Bitcoin Asia Summit 2024 Opens in Hong Kong: Unpacking Differences in Bitcoin Development Between East and West, Guest Declares Never Selling Bitcoin
The Bitcoin Asia Summit 2024 kicked off at the Kai Tak Cruise Terminal in Hong Kong, marking its debut in Asia. This premier Web3 fintech summit, typically held annually in the USA with over 50,000 attendees, attracted more than 10,000 participants on its opening day. One of the sessions, held in Chinese at the Genesis Stage, focused on “Bitcoin’s Growth in Asia” where the speakers shared their unique insights.
Speakers at the session included:
- Jack Lee, HCM Capital
- Elaine Yang, Waterdrip Capital
- Shuning Hong, BiHelix
- Moderator: Vivian Cheng, Life with Bitcoin Podcast
Disparities in Bitcoin Development: East vs. West
During the discussion, Vivian asked the panelists, all with financial backgrounds, to share their views on the differences in Bitcoin development between the East and the West.
Elaine commented, “In the East, there’s a preference for layer-one assets, focusing on token issuance and layer-two ecosystem applications, whereas the West concentrates more on foundational innovation.”
Jack Lee added, “Using the internet as an analogy, companies like Tencent and Alibaba in China have caught up with their Western counterparts after many years. However, the U.S. still leads in the financial sector. The lack of a mature economic environment in Asia poses challenges with emerging assets, leading to various ‘chaotic phenomena.'”
He also mentioned language barriers, speculating that Satoshi Nakamoto might be American, as most Bitcoin research is predominantly in English. “If Chinese developers are working with second-hand, translated information, it impacts innovation,” he said. Despite the development of blockchain standards like BRC-20, he prefers to explore Bitcoin’s potential as a revolutionary form of money.
Shuning Hong highlighted, “The biggest difference between the West and Asia is that the former are developed nations where people can afford to chase their dreams, leading to significant technological and infrastructural advancements in Bitcoin.”
“In contrast, in less developed regions, the focus is more on Bitcoin’s commercial applications, like mining, to ensure profitability for participants. The hardworking nature in Asia also contributes, with people working long hours to quickly adapt and implement market strategies,” he added.
Unwavering Belief in Bitcoin
When asked about his stance as a self-proclaimed Bitcoin Maximalist, Shuning Hong explained, “Each person defines Bitcoin Maximalism differently. I believe in Bitcoin as money, not just as an asset to be sold at a high price later. For me, Bitcoin represents a shift from ‘bad money’ to ‘good money,’ with the goal of it becoming a universally accepted currency, eliminating the need to ‘sell’ it.”
His perspective stems from his long tenure at the People’s Bank of China, where he realized the flaws of fiat currencies. “When I first read the Bitcoin paper in 2011, I was amazed as it represented the true definition of money,” he shared.
Jack Lee echoed these sentiments, highlighting the downward trend of traditional fiat currencies compared to Bitcoin’s grassroots growth as an alternative.
The Bitcoin Asia Summit 2024 continues to offer a rich schedule of panels and workshops covering various aspects of blockchain technology, including security, legal landscapes, and market trends. Over 50 exhibitors are showcasing the latest in Bitcoin and Web3 technologies, providing attendees with in-depth understanding and hands-on experiences. Industry leaders and innovators are also sharing their insights and predictions, helping participants grasp the trajectory of the industry.
