MetaEra has launched a series of high-end dialogues, and we will continue to engage with industry elites and leaders to explore the development and future of Web3 together. The interviewee in this issue is Uweb President Yu Jianing.

Article Author: Echo, MetaEra

Source: MetaEra

Profile

Yu Jianing is the president of Uweb (University of Web3), a graduate of Renmin University of China, with a PhD in finance. He has served as the director of the Industrial Economy Research Institute of the Information Center of the Ministry of Industry and Information Technology, and as the president of Huobi University. Dr. Yu is also the proponent of the 'Industrial Blockchain' concept and has published several works, including those on the Metaverse. He has had a profound impact on global digital economy and blockchain industry education and research, and has been recognized by China Weekly as 'the guide for cultivating blockchain thinking.'

Key Insights

Bear markets breed deep thinking, while bull markets are the season of theory bearing fruit.

The value of Web 3.0 education lies in reducing the information gap, increasing cognitive disparity, consolidating knowledge into cognition, and transforming cognition into dividends.

I firmly believe that 'those who lose wisely win, and long-term holders prevail'; in volatile markets, a stable asset allocation approach better helps us seize the enormous dividends of long-term trends.

The bull market triple jump for digital assets comprises 'retail speculation bull market,' 'institutional allocation bull market,' and 'national reserve bull market.'

The new market narrative beginning in 2024 will revolve around 'the securitization of tokens' and 'the tokenization of securities.'

The core of asset allocation lies in diversification and rebalancing, which involves allocating different types of assets, but this diversification is not limitless and must be based on a deep understanding of the assets.

Full Interview

MetaEra: Could you share your personal Web3 journey with us? What motivated you to join this field?

Yu Jianing: My academic background from undergraduate to PhD has been in finance. During my PhD, I participated in a significant research project that involved the study of digital assets, which was my first exposure to Bitcoin. It was in 2012, and discussions about Bitcoin in the Chinese context were extremely limited. Through reading works by authors like Chang Jia, I learned about Bitcoin's mechanisms and witnessed its evolution from 'electronic cash' to 'digital gold.' Starting in 2014, I began to deeply research and participate in this field. In 2015, the technological potential of blockchain showed me its application prospects across industries. From 2016 to 2017, while serving as the director of the Industrial Economy Research Institute at the Ministry of Industry and Information Technology, I realized that the application of blockchain technology required healthier innovation and guidance after experiencing the effects of the '94 policy' on the industry, which led me to propose and advocate for the 'Industrial Blockchain' concept.

In 2018, I left my previous job and founded Huobi University, serving as the founding president. I trained a group of top blockchain entrepreneurs and investors, earning the title 'Huangpu Military Academy of Blockchain.' At the end of 2022, in response to the Hong Kong government's vigorous development of digital assets, I established Uweb in Hong Kong, continuing my commitment to Web 3.0 education. I firmly believe that only through continuous education and the dissemination of correct thinking concepts can we promote the long-term sustainable development of the blockchain ecosystem.

MetaEra: What was your initial motivation for founding Uweb? What kind of vision do you hope to achieve through this platform?

Yu Jianing: When we left Huobi University, we realized that the high-end entrepreneur group in the Web 3.0 field still had a strong demand for continuous learning of new industry knowledge. Uweb hopes to provide this group with a platform for continuous learning and collaborative communication, helping them solve practical challenges encountered in investment and entrepreneurship, building an ecosystem of mutual support and resource sharing, and promoting the cognitive advancement and wealth growth of alumni.

I have always believed that my mission lies in practicing long-termism, focusing on promoting the profound development of Web3.0 education, and facilitating the growth and prosperity of the industry. Web3.0 digital assets are on the rise, possessing a century's potential for development. Once momentum is formed, it will become an irreversible long-term trend, and Bitcoin's gradual acceptance by mainstream society is an important embodiment of this development trend. With the continuous deepening of theoretical research, the Web3.0 field has established the foundational conditions for building a world-class institution. I firmly believe that Uweb, based in Hong Kong, has the potential to become such a 'century-old institution' that influences the world.

MetaEra: Can you elaborate on Uweb's curriculum system for us?

Yu Jianing: Uweb's core business is to offer EMBA-level offline high-end courses, known as the 'Web 3.0 Future Wealth Course,' which are professional, practical, and systematic Web 3.0 business school courses tailored for entrepreneurs and investors. The content includes systematic digital asset allocation strategies based on project fundamentals, on-chain data analysis, macroeconomic linkage mechanisms, and teaches AI-driven new investment research methodologies, accompanying investors and entrepreneurs through cycles and advancing with the wind.

