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Edited by Kahn332 at 22-12-2023 05:05 AM
Animoca Brands Co-Founder and Executive Chairman Yat Siu has stated that the speculation surrounding the potential launch of a spot Bitcoin Exchange-Traded Fund (ETF) has not only driven up the price of Bitcoin but has also rekindled enthusiasm in the crypto gaming industry. In comments made to Cointraphic during the Hong Kong Fintech Week, Siu emphasized that the recent surge in cryptocurrency prices has boosted confidence in the Web3 gaming market, sometimes referred to as GameFi.
He added that the price increase has led to a significant uptick in on-chain activities related to blockchain gaming. Siu underscored the importance of token value as a means to instill confidence in the utility of blockchain games, noting that it is not just about raising funds but about feeling secure in ownership.
Siu explained that investor confidence is multifaceted and cannot be simplified into a single metric. Instead, it should encompass various factors, much like evaluating the economy of a country through different indicators.
Moreover, Siu pointed out that the entire cryptocurrency ecosystem still relies on the growth of Bitcoin. He believes Bitcoin serves as the reserve currency for Web3, comparing its role to gold in a traditional gold standard economy. Thus, the use, storage, and ownership of Bitcoin underpin much of the value in the cryptocurrency market, according to Siu.
The co-founder of Animoca Brands stated that the approval of a spot Bitcoin ETF would bring legitimacy to the cryptocurrency industry and attract traditional financial institutions, thereby benefiting the crypto sector. However, Siu acknowledged that he envisions a future where the cryptocurrency industry will eventually move away from dependence on Bitcoin, similar to how the real-world economy moved away from the gold standard and current fiat currency standards.
Reportedly, Siu mentioned that this shift is ""just a matter of market maturity. |
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Post time 12-11-2023 20:15:14