On August 30th, Bgain (formerly Fin-bee), a digital asset investment and management platform, held a Bgain brand launch conference in Hangzhou titled “New Era, New Asset Management, New Starting Point”, and its Digital Assets Trading Champions League ( The winning team of the first season was awarded.
At the meeting, Shao Jianliang, founder of Bisheng Capital, Kong Meng, founder of Very Hash, Laurence Yuan, partner of Fangda Law Firm (Hong Kong), and Li Wei, vice president of Cobo Wallet, around "Digital Money Management – New Stars and Seas" A wonderful round table speech. The golden sentence is as follows:
- Institutions will not push the price without a brain, and the cost of bitcoin mining is between $6,000 and $7,000.
- Stabilizing the currency may bring a new round of bull market, because if each country runs its own digital legal currency, then the stable currency is the medium of global circulation.
- Blockchain innovation is more likely to occur in European and American countries where practice leads.
- It is said that the mining cost line is the support line of the secondary market. There may not be much reference significance, depending on the ideas and trends of new funds.
- The deterministic things of the next four years are institutions and regulation, and they want to make rules of the game.
- Bitcoin is already a killer app.
The following is the content of the roundtable forum, organized by Babbitt.
- Indicted by the SEC, Kik CEO suspected of collapse and drunk: "I don't want to go to jail"
- How many blockchain predictions in early 2019 have been implemented now?
- In order to expand the market under the rising power, Bitfury will open the sale of mining machines to small and medium enterprises for the first time.
- Network key exchange and public key distribution method
- Vitalik Buterin said Ethereum did not roll back the deal after TheDAO incident and was criticized by netizens
- For the public chain, the story of the application layer is dead.
▲Left host, Shao Jianliang, Laurence Yuan, Li Wei, Kong Meng
Question 1. What role do you think the institution played in the rise of Bitcoin in 2019?
Shao Jianliang: The organization will not push the price without a brain, and the bitcoin mining cost is 6000-7000 dollars.
Earning in the first half of this year is either holding bitcoin or platform currency. In fact, the mainstream institutions that allocate assets in the first half of the year are holding these currencies. The institutions will allocate a large amount of digital currency assets before the market starts. Retail investors will not enter in the early stages of emotions, and they will enter more when the enthusiasm is high.
In May, before the Consensus conference, Fidelity and other institutions opened an asset meeting in Boston, inviting customers to participate in strategic meetings including mining and counting coins. It is obvious that European and American institutions are more enthusiastic and domestically. Including Libra, it has promoted the attention and entry of European and American institutions. However, there are price ranges for institutions to enter, and they will not push higher.
We estimate that bitcoin mining costs are in the range of $6,000-7,000, so there is still some room (compared to the current price). In May next year, bitcoin will have half the output, the cost will double, and the price will face a choice. The mining enthusiasm will be reduced. Going up, the enthusiasm for mining is high. This can be used as a reference for everyone to invest.
Li Wei: Institutional entry requires compliant asset custody channels
Financial institutions, traditional top Tokenfund, need a compliant hosting channel. This depends on three aspects of infrastructure, the first is the license, there is currently no license for digital currency in the world. The second is insurance. The current insurance is inadequate and inadequate. The third is policy. In Europe and the United States, such as Coinbase, his assets must be handed over to a third party. Cobo is also doing this business, but when we are targeting European and American companies, they are worried about a problem, that is, policy risk.
Bgain and Cobo, we are all working to promote these three things, so as to improve the industry's infrastructure.
Laurence Yuan: Organizations are constantly emerging
We are lawyers and have always been more contacts with institutional clients.
When the ICO boom in 2017 and 2018, 100 people asked me, but in the end, less than one person became a customer. Now, this ratio has become 1/5-1/10.
It turns out that it is an individual who consults me, and now it is an institution. We have seen intermediaries continue to emerge. It is precisely these companies with high compliance requirements that enter the industry, they will be able to comply with the product, and then sell the product to the old money of pension funds and so on.
We see that the trading platform and rules are in the process of further formation, and further legislation is advancing. Hong Kong has a sandbox monitoring mechanism. As far as I know, everyone applies for the sandbox's asset management licence, but not many people actually get it.
Question 2: How do you see the central bank's digital currency?
