By Anna Kharton
Translation: Blockchain in Vernacular
TOKEN2049 has concluded successfully in Singapore. Here are three highlights from this year’s much-anticipated cryptocurrency conference.
One of the largest industry conferences, TOKEN2049 was held in Singapore from September 18 to 19. The conference brought together leading figures in the crypto space to share their views on industry trends, developments, and priorities.
1. How will the crypto industry develop in the next three years?
One of the highlights of the conference was a roundtable discussion titled "The Next Three Years for the Crypto Industry," where leaders of several well-known crypto projects discussed the short-term prospects of the industry. Jeremy Allaire, CEO of stablecoin issuer Circle, Star Xu, founder and CEO of top crypto trading platform OKX, and Vitalik Buterin, co-founder of Ethereum, participated in the discussion. They not only looked forward to the future of the digital asset field, but also shared their experiences and stories as long-term participants and industry leaders.
2. Self-hosting is key
During the roundtable discussion, OKX's Star Xu said that self-custody technology is particularly important in cryptocurrency storage because it has relatively high security. However, he also pointed out that promoting self-custody in the crypto industry (i.e., users keep crypto assets themselves instead of through third parties such as trading platforms) does not mean that the field does not need regulation.
Talking about the future of digital assets, Xu mentioned that there have been many important technological advances in the industry in the past decade, but he believes that the applications and practical cases of Web3 should develop faster.
3. Less focus on NFTs
Vitalik pointed out that one of the main advantages of digital assets is their international and borderless nature. He reiterated the industry’s potential to serve people around the world who do not have access to the traditional financial system.
He also emphasized that practical application scenarios are needed to promote the mass popularization of digital assets. Vitalik called for less attention to expensive NFTs , believing that they have no real benefits for the industry and humanity.
Vitalik also said that he believes that improving the security of the crypto industry should be a focus, while also working to reduce transaction fees.
4. Vitalik talks about the popularity of cryptocurrency and sings crypto songs
Vitalik also discussed the accessibility of cryptocurrencies, their use as a means of payment, and the security of the entire ecosystem.
He believes that the argument that it is too early to promote cryptocurrencies is no longer valid. He compared the extremely low awareness and adoption of Bitcoin in 2013 to eight years later in 2021, when Ethereum could already be used to buy a cup of coffee in Argentina.
In between discussing the future of blockchain and cryptocurrency, Vitalik also sang a song about cryptocurrency: https://twitter.com/i/status/1836330985706918253
5. Arthur Hayes predicts the market reaction to the Fed's rate cut
On the first day of the conference, Arthur Hayes, co-founder of derivatives trading platform BitMEX, delivered a keynote speech titled "Macroeconomic Current Affairs Thinking" .
On that day, the U.S. Federal Reserve was expected to announce a much-anticipated rate cut, which it did. Hayes predicted that the rate cut would cause the market to fall in the short term:
“I think it would be a huge mistake for the Fed to cut rates at this time, especially at a time when the U.S. government is printing money and spending at an unprecedented level in peacetime.”
Hayes noted that the U.S. rate cuts could trigger a market sell-off, in part because investors are again concerned about the unwinding of yen carry trades. The Fed’s rate cuts, combined with the Bank of Japan’s recent rate hikes, have narrowed the gap between U.S. and Japanese interest rates, making yen carry trades less profitable.
The potential unwinding of the yen carry trade, in which investors borrow yen at historically low rates and convert them into the currency of higher-yielding assets, such as U.S. Treasuries, was a major driver of the global market rout last month.
However, Bitcoin has risen nearly 7% since the Fed announced a 0.5% rate cut.
The next TOKEN2049 conference is expected to be held in Dubai in the spring, which is exciting.
Link to this article: https://www.hellobtc.com/kp/du/09/5430.html
Source: https://crypto.news/token2049-singapore-main-highlights/
