- Yat Siu of Animoca Brands believes Bitcoin could reach $1 million.
- El Salvador’s new “The Hampton by Hotel” will utilize Bitcoin’s tech for tokenized debt.
In a recent interview with Altcoin Daily, Yat Siu, the founder of Animoca Brands, gave new insight into Bitcoin’s future price.
When asked if Bitcoin could surpass the $1 million mark, Siu agreed, stating, “I think it’s entirely possible that it will do that.” He further articulated, “In the future, I don’t think of it purely just as the differentiated store of value. I see it as a status symbol.”
Since its creation in 2009, Bitcoin has expanded into a $1.3 trillion market cap asset, witnessing expansive growth and market attention. Unlike traditional currencies, Bitcoin offers an inflation-free store of value while serving as an alternative to assets like gold.
Market experts have suggested that Bitcoin’s growth into a medium of exchange could result in continued price increases. Nonetheless, Yat’s view that the coin’s scarcity could elevate it to a “status symbol” is unique.
Drawing a parallel between Bitcoin and NFTs, Siu highlighted Bitcoin’s inherent mathematical scarcity as a crucial factor contributing to its potential status symbol status. He explained that the limited supply of Bitcoin inherently confers a sense of rarity and exclusivity to its holders.
The Hampton by Hotel: El Salvador’s Bitcoin-Financed Venture
El Salvador has recently unveiled its plan to launch “The Hampton by Hotel,” a new hotel that will employ Bitcoin’s technology for tokenized debt. The country’s premier cryptocurrency exchange, Bitfinex Securities, will finance this new venture spanning 4,500 square meters. Furthermore, the project will feature 80 rooms, commercial centers, and other facilities like a gym and swimming pool.
El Salvador’s new venture is projected to raise $6.25 million over the next five years. In addition, it aims to offer investors a 10% ROI through token sales over the same period. With a minimum investment amount of $1000, this development signifies a new approach in the country’s capital markets, offering increased access to investment opportunities.
At the time of this report, Bitcoin is trading at a price of $66,283 after losing more than 6% of its weekly gains. The asset is attempting to make a recovery after the market sustained a mild bloodbath over the weekend.
