On April 9, a private event themed "Unlocking the Future: Exploring the Next Wealth Outlet of the Bitcoin Ecosystem" was grandly held and successfully concluded at the junction of Carnarvon Road and Picnic Road, Exit D2 of Tsim Sha Tsui MTR Station in Hong Kong, co-organized by ChainDD, Techub News, Uweb, and the Asian Blockchain Society, with strategic support from GreenMeta, and in collaboration with Evolving Capital, Hailstone, BitRoo, CGV, NiuDAO, and Future Trust.
In the atmosphere of Hong Kong Bitcoin Ecosystem Week created by BTC Asia 2024 Hong Kong Bitcoin Conference, this closed-door private seminar centered on Bitcoin ecosystem empowerment and discussion focused on the future opportunities and challenges of Bitcoin ecosystem. The industry's most cutting-edge mining companies, Bitcoin ecosystem core companies, L2 builders, Bitcoin ecosystem co-creators, exchanges and well-known KOLs were specially invited to discuss Bitcoin trends. Standing in Hong Kong, the central city of encryption, everyone discussed the development of the times and explored the next wealth outlet of Bitcoin ecosystem.
The event attracted more than 400 people who were interested in the Bitcoin ecosystem, and many developers and enthusiasts participated in the joint construction of the Bitcoin ecosystem. Li Feifan, President of ChainDD, Dr. Yu Jianing, President of Uweb and Co-Chairman of the Blockchain Committee of China Communications Industry Association, Romeo Wang, co-founder of Uweb and former senior vice president of Xinhuo Technology (HK1611), Dr. Cai Zhichuan of Asian Blockchain Society, Scarlett Ho, Executive Director of Hailstone Labs, Liu Guoming, founding partner of Hong Kong Compliance E Fund, Yang Linyuan, Partner of Copilot Venture Studio, Co-Founder & CEO: Lin Zheming, founder of DotSwap and mempool, Eva Tina, the Head of Marketing at Solv, Xue Liyuan, founding partner of PCUBA core Kiwi and Evolving Capital, Matt, Chief Customer Service of BitRoo, Cynic Song, Researcher of CGV, KevinRen, Partner of CGV, Stephy Shi, Head of Ecosystem of Mindfulness Capital, Hakan Sezikli, Co-Founder of BEVM... and other guests were invited to attend the event, participate in and give keynote speeches and roundtable discussions, and jointly promote the successful implementation of this event.
In his opening speech, the organizer ChainDD's Executive Editor Dorji first expressed a warm welcome to all participants, and comprehensively introduced the vision of this event and ChainDD's current development and future plans, and hoped that everyone could work together to promote the prosperity and development of the Bitcoin ecosystem. In the future, ChainDD will hold many activities and exchanges in Hong Kong.
Dr. Yu Jianing, the president of Uweb and co-chairman of the Blockchain Committee of the China Communications Industry Association, also said that the guests attending this event are all industry elites with insights in the industry, and hope that everyone can have different sparks in their thoughts tonight. Dr. Cai Zhichuan, one of the co-organizers of the Asian Blockchain Society, welcomes everyone to Hong Kong. As a city that promotes the development of the Crypto world, the development of the crypto world is changing with each passing day. I also hope that everyone can come to Hong Kong to promote the development of this industry together. The venue for tonight's event is also one of the largest OTC trading stores in Hong Kong, and everyone is welcome to trade USDT here. At the same time, the Asian Blockchain Society has been seriously promoting the development of the industry in Hong Kong, and I hope that everyone will have more exchanges in the fields of blockchain and carbon trading in the future.
Dr. Zhichuan Cai from Asian Blockchain Society
Scarlett Ho of special partner Hailstone Labs said that she welcomes everyone to come to Hong Kong for exchanges. Hailstone Labs is a Web 3 venture capital company headquartered in Hong Kong and established for more than two years. The team of more than 40 people consists of researchers, engineers, designers, operation experts and senior cryptographers. It has different branches in the United States, London, and Taiwan, China, focusing on incubating and investing in various projects such as GameFi and DeFi. In the future, it will also focus on investing in and incubating Bitcoin ecological projects and is committed to building the next generation of digital economy. Projects with Bitcoin ecology can cooperate and exchange.
