Original | Odaily Planet Daily ( @OdailyChina )
Author | Qin Xiaofeng ( @QinXiaofeng 888 )
During a campaign speech last July, Trump was shot in the right ear. He immediately raised his arms and shouted FIGHT, which sealed his victory.
The same scene was played out again at the recent Trump Manor dinner. When the microphone on the scene made a bang sound, Trump lightly covered his ears and joked: My ears. The TRUMP holders in the audience smiled knowingly, and the atmosphere of the dinner became light and cheerful.
This scene also left a deep impression on Sheldon, a participant in the Trump dinner and the founder of BitMart. As a VIP user who is among the top 25 TRUMP token holders, Sheldon not only attended the dinner, but also visited the White House the next day and saw the scene of Trump and Obama confronting each other.
At the dinner, Sheldon also observed that the vast majority of participants were Asian, and there were also a large number of non-Web3 practitioners participating, which indirectly verified the increasing popularity of crypto finance. Although it was a pity that he failed to communicate with Trump, Sheldon still felt that this dinner was of great significance, and the words breaking the circle and inspiring confidence were mentioned by him many times.
In analyzing the industry issues, Sheldon pointed out that the crypto field needs to guard against the increase in leverage and effectively control risks to prevent the recurrence of black swan events. In addition, Sheldons understanding of crypto investment is to earn Bitcoin rather than fiat currency. You can try to value your wealth in currency, hold on to your Bitcoin to earn more Bitcoin, rather than earning more fiat currency.
The following is a summary of Odaily Sunday’s interview with Sheldon, enjoy~
(Sheldon at Trumps dinner)
1. Live from the dinner: The entire venue was filled with Trump elements
Odaily: Sheldon just attended the Trump dinner. If you use three words to describe your feelings after the dinner, which three would you choose?
Sheldon: The whole banquet was able to meet my expectations, and some parts even exceeded my expectations. If I were to describe it in three words, I think they would be: confidence, hope, and glory.
We have seen the confidence in the crypto industry around the world and the hope in the United States, and I personally think it is an honor to participate in the dinner as one of the representatives of industry practitioners.
Odaily: I would still like to ask Sheldon to restore the entire process of Trumps dinner for friends who did not have the opportunity to go to the scene.
Sheldon: The dinner was mainly divided into two major parts: one was a dinner for the top 220 TRUMP token holders, and the other was a VIP exchange session for the top 25 holders (including a visit to the White House the next day).
Before the dinner started, VIP users entered a small conference hall in advance, where Trump gave a small speech to everyone. Afterwards, he entered a large dinner room and gave a ten-minute speech to all the dinner participants. There were also some awards and raffles at the dinner until the end.
Odaily: Many people will be curious whether the security level of this dinner is as strict as rumored?
Sheldon: I have also participated in many high-level events, and the security level of this dinner is the highest in the entire United States.
When we drove in, the entire vehicles front engine, chassis, trunk, etc. all needed to be strictly inspected. At the same time, all the windows of the venue and VIP reception room were covered, probably to prevent shooting, and you were not allowed to do things like pull open the curtains.
Overall, the Secret Services security check was very strict, but the White House itinerary the next day was slightly better.
Odaily: Since you mentioned the White House, could you please introduce the VIP-only White House itinerary? Because some American media have previously reported that the White House itinerary might be canceled.
Sheldon: The White House trip was indeed very controversial in the United States, because the United States has a series of campaign-related bills, which restrict the presidents emblem and some of the presidents investment activities and behaviors. The White House trip was indeed listed on the Trump official website in the early days, but later many reporters went to consult, so the official took it offline to reduce the impact.
As VIP users, we did not have to wait in line during our visit to the White House. We were greeted by a special person at the door. The tour took about 20 to 30 minutes. We mainly visited the presidents study, reception room, and some symbolic banquet halls, etc. Interestingly, there was a room with portraits of all the presidents. Justin Sun even took a photo in front of Trumps iconic FIGHT FIGHT FIGHT photo. Opposite the photo of Trump was a photo of Obama. The photos of the two people were like tit-for-tat, full of American fun.