Currently, online information about digital assets is abundant, but the content is severely fragmented, lacking systematization and depth. Therefore, Uweb focuses on providing in-depth content to help students form profound cognitions rather than remaining at a superficial level of information acquisition. In terms of teaching content, Uweb emphasizes foresight, practicality, and professionalism, helping students deeply understand the Web 3.0 industry and avoid facing difficulties due to insufficient cognition during entrepreneurship or asset allocation. Our goal is to ensure that students have adequate insight and decisiveness when facing market changes, thus truly achieving knowledge empowerment and wealth growth.

Uweb's online courses include 'Frontier Courses by Famous Teachers' offered through live broadcasts every Tuesday, Thursday, Saturday, and Sunday. The courses are divided into two parts: the first half (external) shares industry trends and logic, while the second half (internal) focuses on in-depth content such as operations and project assessments, and is only open to Uweb students. I hope that by offering these free public courses, I can also provide more people with opportunities and decision-making basis to participate in the Web 3.0 ecosystem.

MetaEra: Why did you choose to found Uweb at the end of 2022? At that time, Bitcoin was at 16,000 and has now surpassed 100,000. What are your thoughts?

Yu Jianing: Whether it was founding Huobi University in the second half of 2018 or establishing Uweb at the end of 2022, we chose the right timing. The first course at Huobi University started in December 2018, when Bitcoin's price was at a market low. However, I believe that bear markets are the best time for education because those willing to invest in learning during a bear market tend to have an idealistic persistence and truly desire knowledge accumulation, rather than chasing short-term gains like speculators in a bull market. Learning itself requires patience and investment, and bear markets provide the best atmosphere for such in-depth learning.

Bear markets breed deep thinking, while bull markets are the season of theory bearing fruit. Offering courses during bear markets can provide students with a deeper long-term business logic rather than advocating for short-term speculation. Those who choose to follow us and learn during bear markets can truly understand the logic of wealth accumulation and cognitive realization. Compared to the impatience of a bull market, a bear market provides students with a chance for calm reflection, allowing them to focus more on seizing future market opportunities.

Uweb is also based on the same philosophy — we hope to deepen education and help students accumulate genuine cognition and skills. When the price of Bitcoin rose from 16,000 to nearly 100,000, my feeling was that such market changes again demonstrated the value of deep learning during the lows — cognition can indeed be transformed into wealth.

MetaEra: After breaking 100,000, what do you think the next big trend in the Web3 field will be?

Yu Jianing: The next phase in the Web 3.0 field will exhibit characteristics of 'accelerated compliance and institutional dominance.' The compliance wave over the past few years has led to the gradual acceptance of the value logic and trading mechanisms of digital assets by mainstream global institutions. Some national sovereign wealth funds and even central banks are gradually eliminating the barriers to digital asset allocation. With the escalation of geopolitical conflicts and 'reverse financial globalization,' more countries are increasing their gold reserves while exploring digital asset allocations, which is expected to gradually form a new trend in national reserves.

This trend can be summarized as 'bull market triple jump': from 2009 to 2023 is the 'retail speculation bull market.' Starting from 2024, with the approval of Bitcoin spot ETFs in the U.S., we enter the 'institutional allocation bull market,' and the approval of spot ETFs is even referred to as the 'IPO moment for BTC.' By 2028 at the latest, the digital asset 'national reserve bull market' is expected to kick off. This gradually escalating trend not only propels the rapid development of the digital asset market but also establishes a significant position for digital assets in the global economy.

Additionally, starting in 2024, a new market narrative will unfold around 'the securitization of tokens' and 'the tokenization of securities.' ETFs represent 'the securitization of tokens,' integrating Bitcoin and other digital assets into the mainstream financial system, while RWA tokenization represents 'the tokenization of securities,' digitizing mainstream financial assets through blockchain technology. This bidirectional integration drives a deep connection between the real world (mainstream finance) and the digital world (digital finance), forming an integrated financial ecosystem that further promotes mutual penetration and collaborative development.

Additionally, DeAI, or distributed AI, holds great potential. Personally, I believe that the combination of blockchain and AI presents four major trends: AI is a cornerstone of Web 3.0; large-scale AI access drives significant growth in blockchain network value; large-scale applications of AI will be built upon distributed physical infrastructure (DePIN); AI enhances digital productivity, while blockchain reshapes digital production relationships.

MetaEra: Recent hot topics are closely related to the U.S. elections. What is your view on Trump’s series of crypto-friendly policy actions after the election?

