Spot Bitcoin ETF hype reignited zest for blockchain games: Yat Siu
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Enthusiasm surrounding a possible spot Bitcoin (
“We’re still in a gold standard financial ecosystem where Bitcoin is the reserve currency of Web3. How Bitcoin is used, how it’s stored and who owns it, actually underpins a lot of the value in the crypto ecosystem,” he said.
Siu is confident an approval of a spot Bitcoin ETF product will be an incredible boon for the industry as a whole and add legitimacy to the sector while inviting a slew of new investment from traditional financial institutions.
Siu predicted the crypto sector will eventually outgrow its reliance on Bitcoin as the de-facto reverse asset in the same way the international economy shed its dependence on the gold-standard.
“As populations and economies grow, we need different systems that are more natural and efficient. To me, this is where we’re headed. But we’re still talking about a very small population of the world that is involved in Web3, despite it being over $1 trillion in size.”
“It’s just a matter of maturity in the market.”
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