‘Bitcoin will reach $1M, no doubt’ — Animoca founder at WebSummit Rio

At WebSummit Rio on April 16, Animoca Brands’ founder Yat Siu participated in a discussion called “The Return of Bitcoin’s Vengeance: Is Web3 Regaining Popularity?”

At the panel, Siu said he has no doubt that Bitcoin (BTC) will reach $1 million:

“I believe that Bitcoin could reach over a million dollars at some point. But, I believe, not because it is a store value, but because it will become one of the most important status symbols of the digital economy in the future.”

At the panel moderated by CryptoMoon Ambassador Kristina Lucrezia Cornèr, Ripple’s President Monica Long and Siu were present. Monica stressed that the advancement of the cryptocurrency market takes precedence over the value of Bitcoin.

“I would say the most important place for all of us to really focus on is real utility for things. And that’s what’s going to drive long-term value and stability and liquidity for all cryptocurrencies.”

Brazil has long received high accolades, with the speaker acknowledging it as a significant hub for cryptocurrency advancements.

“Brazil has good governance at the Central Bank, creating clear rules around virtual assets, [and] a community of focused developers, and you have traditional finance banks like Itaú that are a blessing to crypto. So that is the mix of a real focus on crypto.”

Corner emphasized the significance of Web3 in empowering individuals, particularly those with limited options in society. She expressed:

“Web3 is about giving power to the people, to those who didn’t have access to certain things.”

During the discussion about Web3, Long pointed out that this stage of development is unique compared to past market cycles. What sets it apart is the increased maturity of Web3 companies in 2023. Furthermore, she emphasized that this maturity is evident in the growing institutional adoption of Web3 technology.

“If you think about it, some of the biggest companies and financial services, like Goldman, BlackRock and Fidelity, they actually create their products and offerings in public markets. So I think that’s what’s going to be very different this year, the openness and institutional takeover.”

Web3 and spot Bitcoin ETF

Siu expressed that the significance of financial inclusion and its resulting impact, notably on blockchain and Web3 games, surpasses the importance of institutional acceptance in his viewpoint.

“If you look in places like the Philippines, or even in some places in Latin America, millions of people in the world don’t have a bank, don’t have a university education, in some cases don’t even have a basic education. And Web3 is creating an economic system. They are literally becoming financiers, taught through gaming, which is another way of playing, and basically, we are taking all these opportunities.”

Concerning Bitcoin ETFs that allow buying and selling spot Bitcoins, Ripple’s Long mentioned that they are collaborating with banks and payment firms globally to leverage blockchain as a foundation or additional infrastructure for streamlining international transactions. She has observed heightened curiosity from financial institutions towards the crypto market and pondered ways to provide regulated access to this market.

“As here in Brazil, there is certainly a stronger market, like Hong Kong, which is another important market. I think one of the interesting things is that we are not yet at the peak of Bitcoin ETFs, which means that the spot Bitcoin ETF will appear in other markets. Now in Hong Kong, then Singapore, Tokyo, London, Europe and many financial institutions.”

‘Bitcoin will reach $1M, no doubt’ — Animoca founder at WebSummit Rio

Derek Andersen contributed to the English translation of this article.

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2024-04-17 00:50