’s application—an outcome that could set a precedent for other asset managers.
Wood’s influence extends beyond investment products. Her Twitter Spaces sessions attract thousands, offering real-time insights into macro trends and emerging technologies. For many, including the original author of this piece, she represents a bridge between legacy finance and the decentralized future.
Chapter 3: USDT on Tron – Crypto’s First Global App
For years, stablecoins have been described as crypto’s killer use case. But if we’re identifying crypto’s first truly globally important app, Ryan Selkis makes a strong case for USDT (Tether) on Tron.
Tether has long served as the dominant settlement currency across non-U.S. exchanges. But its utility has expanded far beyond trading. According to Tether CEO Paolo Ardoino, 40% of USDT demand now stems from store-of-value and payment use cases, particularly in developing economies where financial infrastructure is limited or unstable.
Tron’s role in this ecosystem cannot be overstated. Often compared to AOL for its ease of access in Asia, Tron offers fast, low-cost transactions optimized for local users. While Ethereum leads in total value locked across stablecoins, Tron ranks a strong second—and outpaces Solana by 26x in stablecoin volume on-chain.
The majority of Tron’s activity comes from gaming and gambling applications popular across Asia. Users favor it over Ethereum due to significantly lower fees and faster finality. Data from Nansen shows Tron processing orders of magnitude more transactions than competitors at a fraction of the cost.
👉 See how stablecoins are transforming cross-border payments worldwide.
This combination of accessibility, scalability, and real-world utility makes USDT on Tron not just a technical success—but a social one.
Chapter 4: CBDCs & Memecoins – The Future of Digital Money
The landscape of digital money is evolving rapidly, with two seemingly opposite forces gaining traction: central bank digital currencies (CBDCs) and memecoins.
Ryan Selkis expresses skepticism about retail CBDCs becoming relevant before 2030. However, pilot programs are already widespread. According to the Atlantic Council’s CBDC tracker, 90% of countries are exploring or developing digital currencies, with 11 having already launched and over 20 planning pilots in 2024.
China’s e-CNY stands out as the most advanced example, having processed over $250 billion in transactions across 120 million wallets since 2020. Meanwhile, institutions like the Bank for International Settlements and central banks in Korea and Russia are advancing their own initiatives.
Even traditionally crypto-native companies are entering the space. Ripple launched a CBDC platform built on a fork of the XRP Ledger, enabling governments to mint, manage, and transact digital currencies efficiently.
On the flip side, memecoins continue to capture cultural attention—driven by community sentiment rather than utility. While speculative, they underscore a growing public appetite for alternative forms of money.
The coexistence of top-down CBDCs and bottom-up cryptocurrencies reflects a broader shift: money is becoming programmable, digital, and global—whether issued by states or communities.
Chapter 5: Regulatory Hostility – Navigating the Swamp
U.S. regulators have taken an increasingly adversarial stance toward crypto. As Selkis notes, there appears to be a coordinated effort—what some call “Operation Chokepoint 2.0”—to restrict banking access for major crypto platforms.
The collapses of Silvergate, Signature Bank, and Silicon Valley Bank were not isolated events. Evidence suggests regulators systematically de-risked relationships with crypto firms months before public failures emerged. This regulatory pressure intensified after the banking crisis of early 2023.
“Awful nice bank you’ve got here, be a shame if something happened to it.”
— Paraphrased from FDIC Chair Marty Gruenberg (as cited by Selkis)
While advocacy groups like CoinCenter continue lobbying for clearer rules, many believe progress will come not from politics—but from product-market fit. The best path forward may be building user-centric applications so valuable that adoption forces regulatory acceptance.
The collapse of SVB served as a wake-up call:
Not your keys, not your crypto.
Bitcoin’s 50% surge in the month following the collapse wasn’t coincidental—it reflected renewed faith in self-custody and decentralized alternatives.
👉 Learn how decentralized finance empowers financial sovereignty.
Frequently Asked Questions
Q: What is Messari’s main argument in Crypto Theses 2024?
A: The central thesis is that crypto is inevitable—despite regulatory challenges and market volatility, decentralized technologies are here to stay and will continue reshaping finance and society.
Q: Why is USDT on Tron considered a breakthrough?
A: Because it serves as a globally adopted, low-cost payment rail used extensively in Asia for gaming and remittances—making it one of crypto’s first real-world mass-usage applications.
Q: Is Cathie Wood likely to get a Bitcoin ETF approved?
A: Her application is among the most closely watched by the SEC. While approval isn’t guaranteed, her track record and transparency give her strong credibility.
Q: Are CBDCs a threat to decentralized cryptocurrencies?
A: They represent a different model—state-issued digital money—but their rise highlights growing acceptance of digital currencies overall, potentially accelerating infrastructure development.
Q: How can developers succeed amid hostile U.S. regulations?
A: By focusing on building useful products that improve people’s lives. Widespread adoption often precedes favorable regulation.
Q: What does “Operation Chokepoint 2.0” refer to?
A: It describes alleged coordinated efforts by U.S. regulators to cut off banking services for crypto companies, contributing to the collapse of several major banks in 2023.
Stay tuned for Part 2, where we’ll explore additional highlights from Crypto Theses 2024, including emerging narratives around DeFi innovation, institutional adoption, and long-term protocol sustainability.