Hailstone Labs 的 Scarlett Ho
Dr. Yu Jianing said in his speech "Overview of Bitcoin Ecosystem Opportunities in 2024" that Bitcoin ecology is a relatively certain opportunity in this wave of the market. The underlying logic of the new bull market and new narrative in 2024 is the securitization of tokens and the tokenization of securities. The starting point of this bull market is undoubtedly the US Bitcoin spot ETF. BTC ETF is a securitization of tokens. Turning BTC into securities and trading it on Nasdaq and NYSE has undoubtedly led to a large amount of new funds entering. The securitization of tokens and the tokenization of securities have promoted the integration of the token world and the real world. Spot ETFs will promote the continued growth of the virtual asset market. The allocation from the global $250 trillion investable assets to Bitcoin will have a significant impact on the BTC price. The core narrative of the new bull market of Web 3 in 2024 is: virtual asset spot ETF, second-layer network, RWA tokenization, BTC ecology, DePIN, ZK, DeAI, and modularization. Focus on these areas.
Dr. Yu Jianing, President of Uweb and Co-Chairman of the Blockchain Committee of China Communications Industry Association
Dr. Yu Jianing also focused on the Hong Kong Stock Exchange’s spot ETF. This time, the Hong Kong Stock Exchange has two important changes: one is the launch of physical subscription and redemption, and the other is the pioneering launch of the Ethereum spot ETF.
The Hong Kong Securities and Futures Commission did not wait for the layout of global markets such as the United States, but took the lead in launching the world's first spot ETF for Ethereum. Top asset management institutions including Bosera, China Asset Management, and Harvest Asset Management participated in the layout. In addition, the license upgrade and product approval of the institution were completed at the same time, which is also a significant achievement in the history of Hong Kong finance.
The physical subscription and redemption of BTC allows the direct use of BTC to subscribe to BTC spot ETFs. The performance of more than 200 million US dollars on the first day of the launch was also very impressive. A considerable part of the subscription of spot ETFs in Hong Kong is completed through subscription and redemption with coin holding. This is not only an innovation, but also represents the overall future planning of Hong Kong's finance to a certain extent.
Liu Guoming, founding partner of Hong Kong Compliance E Fund, said in his keynote speech "Diversification of Bitcoin Ecosystem: From Digital Gold to Diversified Investment" that the rapid development of Bitcoin over the years is based on its underlying nature: the total amount is immutable, cannot be tampered with, and carries value. In the global economy, Bitcoin has improved the inclusiveness of global finance and may also reshape international trade and payment systems in the future. In the actual application of Bitcoin, it is reflected in international remittances, charitable donations and micropayments. For example, international trade, buying crude oil, gold, and bulk commodities already supports Bitcoin payments, and Bitcoin payment efficiency is higher and safer than traditional interbank payment efficiency.
Liu Guoming, founding partner of Hong Kong Compliance E Fund
The diversified development of Bitcoin ecology in recent years is mainly reflected in:
Innovation of financial products: Bitcoin futures ETF, options, ETF, contracts;
Decentralized Finance (DeFi): lending, insurance, trading, etc.;
Technological innovation integration: Lightning Network, Layer 2;
The combined innovation of these technologies has promoted the prosperity of the Bitcoin financial market and made Bitcoin a global liquid asset. Liu Guoming also introduced the business of the Hong Kong Compliance E Fund, which is the first private equity fund approved by the Hong Kong Securities Regulatory Commission to invest 100% in digital assets and can invest in the top 200 targets by market value. The initial size is US$500 million, and the fund raising period is until August this year. The exchanges are HashKey and Coinbase, two exchanges designated by the Hong Kong government. The funds are in banks and trusts and are regulated by the Hong Kong government. By investing in lower-priced tokens during the cycle and exiting in the next cycle in exchange for profits, everyone who is interested is welcome to consult.
