Yat Siu, the founder of $5.2 Billion Web3 firm Animoca Brands, has made a bold prediction, asserting that the price of Bitcoin could reach $100,000 before year-end and $1 million in the near future.
Siu made this statement during Wednesday’s panel discussion at the WebSummit Rio conference. He emphasized that Bitcoin’s future value depends not solely on its function as a store of value but also as a crucial status symbol in the digital economy.
“I do believe that Bitcoin can reach a million dollars plus over time,” said Siu, adding, “I would say a more important place for us all to focus is on real-world utility for the assets, and that’s what’s going to drive long-term value and stability.”
Siu further shared his projections for the post-halving trajectory, expressing cautious optimism about its short-term prospects. “While I’m not definitively certain about Bitcoin’s price by year’s end, I do entertain the possibility of it breaching the $100,000 mark,” he added.
Siu also discussed the importance of financial blockchain services and Web3 games in providing access to banking services and education for millions of people who lack it. He noted that millions in places like the Philippines or some Latin American countries lack access to banking services and education. However, with the availability of crypto wallets, he noted that these people can be included in the innovative financial system and gain some degree of literacy through learning through games.
Monica Long, the President of Ripple, who also participated in the panel discussion, emphasized the importance of the “real utility of assets” in contributing to the long-term value and liquidity of cryptocurrencies. Long also predicted an influx of institutions into the crypto sector, stating, “I think that’s going to be really different about this year is the institutional Embrace and takeoff.”
That said, Siu’s prediction of Bitcoin resonates with other industry experts. In January, Cathie Wood, CEO of Ark Invest, projected a potential surge to $1.5 million by 2030 before suggesting last month that it could reach as high as $3.8 million if institutional investors allocate a little more than 5% of their portfolios to Bitcoin.
Similarly, in a Tuesday interview on the Unchained YouTube channel, BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, stating, “My all-time high prediction is $999,999 -basically $1 less than $1 million Bitcoin- in this next cycle.”
