At the WebSummit Rio conference in Brazil, cryptocurrency leaders Yat Siu and Monica Long shared their perspectives on the future of Bitcoin, Web3, and the broader crypto industry. The panel, moderated by Cointelegraph Ambassador Kristina Lucrezia Cornèr, explored the theme "Bitcoin's Revenge: Is Web3 Making a Comeback?"

Bitcoin's Ascent to $1M: A Matter of Status

Yat Siu, the founder of Animoca Brands, a leading Web3 and metaverse company, expressed his unwavering belief that Bitcoin (BTC) will eventually reach a staggering $1 million price point. However, Siu's conviction stems not from Bitcoin's status as a store of value but rather from its potential to become one of the most significant status symbols in the digital economy of the future.

In Siu's words, "I do believe that Bitcoin could reach over a million dollars-plus over time. But, I believe, not because it is a store of value, but because it will be one of the most important status symbols of the digital economy in the future."

Utility, Not Price, Drives Long-Term Value

While Siu's prediction garnered attention, Monica Long, the president of Ripple, emphasized the importance of focusing on the real utility of crypto assets rather than solely fixating on price. Long highlighted that true long-term value, stability, and liquidity for crypto assets will be driven by their practical applications and use cases.

"I would say the more important place for all of us to focus on is real utility for the assets, and that's what's going to drive long-term value and stability and liquidity for all of the assets in crypto," Long stated.

Brazil's Crypto Renaissance

Long praised Brazil's efforts in fostering a crypto-friendly environment, citing the country's clear regulations around virtual assets, a vibrant community of dedicated developers, and the involvement of traditional finance institutions like Itaú. She described Brazil as a place where the focus on crypto development is truly taking root.

"Brazil [...] is a place where we're seeing breaking ground for that type of development. You have a government that is creating clear rules around virtual assets, [and] a community of focused developers, and you have traditional finance banks like Itaú that are a blessing to crypto. So that is the mix of a real focus on crypto," Long remarked.

Web3 and Financial Inclusion

Kristina Lucrezia Cornèr, the panel's moderator, highlighted the importance of Web3 in empowering individuals who have traditionally lacked access to certain opportunities and resources. "Web3 is about giving power to the people, to those who didn't have access to certain things," she said.

Siu echoed this sentiment, emphasizing the potential of blockchain and Web3 games to promote financial inclusion, particularly in regions where millions of people lack access to traditional banking services or educational opportunities. He cited examples from the Philippines and Latin America, where individuals can gain financial literacy and inclusion through crypto wallets and gaming experiences.

"We look in places like the Philippines, or even in some places in Latin America, millions of people in the world who don't have a bank, don't have a university education, in some cases don't even have a high-school education. But now though having a crypto wallet, they are included in the new financial system, are becoming somewhat financially literate, taught through gaming, which is another form of play," Siu explained.

Institutional Adoption and Regulated Crypto Exposure

Long acknowledged the growing institutional embrace of cryptocurrencies, with major financial institutions like Goldman Sachs, BlackRock, and Fidelity actively developing crypto products and offerings, even during bear markets. She expressed optimism that this institutional adoption will be a defining feature of the crypto market this year.

"If you think about it, some of the biggest brands in financial services, like Goldman, BlackRock and Fidelity, they actually build their products and offerings in bear markets, meaning they see the bigger picture. So I think that's what's going to be very different this year, the institutional embrace," Long stated.

Regarding the introduction of spot Bitcoin exchange-traded funds (ETFs), Long noted that Ripple is working with banks and payment companies worldwide to leverage blockchain as a new infrastructure layer for more efficient global money transfers. She acknowledged the growing interest from banks in regulated crypto exposure and expressed her belief that Bitcoin ETFs will emerge in various markets beyond the United States, including Hong Kong, Singapore, Tokyo, London, and Europe.