Odaily: I saw a video online where Justin Sun gave a speech at a dinner party. Is this a special benefit for holding the largest position?
Sheldon: Yes, because Justin Sun holds the most TRUMP and has the strongest support for the project, he was given a separate speech at the dinner and was given a Trump watch as an incentive. The watch is quite exquisitely made, with a gold tourbillon. It should be noted that this watch is only available to the top four participants, and a separate watch awarding session was arranged.
Odaily: During the dinner, in addition to the awarding of watches that you just mentioned, are there any other moments or interesting things that impressed you?
Sheldon: What impressed me most was that when Trump was giving a speech, the microphone suddenly exploded, and the sound of bang was very similar to the sound of a gunshot. Then, Trump covered his ears and said, my ears, which was a very humorous way to resolve such a special emergency.
Odaily: How long did Trump stay at the dinner? Did he mention any specific policy direction regarding the crypto industry in his speech?
Sheldon: Trumps speech mainly reviewed his past support for crypto policies, including the promotion of the Bitcoin National Reserve Program, his participation in a large number of personnel appointments involving supervision, and the impact of the entire regulatory environment on the SEC (U.S. Securities and Exchange Commission) and other departments, which has promoted many bills. In addition, he also affirmed the contributions of the dinner participants in the crypto field from the presidential level, and expressed that he would continue to support the development of the crypto field in the future, which also gave us all very strong confidence.
Odaily: Did Trump mention what new actions will be taken in the future regarding this Trump project?
Sheldon: I think there is a certain possibility (that there will be new actions), but he did not mention anything specific about the future direction of the Trump project. He was more about boosting everyones confidence.
Odaily: On-chain data shows that more than half of the addresses of TRUMP token holders are currently losing money. Did any investors express dissatisfaction to the Trump team at the dinner?
Sheldon: There are definitely losses, but many of the participants here, especially the top 25, are crypto holders. I think there are not many losses among the top holders, and most of them are still making money.
Odaily: As a VIP user, what topics did you and Trump talk about during the interaction with the president before the party started?
Sheldon: Its a pity that I didnt have a chance to have a one-on-one communication with Trump this time. Regarding the VIP session, it was mainly 1 V 25, with his speech as the main focus. I also shared a video of Trumps speech on X, you can go and have a look. The whole speech process was mainly about encouragement and confidence-building. He said that he would bring more things to the crypto field, but he didnt mention any specific policies.
Odaily: Were there any scenes, speeches, gifts, dishes or arrangements at the dinner that you found novel and interesting?
Sheldon: There were many Trump elements throughout the venue, with a very strong personal IP effect: there were many Trumps iconic FIGHT standees on site, and there was also a signature plate for everyone to sign; the wine we drank was Trump brand, and the steaks and vegetables we ate were also Trump Organic, and the estate for the banquet was also owned by Trump.
2. Industry Outlook: The US crypto industry is more favorable in this cycle
Odaily: Do you know the backgrounds of other participants at the dinner or at your table? Are they from the Web3 industry or traditional finance? What are their goals?
Sheldon: Among the top 25 VIP users, I think at least half of them are Asian, including Korean, Japanese, Chinese, Canadian, Singaporean and American Chinese.
Some of these participants are from the traditional e-commerce field, and some are from the traditional financial field. Many of them are not familiar with the Web3 industry practitioners.
I talked to a European and American who works in the traditional financial field. He is purely interested in cryptocurrencies. I also had a friend from China who works in e-commerce. He said that he was a cryptocurrency user himself, and he saw this event and participated in it. He also hoped to have a chance to communicate with Trump.
In general, I think one is that many people continue to pay attention to Web3 and have a certain understanding of it; the other is that Trump’s personal IP has a great influence, which attracted many people to participate in this event.
