The co-founder of Animoca Brands, a game software company and venture capital firm based in Hong Kong, predicts that the value of the global cryptocurrency ecosystem will experience exponential growth in the coming years. According to Yat Siu, the market, currently valued at around $2.7 trillion, is likely to double or triple in the near future. Siu expresses confidence that the industry will continue to achieve new milestones, stating that over a five or 10-year period, he expects the space to grow 100 to 200 times, reaching $200 trillion or even higher within a decade.
Siu believes that this projected growth will be fueled by the increasing number of people becoming digital property owners in the Web3 ecosystem. He envisions a future where there will be a billion property owners because there will be a billion token holders, something that is not possible in the physical world.
In addition, Siu asserts that Asia has emerged as the fastest-growing Web3 market, surpassing jurisdictions like the United States. He attributes this to solid adoption levels in Southeast Asia, Hong Kong, and Japan. Siu explains that the uncertainty surrounding regulations has caused the United States to fall behind in the Web3 space, despite traditionally leading in technology areas. He believes that Asia will continue to lead in this field.
Siu’s optimistic outlook on the potential growth of the Web3 market aligns with his bullish stance on Bitcoin. He predicts that Bitcoin, currently valued at $1.3 trillion, will eventually reach $1 million. Despite the current trading price of $67,750, which is significantly lower than his forecast, Siu remains confident in Bitcoin’s long-term potential.
In other news, there have been reports of developers quitting after Torque Drift 2 introduced cryptocurrency and a major issue with MetaFighter in the Web3 gaming industry.