On May 21, Odaily and BitMart jointly held the Space event. BitMart Founder Sheldon ( @sheldonbitmart ) was a guest in the live broadcast room and exclusively revealed the inside story of the Trump dinner. Sheldon said that the specifications and significance of this dinner were significantly higher than the Trump 100-person charity dinner he had participated in before. He pointed out: This dinner is not only an important historical opportunity, but also an important symbol of the Web3 industry breaking through traditional barriers and integrating into mainstream society, promoting blockchain technology towards a wider global development.
The following is the content of Space:
Hello, welcome to the Space of Planet Daily. I am Qian Xiaofeng, deputy editor-in-chief of Odaily Planet Daily. In recent times, the most lively market is undoubtedly the market. You can see that the crypto market has rebounded, including Bitcoin rebounding again and returning to $100,000, and ETH has reversed its previous decline and soared by 40%. Of course, in addition to this, there is another thing that has attracted much attention, which is the Trump dinner to be held this week. According to the previous news on April 23, Trump officially announced that he would invite the top 220 Trump holders to dinner at a golf club near Washington on May 22. Among them, the top 25 users can also get VIP benefits, including Trumps VIP reception and a specially arranged White House visit opportunity. This time, Odaily Planet Daily invited a guest ranked in the top 25, who is Sheldon Xia, the founder of the head exchange BitMart.
Host: Welcome Sheldon to come out and say hello!
Sheldon Xia: Hello everyone, my name is Sheldon, and I am now in the United States.
Host: Okay, Sheldon is in New York now and will attend the dinner. Our audience can participate in the interaction and leave questions in the comment area, and let Sheldon ask Trump questions on your behalf. We will select five friends who leave messages and give them a cash reward of 100 USDT. Then lets officially start tonights QA. Sheldon, first of all, please briefly introduce BitMart and yourself!
Sheldon: OK, let me start with the company. Our company is a global digital asset exchange. It was founded in 2017 and officially launched in March 2018. It has been in operation for more than 7 years. Our service scope covers more than 200 countries and regions around the world, and currently spot trading supports more than 1,700 currencies. In addition, we also provide digital asset-related financial products, contract trading and technical support services. At the same time, we also have many information-related services to provide support to users.
As for my personal background, I entered this industry in 2013. I first worked in Hangzhou, and later went to the United States to study and settled down. I have been working in the industry for 10 years and have experienced many cycles. At first, I was a technical developer, and then I gradually turned to a management position. So, after so many years, I have a deeper understanding of the characteristics and development trends of the entire industry.
Host: Okay, thank you very much for your background. Next, I would like to talk about your participation in the Trump dinner this time - after all, it is a very special experience. First of all, what prompted you to decide to attend this dinner?
Sheldon: Well, there are some considerations for me to attend this dinner from both a personal and a company perspective. Personally, I live in New York, and Washington, DC is very close to New York, just a few hours drive away. And from a personal interest, I also hope to have face-to-face exchanges with the Trump team or policymakers.
From the perspective of the industry and the company, I think Trumps policies have had a profound impact on the entire cryptocurrency industry. During his tenure, the regulatory environment in the United States has undergone a 180-degree shift, which has directly affected the direction of the industry. This dinner is a very rare opportunity for me to understand the policy direction and also to gain some potential cooperation and resources for the company.
Moderator: Yes, indeed, such opportunities are rare. We understand that the number of seats for this dinner is very limited, only 220, and the first 25 participants will have special VIP benefits. Could you please talk about how you got into the top 25? What is your position?
Sheldon: Yes, the competition for seats at this dinner is very fierce, with only 220 seats available, and each participant can only enter individually. As for myself, I am ranked in the top 25, mainly because I invested about $10 million. This investment was made after the dinner was confirmed, in order to secure my seat. However, we are still holding this part of the assets, rather than selling it immediately after locking in a seat.
Moderator: I see. Speaking of your trading method, I am curious, do you usually prefer a long-term holding strategy in the trading market, or do you prefer short-term frequent trading?
Sheldon: Well, my overall style can be regarded as a very typical long-term position holder. To be honest, I hardly trade, and only try some specific products, such as spot trading or contract trading, from the perspective of product experience, the main purpose is to understand the user experience and service quality of the exchange.
But from an investment perspective, my trading frequency is very low, and there may be a major operation every two or three years. For example, my last major transaction was in the second half of 2020, when I used assets to allocate a property. The reason is very simple. I think it is difficult to make money with frequent transactions without sufficient data support and professional capabilities. On the contrary, it is easier to maintain value through long-term investment.
Host: Indeed, long-term holders like you are actually quite rare. Many investors joke that their holding time may not be as long as the time they spend on instant noodles. So, how do you think investors should balance the choice of long-term holding and frequent trading in the market?
Sheldon: This is a good question, but the answer actually depends on what type of investor you are. In short, different people are suitable for different approaches:
If you are good at long-term fundamental analysis: then you may be more suitable for long-term holding because your advantage lies in a deep understanding of the value of an industry or project.
If you like technical analysis or are familiar with trading strategies: then you may be inclined to high-frequency trading, which requires you to be highly sensitive to market fluctuations and have the corresponding psychological qualities to face pressure.
AI-driven strategies: There are now more and more trading teams that rely on AI algorithms in the market. If conditions permit, you can try to use these data models.
But no matter which type it is, the key is to find a method that suits you and make sure your psychological endurance can keep up with the pace of trading. What is tested in the end of trading is not ability, but mentality.
Host: I totally agree with you! Let’s get back to the topic of the dinner. After confirming the seats, how was the whole process? Are there any interesting stories or details you can share?