At present, the popularity of encryption is already high, and it is breaking through different events, including the Trump dinner, which has also radiated to non-encrypted fields, including traditional financial fields and many mainstream media. These mainstream media reports are critical, inspiring, and praising, but they have all achieved another breakthrough in encryption.
Odaily: What moment during the dinner convinced you that the crypto industry is moving from underground to the core of power? Have you observed a shift in traditional capitals awe or hostility towards Web3?
Sheldon: I think Sun Yuchen said some very good things at the party, and he also expressed the voices of many practitioners - I didnt expect that the crypto industry, which had been suppressed and hostile in the past few years, would now have the opportunity to communicate closely with the president. I believe this is the common idea of many dinner participants, which has greatly encouraged crypto practitioners and filled everyone with confidence.
Odaily: What topics in the crypto industry did you discuss with other dinner attendees? What were the differences or consensuses?
Sheldon: The most talked about topic is whether to make greater investments in the United States. I believe this is also the most interesting question for everyone at this dinner. Because the entire political system in the United States is different from that in Asia, it has party rotation and various cyclical reasons. Everyone will have some differences, but the general direction is relatively consistent: we believe that the entire crypto industry in the United States is still relatively favorable in this cycle (at least in the next three and a half years).
Odaily: Regarding this dinner, we have seen some people comment that it is more hype than reality. What do you think of this event? What do you think is the actual impact of such political activities on crypto companies?
Sheldon : First of all, this is not a political event, it is a private event, a private event for TRUMP token holders.
When you have the opportunity to communicate with someone at the president level, you are unlikely to discuss details, but rather general directions and principles. The most important thing for the president is to set the direction and give all participants and entrepreneurs a confidence-boosting effect, which is the same in other countries.
So from this point of view, I dont think its below expectations, nor do I think its a gimmick. I think this event sent a very positive signal to the crypto industry, and made everyone present and non-practitioners feel the weight of this signal; it also broke the circle and made more people pay attention to the crypto field, which I think is very meaningful.
Odaily: Trump made many crypto-friendly declarations during last years campaign. How would you rate his policy commitments? Please explain why.
Sheldon: I can give it 95 points, and the other 5 points are for greater expectations. Looking back, most of his campaign promises related to cryptocurrencies have been fulfilled, including the establishment of a strategic reserve of Bitcoin and the promotion of related policies, and some legislative proposals are still under review. Of course, we certainly hope that more favorable policies will be introduced in the future.
Odaily: If the Trump team invites you to be a crypto consultant in the future, will you accept it? Which policy do you want to promote the most?
Sheldon: If there is an opportunity, I am willing to accept it. The field I focus on is still mainly exchanges. I hope to speed up the formulation of framework bills in the field of exchanges as soon as possible to provide legal protection for participants in this field.
3. Exchange business: only provide asset transactions, no value judgment
Odaily: After the dinner, did any politicians or businessmen actively invite you to cooperate? Have you established any new cooperation or resource links?
Sheldon: I think what was beyond our expectation this time was that many people present were interested in our business. There are many potential future cooperation opportunities. We also had very in-depth exchanges, including legal and transactional aspects. For specific cooperation, you can wait for our official announcement in the future.
Odaily: Are there any BitMart competitors (such as Coinbase, Kraken) among the dinner attendees? Do you feel the differentiation between the positions of traditional exchanges and crypto-native platforms?
Sheldon: Not many people from US exchanges attended the event that day. Neither Coinbase nor Kraken attended. The participants were mainly companies interested in Memecoin. At the event, I saw some partners who could complement us, such as Wintermute and some decentralized exchange platforms.
Odaily: Meme coins are highly volatile. Taking the TRUMP token as an example, how does BitMart balance speculation and long-term value narrative in the listing process?
Sheldon: First of all, Meme coin has its own unique role, such as community value, and Meme coin has also helped the entire industry break through the circle. Some of the best ones have also formed a real trend. For exchanges, we provide trading services, and our goal is to provide all users with trading products under real information. Therefore, we definitely hope that more products can enter the field of vision of users, so that they have more opportunities to choose and can have their own basis for judgment.
