The CEO of Animoca Brands, Yat Siu, believes that the potential launch of a spot Bitcoin exchange-traded fund (ETF) has not only increased the price of Bitcoin but has also reignited interest in the crypto gaming sector. The recent price gains in the crypto market have boosted confidence in the Web3 gaming market, leading to increased on-chain activity related to blockchain games. Siu emphasized the importance of token values in building confidence in the utility of blockchain gaming and highlighted that investor confidence should consider various factors. Siu also stated that the entire crypto ecosystem is still dependent on the growth of Bitcoin, which he sees as the reserve currency of Web3. The approval of a spot Bitcoin ETF would bring legitimacy and attract traditional financial institutions to the crypto industry. However, Siu envisions a future where the crypto sector will move away from its reliance on Bitcoin, similar to how economies in the physical world moved away from the gold standard.
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