The value of the global cryptocurrency ecosystem will grow exponentially in the coming years and has a potential to grow up to 200 times in a decade, according to a co-founder of Hong Kong-based game software company and venture capital firm Animoca Brands.
The cryptocurrency market — currently valued at around $2.7 trillion according to CoinGecko — is likely to double or triple soon, Yat Siu predicted in the latest episode of The Valr Podcast on May 28.
“In the near term — within 12 to 18 months — we can conceive of a doubling or tripling of the space,” Siu said, expressing confidence that the industry will continue hitting new milestones afterward. He stated:
“Basically over a five or 10-year period, I'm expecting the space to accelerate, 100 to 200 times — to $200 trillion — or even bigger. I think we could reach that kind of number within a decade.”
The projected growth will be driven by billions of people who become digital property owners in the Web3 ecosystem, Siu said.
“It is entirely conceivable that we’re going to have a billion property owners because we’re going to have a billion token holders. This is not possible in the physical world,” the exec added.
In the podcast, Siu also opined that Asia has established itself as the fastest-growing Web3 market, while jurisdictions like the United States have been lagging behind.
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“Right now, the leading force in Web3 is clearly Asia,” the executive argued, referring to solid adoption levels in places like Southeast Asia, Hong Kong and Japan. Siu stated:
“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.”
Siu’s optimism about the potential growth of the Web3 market aligns with his bullish stance on Bitcoin (BTC), the largest cryptocurrency by market value, which stands at $1.3 trillion at the time of writing.
In April, Siu made another bald long-term crypto prediction, saying that he does not doubt that Bitcoin will reach $1 million one day. At the time of writing, Bitcoin is trading at $67,750, 14 times lower than the forecast price.
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