Busy @animocabrands fam & frens booth including @TheSandboxGame @MocaverseNFT @WreckLeagueHQ @the_phantom_g @AnichessGame and more at #HKFintechWeek2023 Hong Kong is clearly determined to becoming the #web3 hub! pic.twitter.com/6spuYH7Jhy

— Yat Siu (@ysiu) November 3, 2023

Siu told Cointelegraph at Hong Kong Fintech Week that the price increases of many cryptocurrencies have reignited the investor’s confidence and sparked a fresh wave of on-chain activity in the Web3 gaming market. “Token values are a way of building trust in terms of users and usability. The goal is not just to hold money, but also to feel safe about what you have.” he said. Siu emphasized that “if an industry or a country is not growing, people can lose their trust even if prices are high.”

Siu believes that the entire crypto ecosystem still relies on Bitcoin’s growth for its success, despite many crypto industry players who envision themselves as being distinct and independent from the rest of the market.

You might like: FTX Wants to Sell Fund Worth $744 Million

Web3 Gaming Market and Crypto’s Dependence on Bitcoin

“We are constantly in a gold standard financial ecosystem where Bitcoin is the reserve currency of Web3. How Bitcoin is used, stored, and owned actually constitutes a large part of the value of the crypto ecosystem,” he said. Siu believes that the approval of a spot Bitcoin ETF product will provide massive benefit for the industry in general and add legitimacy to the sector, also attracting new investments from traditional finance institutions.

Siu predicts that the crypto sector will eventually shed its dependence on Bitcoin, in the same way that the global economy abandoned its dependence on the gold standard. “As populations and economies grow, more natural and efficient systems are needed. In my view, that’s the direction we’re going in. However, it’s essential to note that despite exceeding a market size of $1 trillion, the Web3 world only encompasses a small proportion of the world’s population.”

You can freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Animoca Brands CEO Talks About ETF! appeared first on Coin Engineer.