We don’t make judgments on behalf of users, which is critical because we don’t know which coin will win in the end. Each Meme coin has its own narrative, and is in dynamic and random changes based on the team and market conditions. So our goal is to provide users with trading opportunities. We don’t define which assets are good assets and which assets are bad assets. We only maintain the authenticity of the entire project. Even for many products with long-term value narratives, we just put them on some main boards or innovation boards without making value judgments.
Odaily: Trump mentioned that he would relax restrictions on banks’ custody of crypto assets. Will BitMart cooperate with traditional financial institutions to develop custody products?
Sheldon: We have been moving forward. Around September or October of this year, we will launch more RWA products, including US stocks and some synthetic fund assets.
4. Advice: Earn More Bitcoin
Odaily: When you started your business a few years ago, did you ever think that you would be discussing crypto policy with the President of the United States ten years later? What enlightenment did this experience give you in managing BitMart?
Sheldon: I have been thinking about a question recently. Personal strength and personal efforts actually play a relatively small role in the entire industry cycle. Trumps coming to power, the sharp rise of Bitcoin, and some black swan events have all given us a revelation: the uncertainty in the early development of the entire industry cannot be controlled.
For all industry practitioners, I think it is important to do your job well and believe that there will be a bright future and stick to it. For BitMart, our idea is to make our products well and do what we should do. For other macro-environmental issues, we may not be able to predict or change them, so we should make the preparations we should make.
Odaily: Having experienced the ICO craze in 2017 and the collapse of FTX in 2022, what do you think is the risk of historical repetition that the industry needs to be most wary of today?
Sheldon: I think it’s a leverage issue. In the past few years, the leverage ratio of the entire crypto industry has been very high, which is somewhat similar to traditional finance.
In traditional finance, there is a saying of seven-year cycle, which means that every seven years there will be a deleveraging process. For example, there was a major deleveraging during the Internet bubble in 2000. There was also the subprime mortgage crisis in 2008 and the global financial market crash in 2020. Every few years, there will be a systematic deleveraging process.
In the entire crypto and Web3 field, the process of increasing and reducing leverage is faster than in the traditional financial field, and there is no visible intervention from policymakers, so the whole process seems very rough. I think the entire industry needs to control leverage to prevent history from repeating itself. How to do risk control is more important.
Odaily: As the founder of a leading global exchange, please give all crypto investors some investment advice for 2025.
Sheldon: I want to bring up a very old concept that many old crypto OGs have mentioned before, which is currency standard, that is, your wealth should not be measured in fiat currency, but in how many bitcoins you have. But unfortunately, in the process of currency price rise, most people lost their coins, although they may be making money in fiat currency.
Therefore, my personal understanding of crypto investment is that you can value your wealth based on the currency standard, hold on to the Bitcoin in your hand with the purpose of earning more Bitcoin, rather than earning more fiat currency.
Odaily: Bitcoin is also at a high of over $100,000. Where do you think the core narrative of the next bull market will break out? How high will the price of Bitcoin reach in the future?
Sheldon: The narrative of Bitcoin has been separated from other crypto assets. It has become a kind of electronic gold, a reserve-type strategic reserve asset. Its liquidity and transferability are much better than gold. So because of these two advantages, I believe its market value must exceed that of gold. According to the market value of gold, the price of Bitcoin can reach 1 million US dollars; if it goes up further, the unit price will definitely exceed 1 million US dollars.
Therefore, regarding future price expectations, combined with factors such as inflation, I believe it is possible to exceed 1 million US dollars or even reach several million US dollars. It just takes time.
Odaily: Finally, is there anything else you would like to share with crypto investors?
Sheldon: Currently, most industry practitioners are still mainly speculating on cryptocurrencies and investing. I think this industry still has many fascinating aspects and is solving many valuable social problems. Therefore, I hope that more people can participate and invest in real construction to help this industry become better. I believe that in the process of investment, everyone will also gain the value of the feedback brought to you by this industry and will have a deeper understanding of this industry.
About BitMart
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