This according to Animoca's Yat Siu.
We are getting to the point where things we discussed over the past few years is coming into being. Some of the forecasts are starting to realize the potential that Web 3.0 carries. It is hard for many in the West since most countries, especially the United States, are dropping the ball.
Asia, on the other hand, is starting to run with it.
This is going to lead to an exponential increase in value. Here is an article from 5 years ago where I forecast an eventual $1 quadrillion in value.
Based upon the present market cap of cryptocurrency, we are looking at a bit under a 100x from here.
Image generated by Ideogram
At the core of this forecast is the idea there will be more than 1 billion property owners in the future. This is another topic we long discussed; the idea of ownership.
When people start to shift from the income-only mindset to actually owning assets that can appreciate in value, we will see a massive flooding. This can be any type of platform or game. Tokenization is a rather versatile tool.
The Web 3.0 ecosystem is going to be powerful. We are already seeing some the impact from the early stages of artificial intelligence. This will only grow over time.
What happens when we have digital platforms with AI interwoven, generating enormous sums of economic value, that is captured through crypto coins and tokens?
This is a true game changer.
People all over the world will see their financial prospects change completely.
One of the keys is the ability to take localization and globalize it.
The digital realm knows few limits. It is global in nature which means anyone with an Internet connect is eligible for inclusion.
Another vital element is the reduction in friction. Web 3.0 removes many of the intermediaries from the equation. This allows resources to travel throughout the world with less impediment. As this occurs, velocity can increase.
Ultimately, we are going to see localized entities, such as plumbing companies, tokenized. These could have "owners" spread all over the world. Investors can flock in from anywhere, buying the token on an exchange that is open to all.
Obviously, this is counter to what we see today and the approach the regulators are taking. For some reason, they still believe they have control over this matter.
The fact that a country like the United States is falling so far behind is evidence how, no matter what one country does, it cannot be stopped.
Siu goes on to make another bold forecast:
“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.
Source
I tend not to get into near-term price forecasts since it is a fool's errand. Perhaps this is true; I am not going to say it will not happen.
What I think is the takeaway here is we have someone who believes the progress of the industry is such that another level of valuation will take place. A move in that time period cannot be simply hype. We are nearing the point where something validating a lot of what is taking place is required.
As markets get bigger, the ability to hype, as a percentage of the while, diminishes. So while the numbers can be larger, the percentage of "over-fluffing" will be reduced.
For example, we could hype technology but with the likes of Apple or Microsoft, there is a baseline of value. In other words, it is not all market nonsense.
Utility is going to be the key driver. This is something that is still missing. One of the values of Hive is we were able to gain insight into the future since a model of ownership was being delivered.
The key is to actually start offering services. It is one area where Hive feel short, reflecting what is taking place within the larger framework of the industry. Outside of finance, there is really little that is making an impact.
Cryptocurrency will be bigger than the Internet.
This is actually a bit of a misleading statement. Actually, what we are talking about is still the Internet. Web 3.0 is the next generation.
What I am referring to is the fact that cryptocurrency, which will be value capture for this medium, will far outpace the impact of what we consider the Internet to be today.
In other words, whatever value we believe the Internet provides, regardless of the trillions (tens of), it will be dwarfed by what is coming.
This is why the market capitalization of cryptocurrency is going to explode.
Will it be $200T within 10 years? Do we see $1 quadrillion at some point?
Time will tell what the numbers look like. The key is to consider the potential impact of ownership, something that many are facing for the first time in their lives.
It is a true game changer, something Yat Siu is pointing out.
