Yat Siu: "Bitcoin is Web3's Reserve Asset...Will Play Role of 'Gold Standard'"

Yat Siu, Co-founder and Chairman of global blockchain company Animoca Brands, stated on the 18th that "Bitcoin (BTC) will play the role of the 'gold standard' in the Web3 era."

Speaking at the 'Bitcoin Tech Carnival' held at the Four Seasons Hotel in Hong Kong, Chairman Siu stated "Bitcoin is the reserve asset for the Web3 era." He added, "Bitcoin is inherently a Store of Value (SOV)," and "I believe Bitcoin will play the role of the gold standard in the Web3 era."

Siu mentioned Bitcoin's changed status in recent years. He said, "Until 2017-2018, it was common to convert Web3 profits into fiat currency," adding, "However, starting from 2020-2021, there has been a stronger tendency to store Web3 profits in Bitcoin." He continued, "Now almost all Web3 profits are being converted to Bitcoin, with some going to Ethereum (ETH)," and "Bitcoin has now become one of the top blockchain-based assets held by institutions."

Siu emphasized that Bitcoin is likely to remain a store of value. He stated, "The biggest drawback of Bitcoin as a store of value is that people don't spend it," and "Ultimately, Bitcoin is likely to remain a store of value." He added, "However, the powerful network effect this characteristic creates is Bitcoin's advantage."

Regarding Hong Kong's virtual asset regulatory environment, he expressed being "very optimistic." Siu said, "While most countries took a cautious approach to virtual assets after the 2022 FTX incident, Hong Kong did the opposite," adding, "Instead, after declaring its intention to become a virtual asset hub, it has steadily refined its regulatory framework over several years." He stated, "Hong Kong has a very suitable environment for developing the Web3 industry," explaining that "this is because financial and technological infrastructures coexist."

He also offered advice to the Bitcoin industry. Siu said, "(The Bitcoin industry) needs to be more open," and emphasized that "it's important to approach (the general public) with a more humble attitude." He added, "There seems to be an implicit arrogance (in the industry)," and "rather than taking the attitude of 'I know but it's not my problem if you don't,' we should approach it from the perspective of drawing more people (into the industry)."