Bitcoin will definitely hit $1 million,” says Animoca founder at WebSummit Rio

TL; DR.

• Bitcoin is predicted to symbolize status in the digital economy.

• The real utility is crucial for cryptocurrency’s long-term value.

• Web3 gaming fostering global financial inclusion.

At WebSummit Rio on April 16th, a panel discussion titled “Bitcoin’s Revenge: Is Web3 Making a Comeback?” featured insights from industry leaders Yat Siu, founder of Animoca Brands, and Monica Long. The conversation centered around the potential of Bitcoin and the broader impact of Web3 on financial inclusion and institutional adoption.

Yat Siu and Monica Long on Bitcoin’s Potential and Cryptocurrency Utility

Yat Siu expressed his unwavering belief in Bitcoin’s potential, predicting that the cryptocurrency could reach a staggering value of $1 million. However, his optimism stems not from Bitcoin’s role as a store of value but rather from its potential to become a symbol of status and prestige in the digital economy of the future.

 “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.”

While Siu’s forecast for Bitcoin’s price was bold, Monica Long emphasized the importance of focusing on real-world utility for cryptocurrencies. She stressed that this utility will drive long-term value, stability, and liquidity for all cryptocurrencies.

 “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.”

Long also commended Brazil’s proactive approach to crypto development, citing the country’s clear regulatory framework, active developer community, and the involvement of traditional finance institutions like Itaú as driving forces behind the nation’s crypto progress.

Web3 for Economic Empowerment Through Gaming

Siu highlighted Web3’s transformative potential in promoting financial inclusion, particularly through blockchain-based gaming. He emphasized that Web3 is creating economic opportunities for millions of people worldwide who lack access to traditional financial services and education.

 “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, and in some cases, don’t even have a basic education. Web3 is creating an economic system. They are becoming financiers, taught through gaming, which is another way of playing, and we are taking all these opportunities.

As the panel discussion unfolded, it became evident that while Bitcoin’s potential price surge captured attention, the real focus was on the broader impact of Web3 and its ability to drive financial inclusion, utility, and institutional adoption in the crypto space.

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