The global crypto market is set to grow exponentially over the next decade, potentially increasing its value up to 200 times, according to a co-founder of Hong Kong-based Animoca Brand
Yat Siu of Animoca believes that Asia is the Web3 market with the most rapid growth, while countries like the United States need to catch up.
The cryptocurrency market, which CoinGecko estimates is presently worth approximately $2.7 trillion, is expected to double or even triple soon, as Yat Siu predicted in the May 28 episode of The Valr Podcast.
“Within the next 12 to 18 months, we can envision the space doubling or tripling,” Siu said, adding that he was sure the industry would continue to achieve new heights after that. His statement read:
“I anticipate that the space sector will experience a significant acceleration of 100 to 200 times within the next five to ten years, or even reach $200 trillion.” We can attain such a figure within ten years.
Siu stated that billions of individuals who acquire digital property ownership in the Web3 ecosystem will fuel the anticipated expansion.
“Millions of token holders constitute an entirely conceivable number of property owners, amounting to one billion individuals.” “In the physical world, this is impossible,” the executive continued.
Siu further expressed in the podcast that Asia has emerged as the most rapidly expanding Web3 market, with countries like the United States falling behind.
The executive argued, “As of now, Asia is unquestionably the leading force in Web3,” citing high adoption rates in Southeast Asia, Hong Kong, and Japan as evidence. Siu declared:
“Normally, the West, specifically the United States, tends to lead in all technology areas. But in Web3 it has fallen behind for obvious reasons, partially also because there’s been uncertainty on the regulatory side. For that reason, I think Asia is leading and will continue to lead.”
“The ingenuity and zeal emanating from these regions are genuinely astounding.”
The exponential growth of blockchain technologies and decentralized applications establishes a global community model.
Siu emphasized that Asia’s regulatory environment has been comparatively lenient, enabling Web3 initiatives to progress quicker and more experimentally.
“Governments and regulatory bodies in many Asian countries are more open to exploring the potential of blockchain and digital assets, providing a conducive environment for growth and innovation,” according to him.
On the contrary, regulatory uncertainties and more stringent frameworks have impeded the progress and implementation of Web3 technologies in the United States.
“The regulatory landscape in the U.S. is more challenging, with ongoing debates and a lack of clear guidelines that hinder progress,” Siu pointed out.
Siu’s optimistic outlook regarding the prospective expansion of the Web3 market corresponds with his bullish position on Bitcoin, the preeminent cryptocurrency in market capitalization, currently valued at $1.3 trillion.
Siu made an additional audacious long-term crypto forecast in April, stating that he has no reason to suspect Bitcoin will one day reach $1 million.
As of the present moment, the price of Bitcoin stands at $67,750, which is fourteen times below the projected value.
Beyond mere speculation, Siu’s forecasts are grounded in empirical evidence and the expanding adoption of blockchain technology across diverse industries.
“We’re seeing blockchain being adopted in everything from finance to art, gaming to real estate,” according to him. “This widespread adoption is laying the groundwork for exponential growth.”
Additionally, the executive highlighted the contribution of non-fungible tokens (NFTs) to Web3 investment and interest.
“NFTs have introduced a new way for individuals to own and trade unique digital assets, attracting a diverse range of people into the ecosystem,” he pointed out.
“This is just the beginning, and the potential applications are limitless.”
Furthermore, Siu underscored the significance of collaboration and community in expanding the Web3 market.
“The strength of the Web3 ecosystem lies in its decentralized nature and the collective efforts of developers, entrepreneurs, and users worldwide,” said the executive. “It’s a global movement that’s gaining momentum every day.”
Looking ahead, Siu is confident that the adoption rate will further accelerate as more individuals become informed about the advantages and potential of Web3 technologies.
“Awareness and education are crucial,” he emphasized. “As people understand how blockchain and decentralized systems can empower them, we’ll see an even greater surge in participation.”
Yat Siu’s observations depict a Web3 environment that is expanding and undergoing rapid change, with Asia emerging as a leading region in this digital revolution.
His audacious prognostications regarding the trajectory of the cryptocurrency market demonstrate a profound conviction in the paradigm-shifting capabilities of blockchain technology and its potential to reconfigure the worldwide economy.
