During the 2023 Taipei Blockchain Week (TBW), legendary exchange BitMEX and blockchain news Abmedia jointly organized a side event called “BitMEX Returns to Taipei”. The event, held at a bar in the city center, featured an evening of 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 made time for an online Ask Me Anything (AMA) session with Taiwanese users.
AMA|Arthur Hayes: Bitcoin Spot ETF is a “Sell the News” Event
China is Reversing the Situation by Printing a Large Amount of Currency
Arthur Hayes believes that the Chinese government is printing money and expanding credit, similar to previous arguments. He pointed out that Chinese people have been following the economic strategy of saving money and buying houses for the past 20 years. However, this strategy is no longer effective for the middle class, who no longer believe that buying houses is a shortcut to wealth. There is an obvious housing bubble. The Chinese government clearly does not want to face such an economic pain period and he predicts that China will replicate the US’s money printing model in the past few years to reverse the situation.
How Does Arthur Hayes Trade Cryptocurrencies?
When asked if he has any commonly used technical indicators, Arthur Hayes said:
A long time ago, I engaged in intraday trading. I believe that you must focus on charts with specific time frames such as 15 minutes and 30 minutes. When you want to engage in intraday trading, it is almost like a full-time job because the cryptocurrency market never sleeps. When the market provides you with opportunities to make money, you must seize them. The worst traders are those who trade at any time when the market has not given them a chance. 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
Similar to Arthur Hayes’ previous arguments, he believes that over time, Bitcoin ETFs have become targets for retirement funds and private wealth institutions, which will be important drivers for Bitcoin. However, he pointed out that many people do not understand how ETFs work, and this will not stimulate the actual demand for Bitcoin. The performance of spot ETFs after passing will not be as impressive as expected. Therefore, he would say that Bitcoin spot ETF is a “Sell the News” event.
KOLs Discuss Bull Market Outlook
Josh Trading Founder Josh
Optimistic about the combination of chain games and Ponzi attributes, with improved quality, expecting the GameFi track to take off.
Pay attention to new trends, such as ICO, DeFi, NFT in previous years, similar to recent Ordinals.
Optimistic about the whole chain game, Cosmos ecology, and DePIN field.
Regarding Bitcoin spot ETF, Josh is optimistic about its medium to long-term impact on BTC, and pointed out that there will definitely be drastic fluctuations when the SEC reviews the deadline 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:
The game mechanism should not be too complicated.
Whether the token has a flywheel effect (slight Ponzi attributes).
Carefully observe on-chain data and set exit conditions for oneself.
Regarding Bitcoin spot ETF, Benson uses halving as an example. In fact, both are known positives for BTC. For example, BTC doubled in value before the halving in 2020 but fell afterwards. Therefore, it is clear that ETF will also be a “Sell the News” event. He suggested that investors can refer to BTC’s previous halving trends to optimize their investment strategies.
Renowned Taiwanese KOLs Discuss Bull Market Outlook
Crypto Wesearch Founder Alvin
Does not exclude Ponzi schemes, does not disdain any market opportunities, participates in projects as early as possible, such as Ordinals, and observes on-chain data to find exit opportunities.
Deeply explore DeFi, DApps, and other fields, which are also good opportunities to train oneself in observing data and market sentiment.
Solana showed many growth opportunities in June and July of this year, and Jump Crypto’s long-term support is also crucial.
Alvin said that there may be volatility and retracements, but he will not make predictions or short Bitcoin spot ETF events arbitrarily because it is clearly the early stage of a bull market. He also agrees with Benson’s statement that BTC and ETH may have difficulty matching the future gains of competing coins, so it is important to invest in the right track.
Nao Brother, Founder of Chill Blockchain
The simplest thing is that Bitcoin carries positive factors such as spot ETF and halving.
Optimistic about the integration of RWA ecology and protocols.
Nao Brother was also asked about his recent act of holding up a “Fiat Scam” sign at a financial exhibition. He revealed that it was not planned in advance, but rather inspired by the advertising activities of many brokerage firms at the venue.
He revealed that he often watches the Twitter accounts of the biggest Bitcoin maximalists abroad and has been somewhat influenced by their long-term propaganda. He gradually understands the attitude of Bitcoin maximalists vigorously 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 of the cryptocurrency market in 2023.
In addition to providing a good opportunity for the Taiwanese cryptocurrency community to communicate, BitMEX’s determination to expand its market presence in Asia is evident. After Binance settled with the US Department of Justice and its market share declined in the short term, it will be very interesting to see how the global landscape of exchanges will change in the future.
Alvin
Benson Sun
BitMEX
BTC
Josh
Cryptocurrency
Blockchain
Bitcoin
Nao Brother