Cryptocurrency Market Could Surge 200-Fold in a Decade, Predicts Animoca Brands Co-Founder
Summary:
Yat Siu, co-founder of Animoca Brands, predicts that the global cryptocurrency ecosystem could potentially expand up to 200 times within a decade. He envisions the market value reaching $200 trillion, driven by billions becoming digital property owners in the Web3 ecosystem. Siu identifies Asia as the fastest-growing Web3 market while noting the West, particularly the US, lagging behind due to regulatory uncertainty.
Animoca Brands' co-founder asserts that the worldwide cryptocurrency ecosystem could potentially expand up to 200-fold within a decade. At present, the market for cryptocurrencies is estimated to be worth approximately $2.7 trillion, a figure that Yat Siu on the Valr Podcast believes will soon increase twofold or threefold. In the following 12 to 18 months, Siu confidently anticipates an upsurge in the sector as it reaches new highs.
Siu envisions an impressive expansion of 100 to 200 times in the next five or ten years, potentially raising the market value to $200 trillion. The projected growth, as per Siu, can be attributed to the billions of individuals worldwide likely to become digital asset owners within the Web3 ecosystem. He believes that it's fully possible for us to witness a billion token holders, something he argues is unattainable in the physical world.
In his podcast conversation with Valr host Farzam Ehsani, Siu also highlights Asia's position as the most rapidly expanding Web3 market, with other jurisdictions, including the United States, trailing behind. The executive attributes this to strong acceptance rates in Southeast Asia, Hong Kong, and Japan.
The co-founder notes that while the West, particularly the United States, usually takes the lead in tech developments, they appear to be falling behind in Web3. He cites regulatory uncertainty as one reason for this, leading him to believe that Asia will maintain its leading position.
Siu's optimistic outlook for the Web3 market growth complements his bullish stance on Bitcoin (BTC), the largest cryptocurrency with a current market value of $1.3 trillion. In a previous forecast in April, Siu confidently predicted Bitcoin's value would one day reach $1 million. Currently, Bitcoin is being traded at $67,750, a figure far from his projected valuation.
Published At
5/29/2024 3:52:17 PM
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