The co-founder of Animoca Brands, a Hong Kong-based game software company and venture capital firm, predicts that the value of the global cryptocurrency ecosystem will experience exponential growth in the coming years. According to Yat Siu, the cryptocurrency market, currently valued at $2.7 trillion, is likely to double or triple in the near future. Siu expresses confidence in the industry’s ability to continue reaching new milestones, stating that he expects the space to accelerate 100 to 200 times within a five or ten-year period, potentially reaching $200 trillion or even more within a decade.
Siu attributes this projected growth to the billions of people who will become digital property owners in the Web3 ecosystem. He believes that this phenomenon is only possible in the digital world and not in the physical world. Siu also points out that Asia has emerged as the fastest-growing Web3 market, surpassing jurisdictions like the United States. He explains that Asia’s solid adoption levels in regions such as Southeast Asia, Hong Kong, and Japan have propelled it to the forefront of the Web3 industry. Siu attributes the United States’ lagging behind to regulatory uncertainty.
Siu’s optimistic outlook on the potential growth of the Web3 market aligns with his bullish stance on Bitcoin. He believes that Bitcoin, currently valued at $1.3 trillion, will eventually reach $1 million. Despite the current price of Bitcoin being significantly lower than his forecast, Siu remains optimistic about its long-term prospects.
In other news, developers have reportedly quit after Torque Drift 2 introduced cryptocurrency, and there is a major issue with MetaFighter, according to the Web3 Gamer magazine.