During the WebSummit Rio conference, Animoca Brands founder Yat Siu expressed confidence that the price of the leading cryptocurrency will reach $1 million.
Participating in a panel discussion titled “Bitcoin’s Revenge: Is Web3 Making a Comeback?”, the entrepreneur stated:
“I believe that bitcoin can eventually reach over a million dollars. But I am certain—not because it is a store of value, but because in the future it will become one of the most important status symbols of the digital economy.”
His fellow panelist, Ripple President Monica Long, emphasized the importance of “real asset utility,” which will drive “long-term value and liquidity.”
Regarding Web3, she highlighted that in the current cycle, industry companies will be “more mature,” largely due to institutional involvement.
“If you think about it, some of the largest financial services brands, such as Goldman, BlackRock, and Fidelity, are actually building their products and offerings in bear markets, which means they see the bigger picture. This year, institutional embrace will be different,” Long believes.
In Siu’s view, the availability of financial blockchain services and Web3 games is more crucial than the entry of major players from TradFi into the industry. He noted that in places like the Philippines or some Latin American countries, “millions of people” lack access to banking services and even education.
“But now they at least have a crypto wallet, they are included in an innovative financial system, and to some extent, they gain literacy by learning through games, which is a form of gaming,” Siu stated.
Regarding spot bitcoin ETFs, Long noted that Ripple is working with banks and payment companies worldwide to use blockchain as infrastructure for “global money.”
“I think one of the remarkable things is that we are not done with ETFs yet. Overall, this means that products are going to enter other markets. […] Now Hong Kong, then Singapore, Tokyo, London, and Europe,” the Ripple representative is confident.
Earlier, Euro Pacific Capital President Peter Schiff expressed doubts about the ability of bitcoin ETFs to raise the price of the underlying asset to $100,000.