- A Bitcoin spot ETF could boost confidence and activity in crypto gaming by raising crypto prices and investor optimism.
- Animoca’s Yat Siu says higher crypto prices increase optimism in blockchain gaming utility and ownership rights.
- Siu notes crypto still relies heavily on Bitcoin as a reserve asset, so a Bitcoin ETF would benefit crypto overall through added legitimacy.
The hype around a potential spot Bitcoin exchange-traded fund (ETF) is boosting confidence in crypto gaming. Animoca Brands co-founder Yat Siu says the ETF enthusiasm has reinvigorated the blockchain gaming sector.
How a Bitcoin ETF Could Benefit Crypto Gaming
Siu notes that recent crypto price gains have increased optimism in blockchain gaming or GameFi. He adds that the price boost has already led to more on-chain activity for crypto games.
Siu says token values are key for building confidence in blockchain gaming utility. He notes it’s not just about making money but feeling secure about ownership. Investor confidence involves various factors, like assessing a country’s economy.
Crypto’s Reliance on Bitcoin
Siu points out the entire crypto ecosystem still relies on Bitcoin’s growth. He sees Bitcoin as the reserve currency of Web3, comparing it to gold in a traditional gold standard economy.
Bitcoin’s usage, storage and ownership underpin much crypto market value. Siu says a spot Bitcoin ETF would benefit crypto by bringing legitimacy and luring traditional finance.
Siu envisions crypto moving away from Bitcoin reliance in the future, like economies moving off the gold standard. But he says it’s a matter of market maturity.
