Speaking at WebSummit Rio, Animoca Brands founder Yat Siu predicted that Bitcoin would eventually exceed one million dollars, highlighting its potential as a status symbol in the digital economy.

Bitcoin Could Hit $1 Million as a Digital Status Symbol, Animoca Founder Claims at WebSummit Rio

In a recent report by Cointelegraph, Yat Siu, the creator of Animoca Brands, spoke at the "Bitcoin's Revenge: Is Web3 Making a Comeback?" session at WebSummit Rio on April 16.

At the panel, Siu stated that he did not doubt that Bitcoin would hit $1 million:

"I do believe that Bitcoin could reach over a million dollars-plus over time. But, I believe, not because it is a store value, but because it will be one of the most important status symbols of the digital economy in the future.”

Cointelegraph Ambassador Kristina Lucrezia Cornèr moderated the panel, which included Ripple president Monica Long and Siu. Long underlined that the growth of the crypto sector is more important than Bitcoin's price:

"I would say the more important place for all of us to focus on is real utility for the assets, and that’s what's going to drive long-term value and stability and liquidity for all of the assets in crypto."

Long commended Brazil, saying it is one of the places with a true concentration on crypto development:

"Brazil [...] is a place where we're seeing breaking ground for that type of development. You have a government that creates 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.”

Cornèr emphasized the relevance of Web3 in empowering people, particularly those who do not have many options in society. She said:

"Web3 is about giving power to the people, to those who didn't have access to certain things."

As the panel moved on to Web3, Long stated that, unlike previous market cycles, Web3 firms will be more mature this year and that this maturity is evident in their present institutional adoption. She said:

"If you think about it, some of the biggest brands in financial services, like Goldman, BlackRock and Fidelity, they actually build their products and offerings in bear markets, meaning they see the bigger picture. So I think that's what's going to be very different this year, the institutional embrace.”

Web3 and spot Bitcoin ETF

Yat Siu believes financial inclusion and its implications, particularly for blockchain and Web3 games, are more significant than institutional acceptance. He said:

“We look in places like the Philippines, or even in some places in Latin America, millions of people in the world who don’t have a bank, don’t have a university education, in some cases don’t even have a high-school education. But now though having a crypto wallet, they are included in the new financial system, are becoming somewhat financially literate, taught through gaming, which is another form of play.”

Regarding spot Bitcoin exchange-traded funds (ETFs), Long stated that Ripple is collaborating with banks and payment businesses worldwide to leverage blockchain as a layer or new infrastructure to improve global money efficiency. She noted increased interest in the crypto market from banks and has been pondering how to secure regulated exposure to the market:

"As here in Brazil, there is certainly a much stronger liftoff, like Hong Kong, and that's another key market. I think one of the interesting things is that we are not done yet with the ETFs, broadly speaking, meaning Bitcoin ETF is going to emerge in other markets. [...] Now in Hong Kong, then there's Singapore, there's Tokyo, there's London, there's Europe.”

Photo: Microsoft Bing