Shao Jianliang: Stabilizing the currency will be the medium of global value circulation
The legal currency deposit channel was blocked. This is the background for the birth of stable coins. The industry has to do some innovation, but it also brings valuable things.
In fact, central banks have thoughts based on digital currency, and Libra has caused the central bank to start worrying about the digital hegemony of the dollar. Just as China has been doing digital currency exploration, but there is nothing that pushes him to decide to do this. Now, the driving factor is Libra.
Next year, what hot spots may promote the development of the industry? It must not have happened. The new thing may be the pattern of global currency competition brought about by stable currency.
In the future, if all countries are going to operate their own digital legal currency, the global circulation of digital legal currency requires a medium to achieve a seamless link. This medium may of course be a stable currency. And this may lead to the development of digital currencies like Bitcoin.
Bitcoin may no longer have the value of daily payments because of instability, but the value of digital gold is being recognized by institutions.
Laurence Yuan: Blockchain innovation is more likely to appear in the leading European and American countries
China's legal digital currency is not necessarily a blockchain-based digital currency, it will also be centralized. It can achieve policy convenience and promote the government's economic policies, such as the fixed-point placement of money.
I am studying law. From a legal point of view, I want to say that China is the first to legislate, and then everyone will abide by it. The United Kingdom and the United States are common law. They have a case, a lawyer’s debate, a judge’s ruling, and a problematic legislation. It is more closely related to social practice. Therefore, you will find that innovation will appear in the practice of leading European and American countries. I think it will take some time for the launch of our national digital currency and policy formation.
In addition, cross-border currencies such as Bitcoin and Libra will inevitably impact the supervision of various countries, so it is necessary to form a unified calibre and rules for transnational supervision. However, human beings must unite, either for the sake of particularly important interests or for encountering particularly terrible enemies. Libra may be a particularly large enemy encountered by all countries. At this time, everyone has the motivation to hold a conference, and experts from various countries conduct global research on it.
At this time, I encountered a problem, brought experience, and brought practice to the Anglo-American countries.
Li Wei: Libra makes value transfer globally
This year, Libra launched, plus a wallet, and the participation of multiple agencies, it directly involved 2.7 billion people around the world, it made the central banks feel fear, because it realized the vision that all central banks want to achieve since World War II, let the world The financial institutions do not carry the value transfer of the difference.
Question 3: What will happen to Bitcoin in the next four years?
Kong Meng: The certainty of the next four years is the institutional and regulatory landing.
Very optimistic, do not pay attention to the price.
We have observed the regulation of the United States. Since 2018, it has actually supported many stable currencies, but none of them have a large market share of air coins. The regulated exchanges do not have any right to speak. If the United States wants to enter this industry, it must first obtain a position, can customize the rules, and then say that I will play with you again.
Our judgment on the future market, we think that it will not have much correlation with Bitcoin production reduction. We say that the mining history cycle, saying that the cost line is the support line of the secondary market, but in fact, there is not much reference significance. What we want to see is the new ideas and trends of entering funds. In retrospect, the US regulation must take a position before making rules, and then play the game as if it had bound the dollar and gold.
Can Bitcoin become gold? I don't think so. Our Internet is fast, and it is not difficult to say that Bitcoin has become a central bank reserve currency across borders.
The deterministic things of the next four years I think are institutions and regulation, they want to make rules of the game.
Li Wei: Technology development will definitely push up bitcoin prices
We look at the development, health, well-being and intelligence of human society. Blockchain solves some of the problems of intelligence, the future
The blockchain will be integrated with technologies such as AI. The advancement of this technology and its development will definitely push up the price of Bitcoin.
Laurence Yuan: We are getting together because of bitcoin
Without Bitcoin, we wouldn't read so many books about money. If we don't read so many books, we won't have so many new ideas about money. Today we are gathered here because of Bitcoin. The movement brought by Bitcoin, it is not Bitcoin itself, I believe there will be more upgrades in the future.
Shao Jianliang: Bitcoin is already a killer app.
We focus on two blocks, blockchain and artificial intelligence. Artificial intelligence makes future devices smarter. The blockchain achieves openness and fairness, and it drives the iteration and progress of governance.
We have always said where the killer application is, in fact Bitcoin is already such a thing. The impact of Bitcoin on the financial industry is still very large, and its changes and influences are mostly in the financial sector. In the real future, all aspects of technology will take time.