Copilot Venture Studio Partner Yang Linyuan said in his keynote speech "Opportunities and Risk Assessment in the Bitcoin Rune Ecosystem", why do I think Rune is a better solution than BRC20? Because:
Transfers are more efficient, without having to first inscribe and then transfer;
Prevent the expansion of the UTXO set and avoid generating junk data;
One UTXO can store multiple runes, which is more efficient;
Core developers are more open-minded;
For the first time, miners’ transaction fees exceeded block rewards;
Based on UTXO, it is compatible with Lightning Network, L2, and Bridge. The logic of only recording but not verifying cannot be carried forward at the asset level;
Greater flexibility in issuance methods, with fair offerings being stronger than strong market makers;
Copilot Venture Studio Partner Yang Linyuan
As for what factors determine whether Rune has a chance to succeed, Yang Linyuan believes that this is a liquidity game for funds. The importance of traffic is the first priority. A strong fan community, well-known KOLs, and the number of Holder addresses are all important. In fact, large exchanges can take liquidity to a higher level. Pre-mining and fair launch in the issuance method, as well as new gameplay in the application scenario are all important. Finally, social culture must have a profound impact, such as Satoshi and Nakamoto, with some distinctive symbols, especially with the life of communication.
For Rune, Yang Linyuan believes that the core competitiveness may not be technology, but market capabilities and the ability to tell sales narratives. Finally, Yang Linyuan quoted the famous saying of French philosopher Henri Bergson: Those who can’t hear the music think those who dance are crazy. I hope everyone will be the first to hear the music.
In the roundtable forum "A New Era of Wealth: In-depth Innovation Frontiers and Market Potential of BTC Ecosystem", Romeo Wang, co-founder of Uweb and former senior vice president of New Fire Technology (HK1611), spoke with four guests, including Co-Founder & CEO: Lin Zheming, founder of DotSwap and mempool, The Head of Marketing at Solv Eva Tina, PCUBA core Kiwi, and Evolving Capital founding partner Xue Liyuan. They had an in-depth exchange on the impact and opportunities that Bitcoin spot ETFs have brought to the traditional financial world into the Bitcoin ecosystem, as well as the most promising direction of the Bitcoin ecosystem.
Roundtable forum "A New Era of Wealth: In-depth Innovation Frontiers and Market Potential of BTC Ecosystem"; guests from left to right: Romeo Wang, co-founder of Uweb and former senior vice president of New Fire Technology (HK1611), Xue Liyuan, founding partner of Evolving Capital, PHUBA core Kiwi, The Head of Marketing at Solv Eva Tina, Co-Founder & CEO: Lin Zheming, founder of DotSwap and mempool.
Xue Liyuan said that the passage of ETFs will bring more traditional funds into the Crypto world, expand the circle, more money, expanded demand and ecology, and promote the Bitcoin ecosystem, which is the first driving force. It also allows us to openly say in Hong Kong today that we are from the Crypto world. In addition, in the Bitcoin ecosystem innovation, I am very concerned about what attributes of Bitcoin the product is based on to innovate? For example, AI projects can be made based on Bitcoin computing power, and AI product payments can be made based on AI projects, which not only revitalizes miners and mining machines, but also activates the entire Bitcoin ecosystem.
Kiwi believes that entrepreneurship in the blockchain world is becoming more and more formal and more difficult. Startups in related ecosystems are becoming more and more complete and formal. ETFs in Hong Kong and the United States have brought more entrepreneurs to this market. More and more entrepreneurs have become presidents and executives of various listed companies. These are all positive effects brought by the entry of traditional funds. At the same time, Kiwi believes that halving has not had much impact on the market's supply and circulation model. In the Bitcoin ecosystem, a layer of innovation has enlightened the market, and now the innovation has come to the expansion plan. Kiwi also specifically mentioned that Bitcoin ecosystem mobile phones and Bitcoin AI projects are very good entrepreneurial directions.
