Bitcoin Price Potential: Could it Hit $1 Million? Crypto VC Outlines Surprising Path

• In the future, Bitcoin will cease being purely a store of value and speculative asset and become a status symbol, pushing it to nine figures, says Yat Siu of $6 billion firm Animoca Brands.
• He compared Bitcoin in the future to NFTs today, where wealthy investors splash out millions for the NFTs with no utility just to attain a certain status among other crypto enthusiasts.

Bitcoin has had its best year ever and hit a new record high, leading many to make bullish predictions for the top crypto, as Crypto News Flash has reported. However, few are as bullish as Yat Siu who predicts that BTC will hit $1 million in the near future as it gradually evolves from its current status as a store of value.

Bitcoin trades at $64,225, shedding 4.8% in the past day in line with a wider market downtrend, with ETH losing 7%, XRP and MATIC 9.2% and Ethereum Classic 10.75%.

Despite the volatility in the short term, Siu believes that Bitcoin will hit nine figures in the future. Based in Hong Kong, Siu is the founder and chairman of the board at Animoca Brands, a Web3 and metaverse giant that’s behind mega successes such as The Sandbox and an investor in Axie Infinity, OpenSea, and others.

Speaking to Altcoin Daily, Siu opined that it’s “entirely possible” that Bitcoin will break past $1 million. However, to hit such dizzying heights, BTC’s role will have to evolve from its current role.

Siu stated:

In the future, I don’t think of it purely just as a differentiated store of value. I see it as a status symbol.

He elaborated that as a store of value, BTC’s ability to explode has a ceiling. However, as a status symbol, its value will not be tied to its utility and can explode without any major upgrades or developments. In fact, a status symbol is more desirable to its target audience when its price is sky-high and is unattainable by the masses.

Siu singled out NFTs as tokens that have become status symbols in the crypto universe. While nowadays developers are issuing NFTs with utility, such as to signify ownership of an asset, these tokens were first launched purely as status symbols. Owning a Bored Ape Yacht Club put one in the same stratosphere as celebrities like Snoop Dogg, Tom Brady, Madonna, and Jimm Fallon.

Siu added:

Because bitcoin has mathematical scarcity, it also means that owning one, basically as a result, will have that scarcity aspect.

Bitcoin to Regain Dominance

While Bitcoin has surged to new highs, its dominance has drastically dropped over the years. In early 2017, it was as high as 85%, but today, it stands at 54.4%, which is a rise from the 38% it hit in late 2022. This is mostly down to the rise of altcoins like Solana, BNB, and XRP, as well as the continued dominance of stablecoins.

Siu acknowledged this erosion of market share, stating:

The narrative in the last two or three years was mostly things like NFTs and gaming. And really, is sort of Ethereum and Solana and other tokens.

However, he believes that the rise of all these altcoins is driving people back to Bitcoin as they seek to own a piece of the original blockchain network.

He stated:

The growth of all the other blockchains is actually driving people to the OG of blockchains, which is basically Bitcoin because they want to own a piece of that.