On August 28, the Digital Currency Future and Investment Forum and the 2nd Anniversary of PayPal Finance were held in Beijing Jingcheng Club. Wang Zhicheng, associate professor of finance at Guanghua School of Management, Peking University, Da Hongfei, founder of NEO and CEO of Distributed Technology, Wang Hao, founder of CyberX More than 50 guests from the traditional financial and encrypted financial industries, including front-line trader Xu Zhe and dForce founder Yang Mindao, attended the event and delivered speeches.

Yang Zhou, founder and CEO of PayPal Finance, said in a speech that with the acceleration of the anti-globalization era and the prospect of global economic and political uncertainty, more and more mainstream investors are beginning to consider investment targets such as encrypted assets. To hedge against the risk of future global turmoil.

Yang Zhou believes that there are currently uncertainties in the world in terms of whether the new crown virus epidemic can be controlled, whether the central bank can save the economy and achieve recovery, and maintain geopolitical security. The epidemic has caused economic stagnation, and countries have implemented loose monetary policies to save the economy. And active fiscal policies, and in addition to funds entering the stock market to push up stock prices, there is also a strong demand for safe-haven assets, which has led to an increase in the prices of assets such as gold and Bitcoin.

"Since June and July, we have received more and more high-net-worth clients' inquiries about bitcoin purchases, indicating that they are becoming more and more interested in digital currency investment." Yang Zhou revealed.

According to Yang Zhou, as of June 2020, PayPal Finance has a loan balance of US$358 million equivalent in encrypted currency and an asset management scale of US$103 million equivalent in encrypted currency. It is the world's largest buyer of bitcoin options transactions. PayPal Finance mainly provides users with services related to stable coins such as Bitcoin and USDT, and its business does not involve legal currency.

Yang Zhou revealed that the mining machine pledge loan in cooperation with Hash Times and Hengjia Group has now completed the first loan, with an amount of 10 million yuan (equivalent to encrypted currency), and the first BTC mining machine pledge loan will also be issued soon. Release completed.

On June 31, PayPal Finance, Hash Times and Hengjia Group jointly announced the launch of the mining machine pledge loan service for the majority of miners. Bao Finance applied for a mining machine pledge loan.

According to Tong Lei, Managing Director of PayPal’s Financial Asset Management Department, the loan was issued to an individual miner, and the pledge was an ETH mining machine based on a graphics card, with a pledge rate of 30%. Tong Lei said that since the launch of the business, he has received many consultations from miner customers, and some loan contracts are being further advanced, and the first BTC mining machine pledged loan will also be issued soon.

Wang Li, the co-founder of PayPal Finance, hosted the roundtable discussion on "Blockchain and Digital Currency from Different Perspectives". Hao, first-line trader Xu Zhe, and dForce founder Yang Mindao participated in the discussion.

When discussing whether Bitcoin still has a higher value in extreme situations such as wars, experts have different opinions.

Wang Zhicheng, an associate professor of finance at Guanghua School of Management, Peking University, believes that if survival is the first consideration in extreme circumstances, it will shift to basic needs, and there may even be a form of barter exchange. It is impossible to solve the problems of real material life online , making it difficult for Bitcoin to act as a transaction intermediary. "Bitcoin's early emergence of large-scale institutional control in mining violates the original intention of decentralization and hinders its chances of being accepted by more individuals as a transaction intermediary; but I think it may serve as a virtual representation of algorithmic games. assets and long-term existence.”

Da Hongfei, the founder of NEO, believes that war is a conflict arising from irreconcilable national will. In today’s era when individual opinions can be fully expressed, national will largely reflects the interests, ideology, and value preferences of ordinary people. "I think that the interest demands, ideology, and value preferences among the people of major countries do not support long-term hot wars between major countries. Even if conflicts such as wars occur, people all over the world will not be willing to give up convenient consulting tools such as the Internet. As long as The Internet between countries is also connected in some form, and Bitcoin and blockchain will come into play.”

Wang Hao, the founder of CyberX, said that there have been thousands of legal currencies in human history, and the average survival time of legal currency is only 27 years. The longest history of British pound is about 300 years. The main reason is that legal currency will continue to be issued, especially in extreme cases, hyperinflation will occur, and from a long-term historical perspective, the value of currency relative to gold will return to zero. "In extreme situations, fully digitalized, easily portable bitcoins that do not require third-party confirmation of ownership are one of the best options to protect asset security."

Yang Mindao, founder of dForce, believes that Bitcoin is becoming more and more financialized and highly correlated with the financial market. It is no longer a good tool for geopolitical risk hedging. The hedging function at this level has been replaced by stablecoins. However, Bitcoin's position as the reserve currency of native digital assets remains unshakable.

Trader Xu Zhe believes that Bitcoin, as a private currency experiment, has gone beyond imagination in this direction. Although it is still uncertain whether Bitcoin will be successful in the end, the effect remains to be seen, but Bitcoin is an anti-globalization era. An available settlement system is being adopted in more and more scenarios. At the same time, he believes that even if there are extreme situations, it will not return to the barter situation, and the value of Bitcoin is more important.