Animoca Brands founder Yat Siu told WebSummit Rio on April 16, 2024 that he has “no doubt” that Bitcoin (BTC) will reach $1 million in time.
Bitcoin as a symbol of the digital economy
Siu explained that Bitcoin would not be a storage value, but rather an important symbol of the digital economy. He added that Bitcoin could reach sums higher than $1 million due to its symbolic importance in the digital economy.
The importance of crypto development
Ripple’s president, Monica Long, has pointed out that the development of the crypto market is more important than the price of Bitcoin. Long also praised Brazil for its focus on crypto development and highlighted the presence of clear governments on virtual assets, a group of focused developers and traditional financial institutions like Itaú that support crypto.
The importance of Web3 for power in people’s hands
The moderator of the panel, Kristina Lucrezia Cornèr, highlighted the importance of Web3 to empower people, especially those who do not have many choices in society. Cornèr also mentioned that big names in the financial sector, such as Goldman Sachs, BlackRock and Fidelity, build their products and offerings in bear markets, so the institutional branch would be different this year.
Financial inclusion as the priority
Siu said that financial inclusion and its effects, especially on blockchain games and Web3, are more important than institutional adoption. Siu also pointed out that Brazil, as a country, is a place where we see a concentration on the development of crypto, with a government that creates clear rules on virtual assets, a community of concentrated developers and traditional banks like Itaú that benefit from crypto.
Conclusion
The founder of Animoca Brands, Yat Siu, stated during the WebSummit Rio on April 16, 2024 that the price of Bitcoin will reach one million dollars. Siu emphasized that Bitcoin should not only be seen as a store of value, but rather as a crucial symbol of the digital economy. Kristina Lucrezia Cornèr, moderator of the panel, highlighted the central role of Web3 in empowering individuals, especially those with few options in society.