Yu Jianing: The series of crypto-friendly policies that Trump promised to promote during his time in the U.S. can be seen as a strategic signal for digital assets to move towards the mainstream in the United States. This policy tendency reflects the government's support for innovation and economic growth while responding to the Web 3.0 industry's long-standing demand for a clear regulatory environment.

From the perspective of the digital asset market, this policy shift has strengthened investors' confidence in the market outlook. The entry of institutional investors may accelerate in this environment, as policy support directly reduces participants' legal risks and compliance costs. Mainstream assets like Bitcoin are gradually establishing their key positions in the financial asset system under policy guidance, providing a broader market space for digital assets. However, such incentivizing policy measures also bring potential structural challenges, including whether this policy shift can be sustained, which depends on the details at the legislative level and actual implementation, as well as the connection and risk control with the mainstream financial system. In the future, the effectiveness of these policies will directly determine the long-term development trajectory of the U.S. Web 3.0 industry ecosystem.

MetaEra: What is your view on the competition between Hong Kong and the United States in the Web3 era?

Yu Jianing: In fact, in the multi-round competition in the global Web 3.0 field, the real innovation high ground is gradually concentrated in a few major regions: the United States, the UAE, and Hong Kong and Singapore. There is a high level of connectivity between these two Asian cities, with frequent flows of projects, capital, and talent, forming a regional innovation cluster. From the perspective of Hong Kong, it represents the strength of the East in the Web3 field. Although some believe that Hong Kong's progress in Web 3.0 has not fully met expectations, I hold a different view.

Since starting in late 2022, Hong Kong has made significant progress in the digital asset field. If I were to evaluate Hong Kong's development of the Web 3.0 industry and policy-making process over the past two years, I would give it an 85. While it may not be the best, it is certainly not disappointing. The reason for this evaluation is that there is indeed a gap in historical accumulation between Hong Kong and the United States. Marked by the listing of GBTC, the U.S. has been building its digital asset compliance since 2013, accumulating experience for 11 years, particularly in token securitization. In contrast, Hong Kong's practice of token securitization through ETFs has only been two years, so the market's adaptation and experience accumulation require more time.

However, the institutional construction in Hong Kong's Web 3.0 field has basically caught up with the level reached by the U.S. in regulatory and cooperative aspects in just two years, which is undoubtedly a significant achievement. Although there is still a gap in business volume and asset scale, from the perspective of structural design, compliance, and regulatory system construction, Hong Kong has initially established a relatively complete system, laying a solid foundation for future development and forming a differentiated competitive landscape with the U.S., which will help further prosper the global Web3 ecosystem.

MetaEra: You mentioned that your asset allocation is very stable; could you share the allocation ratio of traditional assets and crypto assets in your portfolio?

Yu Jianing: My asset allocation has always adhered to a stable principle, rooted in my long-termism belief in high-risk industries — in a volatile market, a stable strategy better helps us seize long-term trend dividends.

As stated in 'The Art of War,' 'Those who are good at winning do not fight; those who are good at fighting do not lose; those who are good at losing ultimately win,' implying that those who learn from failures often achieve ultimate victory. I believe the core of digital asset investment lies not in short-term speculation, but in long-term stable appreciation. I firmly believe that 'those who lose wisely win, and long-term holders prevail'; in a volatile market, a long-term and stable investment approach helps us capture the value of long-term trends.

I really like a story that comes from a hunting scene in a dark forest. In this scene, you cannot tell whether you are the hunter or the prey. The difference between the hunter and the prey is that the prey frequently jumps around, moving everywhere without a sense of direction, increasing unnecessary risks. In contrast, the hunter understands that they only have one opportunity to shoot; if they miss the target, they expose their position and find it hard to find another suitable opportunity. Therefore, the hunter does not act lightly; they are cautious and patient.

Cognition is the foundation of investment. The purpose of education is to reduce the information gap, increase cognitive disparity, consolidate knowledge into cognition, and turn cognition into dividends. Just like hunting in a dark forest, investors must be aware that they only have very few shooting opportunities; careful decision-making without hasty action is essential to avoid increased risks from frequent ventures.

As someone with a background in finance, I firmly believe that asset allocation is the 'free lunch' in investment studies. Through effective diversified asset allocation, one can indeed achieve asset appreciation under the same risk conditions, which is a widely adopted investment strategy among large global funds. Diversification does not mean adding asset types indefinitely, but rather carefully selecting and calculating, with a deep understanding of the assets as a prerequisite, ensuring that each asset added has its specific significance and proportion to achieve the goal of optimization.

Heartfelt thanks to MetaEra for the interview!