Bitcoin to Reach $1M and Web3's Rise Discussed at WebSummit Rio
Summary:
At the WebSummit Rio, Yat Siu of Animoca Brands voiced his belief that Bitcoin will reach $1 million, not as a value store, but as a significant digital economy status symbol. The panel, including Ripple president Monica Long, discussed the importance of real utility in the cryptocurrency market and innovative capabilities of Web3. Long hailed Brazil's focus on crypto development. They also discussed the idea of financial inclusion, particularly through blockchain and Web3 gaming, outweighing institutional adoption and the potential for Bitcoin ETFs across various markets.
The pioneer of Animoca Brands, Yat Siu, took part in a panel discussion at Rio's WebSummit on April 16 titled "Bitcoin’s Revenge: Is Web3 Making a Comeback?” During the session, Siu confidently expressed his belief that Bitcoin (BTC) will escalate to $1 million, not because it serves as a store of value, but because it is poised to become a significant status symbol in the burgeoning digital economy. The panel was corralled by Cointelegraph Ambassador Kristina Lucrezia Cornèr, joined by Monica Long, the president of Ripple. Long stressed that the growth of the cryptocurrency market holds more importance than Bitcoin's pricing, and the primary priority should be creating genuine utility. Long applauded Brazil for its focus on cryptocurrency development, citing the nation's dedicated developers, clear rules on digital assets issued by the Central Bank, and involvement of traditional banks like Itaú as evidence. Cornèr emphasized that Web3 has potential to empower people, especially those with limited options in society. As the conversation shifted towards Web3, Long foresaw a maturity increase in Web3 enterprises this year, and identified a corresponding growth in institutional adoption. Siu deemed financial inclusivity and its impact, particularly on blockchain and Web3 gaming, to hold more importance than institutional adoption. On the topic of Bitcoin exchange-traded funds (ETFs), Long revealed Ripple's collaborations with global banks and payment firms to utilize blockchain as a new, efficient infrastructure for global finances. She noted increased curiosity from the banking sector about ensuring lawful exposure to the crypto market, and anticipated the emergence of Bitcoin ETFs in various markets. Credit goes to Derek Andersen for the English translation of the article originating from WebSummit Rio.
Published At
4/17/2024 12:42:32 AM
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