Year Ender Special – 2023 Recap and Onwards to 2024
Predictions for 2024 highlight an increase in regulatory provisions in the local web3 space, especially with recent regulatory developments.
In the final BitPinas Webcast of 2023, Year Ender Special – 2023 Recap and Onwards to 2024, held on December 20, local web3 key opinion leaders (KOLs) shared their own predictions for the year ahead.
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Table of Contents
Episode Guests
We brought together past and new webcast guests to reflect on the year that was and the trends and opportunities awaiting us in 2024:
- Luis Buenaventura – Author of weekly newsletter Cryptoday and Assistant Vice President at GCash.
- Henry Banayat – Director of Business Development at Bitshares Labs
- Trexia Olaya – Freelance project manager and leading the community at Tambay NFT.
Webcast Recap
2024 Prediction
During the webcast, Luis Buenaventura, author of the weekly newsletter Cryptoday and Assistant Vice President at GCash, Henry Banayat, the Director of Business Development at Bitshares Labs, and Trexia Olaya, a freelance project manager and community leader at Tambay NFT (non-fungible token), revealed their projections for the local web3 space for 2024.
Regulation
Banayat stated that the year 2024, in light of recent developments in the regulatory sector, will witness an increase in regulatory provisions, especially if the bullrun will actually happen by the first or second quarter of the year.
He also noted that the web3 industry still have not heard anything from the Bureau of Internal Revenue unlike the other financial regulators like the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commision (SEC).
“It’s not the worse case scenario. it’s a good thing for all of us in the space; (because) more regulations, more clarity to what we do mas maganda (the better),” he commented.
Olaya echoed Banayat’s answer, noting that, in addition to regulation, there will be greater compliance on the cryptocurrency side.
Adoption
In addition, Olaya believes that more local enterprises and businesses will attempt to explore how they can incorporate blockchain technology. Olaya even shared that they are laying the groundwork for their web2 clients, just in case they want to enter web3.
“I think that more usecases (for web3 technology) will be discovered next year and the following years. Then, there might be more collaborations between the private entities and the government… more involvement on the government side,” she said.
Olaya commended the government’s recent actions, which have been open and welcoming to the new technology. She also added that she expects more educational initiatives regarding web3 in 2024.
Web3 Market
Further, in anticipation of a potential new bull run in 2024, Buenaventura speculates on a five to ten times growth in the entire crypto market, reaching a potential $10 trillion market cap. He noted that this milestone is significant as it approaches the global market cap of gold, emphasizing crypto’s validation and permanence.
“So gold is a 15 trillion dollar market capital, all the gold in the world is about 15 trillion dollars. And the reason why that’s an important milestone is because remember that Bitcoin itself is always kind of envisioned to be an alternative for gold. So we’re kind of getting within range as Bitcoin is typically about half of the market cap of the entire crypto industry,” he commented, noting that there is still a need for continued education about crypto to dispel misconceptions.
Web3 Technology
Regarding terminology, Buenaventura suggests that the term NFT may evolve and become more specific, drawing a parallel to the shift from ICO (initial coin offering) to IEO (Initial exchange offering) and IVO (initial voucher offering). He also predicts a shift in focus within the NFT space towards experiences and memberships.
“‘Di naman mawawala ‘yung web3 games, there’s still lots of great web 3 games out there. And in fact, if you’re looking at the Axie ecosystem, nabubuhay uli, there’s lots of other web3 games there. I think NFT art is not gonna go away. I think it’s just gonna change some of its names. I think that AI of course is going to have a really big impact also,” he shared.
Moreover, in the broader crypto industry, Buenaventura anticipates a return to the financial instrument side, with developments in DeFi, tokenization of treasuries, and innovations in money markets.
Other 2024 Predictions
- Crypto Price Predictions in 2024 | BitPinas Webcast 33
- Web3 Gaming Predictions | BitPinas Webcast 28
- Crypto Price Prediction 2024: Overly Bullish
- A Year after its ATH, Can Bitcoin Reach $69,000 in 2024?
- Matrixport: Bitcoin to Hit $63k by April, $125k by End of 2024
This article is published on BitPinas: Year Ender Special – 2023 Recap and Onwards to 2024
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