Cryptocurrency expert predicts bitcoin’s growth to $ 1 million

During the WebSummer Rio conference in Brazil, Animoca Brands founder Yat Siu said that bitcoin BTC $98,452.69 Bitcoin -0.44% Market capitalization $1.95 trillion VOL. 24 hours $3.57 billion will be worth more than $ 1 million in the near future.

Siu made the statement during an event titled Bitcoin’s Revenge: Is Web3 Coming Back. At the same time, he said that the acceptance of bitcoin by institutional investors is not as important as the development of blockchain-based financial services and games in Web3.

«I believe that bitcoin can reach $ 1 million or more. But this will not be because bitcoin has become a means of accumulating wealth, but because it will be one of the most status symbols of the digital economy of the future. Look at the Philippines, some Latin American countries — millions of people do not have access to banks, university or even school education. But now they have cryptocurrency wallets and are therefore included in the financial system, becoming educated in it, learning through games,» said Yat Siu.

Ripple President Monica Long supported the founder of Animoca Brands and emphasized that the most important thing for the entire industry is to focus on the real use and benefits of cryptocurrencies. According to her, «this is what will create long-term value and liquidity for all assets in the crypto sphere.»

Earlier, Anthony Scaramucci, CEO of Skybridge Capital, said that in the next bull cycle, bitcoin will reach $ 400,000. He also believes that bitcoin could benefit from the Federal Reserve’s plans to ease monetary policy: «I think more liquidity in the markets is better for bitcoin. People who study bitcoin and work with it recognize it as a digital asset store. They see it as a digital form of gold. And if there is an easing in the interest rate cycle, it means that there will be more liquidity. And I think that will be better for bitcoin. It will find its way into more modeling portfolios.»