Is The Crypto Winter Over For Good? BiKi Southeast Asia CEO addresses this question at Codex Top 50 Innovators in London
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CEO of BiKi.com Southeast
Asia, Ethan Ng, has been invited to speak alongside industry specialists
at the prestigious Codex World’s Top
50 Innovators in London. This year, speakers include top specialists
from NASA, Oracle, and IBM. Presently leading the progressive trading platform
in its globalization efforts,
Ng will provide the following exclusive insights into the crypto space.
The Crypto Winter
In 1998, Nick Szabo theorized about “Bit
Gold,” a digital currency that requires
proof of work to solve but was never conceived.
A whole ten years later, in 2008, Satoshi
Nakamoto wrote a whitepaper detailing Bitcoin. A year later, Bitcoin was
released. It was only in 2011 that Bitcoin’s value surpassed $1. Then in 2013,
Bitcoin’s value exceeded $1000. By
December 2017, in the peak of the bull run, Bitcoin has reached nearly $20,000.
By the end of 2018, the Bitcoin price has plummeted to $3,200, signaling the crypto winter.
The crypto winter saw
the market value of crypto tumble more than 80%, from $800 trillion to under
$200 trillion. Weak consumer sentiment
followed, and mainstream attention for
cryptocurrencies has left and has yet to return.
However, it is a
common misconception that the bear market reflects the current state of technological
progress.Blockchain technology,
as the underlying distributed ledger technology, should not be conflated with
the incentive layer of public blockchains, namely cryptocurrencies. As Apple
co-founder Steve Wozniak shared in a Bloomberg interview, people should focus on Bitcoin value creation
rather than being preoccupied with the price of Bitcoin.
The Gartner Hype Cycle
explains that shortly after a new technology is
created, there will be a phase of inflated expectations, causing its
visibility to peak and rise. After that,
it will plummet to a trough of disillusionment before slowly plateauing upwards
to a plateau of productivity. This is the
exact case for cryptocurrencies and blockchain technology.
BiKi’s Unique Position
BiKi has a unique set of users on the
exchange platform, who are new to
crypto and have joined since the bear market in 2018. There
are users in third to sixth tier
cities in Chinese markets, which are
untapped by top tier exchanges. They are superbly loyal users who benefited in great
value while growing together with BiKi, thriving in the bear market, forming a
total of 200,000 strong active traders on
WeChat today.
BiKi has adapted over the crypto winter to
become more than just a medium of exchange. Similar to what Michael Ovitz did
in Hollywood and Ycombinator for start-ups. For instance, in
Ycombinator’s case, rather than being just an investment firm for start-ups,
they provide advice, seed funding, connections to marketing resources, media
exposure, and more for their start-ups.
Similarly, BiKi helps listed projects
with continuous branding and exposure to top crypto Chinese media, while creating influence for them in Chinese
communities by building communities of active traders for them.
The future of
blockchain and cryptocurrencies is bright. With crypto taking up only 0.3% of
the total value of global markets, there is a lot of potentials for mainstream investors to enter the industry as it
grows. Bitcoin was created during the financial crisis ten years ago when the US
federal reserve was cutting interest rates and devaluing the dollar. The same pattern is repeating in the last few
months, with President Trump pushing for interest rates to go to zero, or
negative. This makes bitcoin extremely
attractive to investors because of its
sound money principles. The block reward halving coming up in 2020 also means a new supply of Bitcoin is more scarce
BiKi’s Bold Prediction about
Blockchain
Here is BiKi’s big, bold prediction for
blockchain in the next five years. First,
the Bitcoin price will hit 10x in the
next three years. With more than 800
blockchain patents under its belt, China is going to be a global leader in
blockchain in less than five years. Their
government has included blockchain as a strategy in their 13th five-year plan, and many countries will follow suit soon after.
Exchanges with an Asian focus have an obvious
competitive edge, and BiKi’s unique
positioning will capture that growth. As we have grown to 1.5 million users and
130,000 daily active users in under the year under bearish conditions, we are
bound to increase by multiple folds in
the bull run. BiKi will continue to touch new economies in developing countries
to give a unique asset class opportunity
BiKi hosts “Invest and Trade” London Meetup
Ng’s presentation is followed by another
global meetup themed “Invest and Trade” at ultra-modern conference space,
Wimpole St. 1 in Central London. One hundred
industry specialists will gather at the exclusive BiKi event as keynotes and
panel discussions address the hottest topics in crypto. Leading investment funds, exchanges, and media will be in attendance, with Ollie Leech, Chief Editor at
Bitcoinist.com, moderating the panels. The event is held in conjunction with VC Partner SMC Capital, an
established blockchain-focused VC founded by industry experts.
The Codex Top 50 presentation in London
marks the fourth stop on the BiKi global
world tour, which has so far included
Vietnam, Toronto, and Singapore. To top that off, last weekend, BiKi.com was
crowned ‘Best Digital Assets Management Platform’ at FinWise: Macau 2019.
Next up on the globalization calendar for
this rapidly growing exchange will be the highly anticipated premiere Asian
blockchain conference, Korea
Blockchain Week. Attendees can expect the same magnitude and exclusivity of
past BiKi meetups, to be organized this time with Korean partners who are
influential in the crypto space.
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