“Successful Conclusion of BitMEX’s Return to Taipei: Arthur Hayes and Taiwan KOL Discuss Market Trends”
During the 2023 Taipei Blockchain Week (TBW), legendary exchange BitMEX and blockchain news outlet Abmedia co-hosted a side event titled “BitMEX Returns to Taipei.” The event, held at a bar in the city center, featured a BitMEX Night where guests could enjoy free drinks, food, and exclusive merchandise. In addition to discussions on market trends by several well-known Taiwanese KOLs and on-site users, BitMEX founder Arthur Hayes also took the time to conduct an online Ask Me Anything (AMA) session with Taiwanese users.
Contents:
AMA | Arthur Hayes: Bitcoin Spot ETF is a “Sell the News” Event
China to Reverse the Situation by Printing a Large Amount of Money
How does Arthur Hayes trade cryptocurrencies?
Bitcoin Spot ETF is a “Sell the News” Event
KOLs Discuss Bull Market Outlook
Josh Trading Founder Josh
Former FTX Taiwan Community Partner Benson Sun
Crypto Wesearch Founder Alvin
Nao Ge, Founder of Nao Ge Blockchain
AMA | Arthur Hayes: Bitcoin Spot ETF is a “Sell the News” Event
China to Reverse the Situation by Printing a Large Amount of Money
Similar to his previous argument, Arthur Hayes believes that the Chinese government will print money and expand credit. (Arthur Hayes: Capital is fungible, and Chinese capital will seek the protection of cryptocurrencies.) He pointed out that Chinese people have followed a strategy of saving money and buying houses for the past 20 years, but this strategy is no longer effective for the middle class. They no longer believe that buying a house is a shortcut to wealth, and there is an obvious property bubble in real estate valuation. The Chinese government obviously does not want to face such an economic pain period, and he predicts that China will replicate the US’s money-printing model from a few years ago to reverse the situation.
How does Arthur Hayes trade cryptocurrencies?
When asked if he has any commonly used technical indicators, Arthur Hayes said:
I used to engage in day trading a long time ago, and I believe it is necessary to focus on charts with specific time frames, such as 15 minutes or 30 minutes. When you want to engage in day trading, you almost have to treat it as a full-time job because the cryptocurrency market never sleeps. When the market offers you the opportunity to make money, you must seize it. The worst traders are those who trade at any time without the market giving them an opportunity. Therefore, I believe that patience and focus are the keys to successful trading.
BitMEX Returns to Taipei Event Scene
Bitcoin Spot ETF is a “Sell the News” Event
Consistent with Arthur Hayes’ previous argument, he believes that over time, Bitcoin ETFs will become targets for retirement funds and private wealth institutions, which will be an important driving force for Bitcoin. However, he pointed out that many people do not understand how ETFs work, and this will not stimulate actual demand for Bitcoin. The performance of spot ETFs after they are approved will not be as impressive as expected. Therefore, he would say that Bitcoin spot ETFs are “Sell the News” events. (Not optimistic about Bitcoin ETF, BitMEX founder: BlackRock is like a national agent, likely to accelerate destruction.) Arthur Hayes finally stated that he has always been bullish on Bitcoin and believes it is the most solid form of “money” with hard asset attributes. ETH, on the other hand, is a commodity with practical use, the best decentralized global computer. He also emphasized that he believed the bull market had arrived several months ago, but it does not mean there is no opportunity to get on board. BTC may rise to a million dollars but also experience a 75% decline. There is always an opportunity to buy.
KOLs Discuss Bull Market Outlook
Josh Trading Founder Josh
Optimistic about the combination of blockchain games and Ponzi attributes with improved quality, expecting the takeoff of GameFi.
Focusing on new trends, such as ICOs, DeFi, and NFTs in recent years, similar to recent Ordinals.
Positive about the entire blockchain gaming, Cosmos ecosystem, and DePIN field.
Regarding Bitcoin spot ETFs, Josh sees their long-term impact on BTC and points out that there will definitely be significant volatility when the SEC deadline for review arrives in early January next year. Investors can use options and other tools for trading.
Former FTX Taiwan Community Partner Benson Sun
Benson agrees with Josh and also sees potential in GameFi. However, he advises:
Game mechanisms should not be too complex.
Consider whether the tokens have a flywheel effect (slight Ponzi attributes).
Carefully observe on-chain data and set exit conditions for oneself.
Regarding Bitcoin spot ETFs, Benson uses the halving as an example. Both the halving and ETFs are known bullish factors for BTC. For example, BTC doubled in value before the 2020 halving but experienced a decline after the halving. Therefore, it is clear that ETFs will also be “Sell the News” events. He suggests that investors can refer to BTC’s past halving trends to optimize their investment strategies. However, Benson is still very bullish on the historical significance of ETFs for BTC, which means that BTC has evolved from a relatively marginal asset to an investment target recognized by the global capital market.
Alvin, Founder of Crypto Wesearch
Does not exclude Ponzi schemes and does not disdain any market opportunities. Participate in projects as early as possible, such as Ordinals, and observe on-chain data to find exit opportunities.
Deep dive into the fields of DeFi, DApps, etc., as it is a good opportunity to train oneself in data observation and market sentiment.
Solana showed many growth opportunities in June and July this year, and the long-term support of Jump Crypto was also crucial.
Alvin states that there may be fluctuations and retracements, but he will not make predictions or short BTC spot ETF events casually. This is because it is clearly the early stage of a bull market, and he agrees with Benson that the future gains of BTC and ETH may be difficult to match with competing coins. Therefore, investing in the right race is crucial.
Nao Ge, Founder of Nao Ge Blockchain
The simplest way is to combine Bitcoin with spot ETFs, halvings, and other positive factors.
Positive about the integration of RWAs (Real World Assets) and protocols.
Nao Ge was also asked about the recent incident where he held up a “Fiat Scam” sign at a financial expo. He revealed that it was not planned in advance but was inspired by seeing many securities firms holding signs for advertising at the venue. He mentioned that he used to frequently follow the tweets of the biggest Bitcoin maximalists abroad and was influenced to some extent by their long-term rhetoric. He gradually understood the mindset of Bitcoin maximalists fiercely criticizing fiat currencies.
The “BitMEX Returns to Taipei” event, assisted by ABMedia, successfully attracted widespread attention from the Taiwanese cryptocurrency community. The event brought together hundreds of cryptocurrency enthusiasts from all over Taiwan to discuss the trends in the cryptocurrency market in 2023.
In addition to providing a good opportunity for the Taiwanese cryptocurrency community to communicate, “BitMEX Returns to Taipei” demonstrates BitMEX’s determination to expand its market presence in Asia. After Binance’s settlement agreement with the US Department of Justice and a slight decline in short-term market share, it will be interesting to see how the global landscape of exchanges will change in the future.
Alvin
Benson Sun
BitMEX
BTC
Josh
Cryptocurrency
Blockchain
Bitcoin
Nao Ge