Eva Tina said that DeFi Summer, with BTCFi or BTC as the core driving force, will be a very strong driving force for this bull market. The traditional ETF channel represented by spot ETF is a very important channel for ecological development, but it is not enough. It is also necessary to solve the demand for Bitcoin interest. Where is the scenario for this demand? After the halving, the mining scenario is becoming more and more difficult. You must know that the demand for interest alone can drive a bull market. In addition, liquidity is also a key issue, which is the problem we are currently solving.
Lin Zheming said that Bitcoin spot ETF is more of a financial tool, allowing more funds to be associated with Bitcoin assets, which will lead to more Bitcoin spot being locked in custodians. The strong supervision of ETFs will squeeze the liquidity of the market to a certain extent. On the other hand, as the US dollar continues to raise interest rates, will Bitcoin become an important tool for absorbing US dollar liquidity in the future? This is a possible trend. Lin Zheming is more optimistic about the direction of Bitcoin ecology. Assuming that everyone agrees that Bitcoin is digital gold, is it a possible way to make gold jewelry on electronic gold?
In the last roundtable "The Road to Bitcoin Ecology: Bitcoin Financial Market in Hong Kong", ChainDD Editor-in-Chief Dorji had a conversation with three guests, BitRoo Chief Customer Service Matt, CGV Researcher Cynic Song, and Mindfulness Capital Head of Ecosystem Stephy Shi, and had in-depth communication and exchanges on issues such as the difficulties facing the Bitcoin ecosystem and the driving force of the second half of the bull market.
Roundtable "The Road to Bitcoin Ecosystem: Hong Kong's Bitcoin Financial Market", guests from left to right: ChainDD Executive Editor Dorji, BitRoo Chief Customer Service Matt, CGV Researcher Cynic Song, Mindfulness Capital Head of Ecosystem Stephy Shi.
Matt said that after the Bitcoin halving, mining companies must first upgrade their mining machines, eliminate some low-computing power and low-capacity mining machines, and upgrade to high-capacity mining machines such as Ant S21 and Ant T21. In addition to upgrading mining machines, there will also be transaction fee income from broadcasting Bitcoin node transactions, which will also indirectly stimulate the prosperity of the Bitcoin ecosystem and bring additional income to miners. Through historical data, we studied the bull market cycle of half a year to one and a half years after the halving. At present, there will definitely be a period of volatility in the short term, but in the long run, there will definitely be a doubling of the market.
Cynic Song believes that the Bitcoin ecosystem faces the problem of insufficient programmability, and what can be done on it is relatively limited. If programmability can be promoted, a natively secure Bitcoin ZK Rollup L2 can be made. After the Bitcoin halving, miners can only rely on transaction volume to gain revenue, and transaction volume is accumulated by L2. The path is here, but it is difficult to change the consensus. We need to explore more possibilities based on existing operations.
Stephy Shi said that in the past we thought that the Bitcoin ecosystem was very fragmented. Miners and other groups were fundamentalists, and BRC20 Ordinals Traders were completely different teams. How did they reach a consensus? It was difficult to build a Bitcoin ecosystem path together on the same path. But last year's BRC20 Ordinals trading volume proved the trading demand of the Bitcoin ecosystem. Only this kind of demand and popularity can reversely drive miners and developers. Miners can get rewards, and developers see the popularity, liquidity and funds. Everyone is happy to work together to solve this demand. This proves that the Bitcoin ecosystem has a large number of unresolved transaction needs, and we need everyone to work together to build a huge infrastructure to solve the problem of expansion. We gradually feel that this is an interesting ecosystem.
The private event with the theme of “Unlocking the Future: Exploring the Next Wealth Outlet of the Bitcoin Ecosystem” has concluded successfully. We sincerely thank all the guests and attendees for their enthusiasm. Let us work together to promote the prosperity and development of the Bitcoin ecosystem and draw a beautiful blueprint for the Web 3 world. See you at the next Hong Kong event!