Sheldon: Oh, thats right. Actually, Ive attended some of Trumps charity dinners before and have some understanding of these procedures, but this dinner is more sophisticated. After I confirmed my seat, the organizers of the dinner contacted me via text message, phone and email within about half an hour. I was in a meeting at the time and didnt answer the call, but they quickly confirmed the details via email.
The detailed process is as follows:
First, the dinner organizer confirmed that I was ranked in the top 25, and then informed me in detail about the scope of the event, the specific time and location of the dinner, etc.
More details will be updated via several emails later, including relevant content and precautions of the background check.
As one of the first 25 participants, a tour to the White House was arranged the next day.
The whole process was very compact and every detail was arranged in an orderly manner.
Host: It sounds like the process is very rigorous. Are there any special requirements in terms of security and dress?
Sheldon: Yes, thats right. From a security perspective, the background check was very strict. In addition, we were clearly told not to bring any gifts or large camera equipment, and even the camera equipment could not exceed the level of a mobile phone.
As for the dress code, they asked us to follow the Black Tie standard, which is a more formal dress code in the United States, requiring suits, ties, and leather shoes, which is generally very formal.
Host: The standard of this dinner is clear. Then the last question is about the strictness of the background check. Has anyone you know been disqualified because of the background check?
Sheldon: Well, this is indeed quite special. The background check is very strict. All participants need to provide basic personal information, and these materials will be professionally reviewed by the organizer. However, the specific aspects involved are not fully disclosed to the public, and the review results are usually not determined until the event is approaching. I have not heard of any cases where someone was eliminated due to background checks.
Moderator: Could you please briefly introduce what information is required for background check? Especially for non-US users?
Sheldon: Its mainly some basic personal information, such as name, nationality, contact information, etc. Some important information that the organizers think needs to be provided in advance. Non-US users may be subject to special audits, such as cross-checks based on the organizers database, but Im not very clear about the specific details. They have their own set of processes.
Host: I see. Speaking of the outside worlds reaction, there are reports that the American media actually has some concerns about this dinner. What do you think of these media views?
Sheldon: Indeed, there are many voices from the outside world, some supportive and some worried. It is normal for the media to pay attention, especially in occasions where politics and business intersect. But I personally think that as the head of the government, Trump is willing to have in-depth exchanges with industry practitioners, which is a very positive signal in itself. Some people may pay attention to the relationship between power and capital, but from the perspective of the industry, I think this is a good thing to promote development. You can check the specific media comments yourself, and I will not go into details here.
Host: Does the organizer have any restrictions on the participants, such as confidentiality agreements? Will you share Trumps speech on social media as soon as possible?
Sheldon: It’s not certain yet. The organizers do have some safety and privacy regulations, such as restrictions on mobile phones at previous similar events, but the specific details will have to wait until closer to the event to be confirmed. If there is a chance, I will share some key content with you through the X platform (formerly Twitter), but the premise is to comply with the relevant regulations.
Host: I see. Ive heard before that the organizers mentioned that Trump might be absent from the event. Is there any latest news in this regard?
Sheldon: According to the current news, Trump will attend the event. However, this is also normal, especially if there are some force majeure events, such as security issues or other emergencies, such high-profile events may be adjusted. I personally think there is a high probability that he will come.
Host: OK, have the theme and process of the event been determined? Can you share it with us?
Sheldon: The basic arrangements have been finalized. There will be strict security checks on the day of the event, and then VIP participants will attend a special reception one hour in advance to interact with Trump. An hour later, there will be a formal dinner, which will last about two hours. A tour of the White House will be arranged the next day, but it is not yet certain whether Trump will attend. In addition, there will be some informal group activities in the evening, the specific content of which has not yet been announced.
Moderator: Regarding the arrangement of the VIP interaction with Trump, is there a set number of questions that participants can ask? What questions do you personally plan to ask?
Sheldon: Everyone may have limited time to answer questions, so please be as concise as possible. I plan to ask Trump about the direction of macro regulation in the crypto space, including relevant policies in the U.S. and global markets, hoping to gain some inspiration from his answers.
Moderator: That’s a very interesting question! You mentioned earlier that some industry leaders might attend the dinner, such as Musk. Is it really possible that he will be there?
Sheldon: I have heard a lot of discussions, but there is no definite news. I really hope he can come. It will be a very valuable opportunity to communicate with him.
Host: The dinner and White House tour are very tightly scheduled. Is there anything special you would like to share with us?
Sheldon: This opportunity is very rare. From the perspective of industry influence and international communication, it is undoubtedly historic. I think the US government is willing to open the door to communication with the crypto industry, whether it is asset issuance or overall regulatory direction, it is a very positive move. I welcome friends in the community to raise questions of concern through the X platform or other means. I will try my best to adopt them and ask questions at the dinner. If there is an opportunity, I will bring back the content of the communication to share with everyone.
Moderator: Thank you very much for sharing so much valuable information. Next, lets talk about the development of the industry. Do you think that after the policy shift, the encryption environment in the United States has become more friendly, so will your company re-promote business in the North American market?
Sheldon: Yes, our US market foundation is relatively solid. Due to the major policy shift, we plan to re-launch the US site in the second half of this year. This will be an independent trading platform that focuses on compliance. I hope this action will bring more convenience to North American users.
Host: Some other platforms often choose to cooperate with local companies to establish. For the US site, does your company plan to establish it wholly on its own, or is it also considering cooperating with local companies?
Sheldon: We will do it ourselves. On the one hand, our core team is in the United States, which is our advantage; on the other hand, we have invested a lot of resources in infrastructure construction before, and now that the policy environment has improved, we are fully capable of advancing independently. I think where the core team is, the focus is there, which is an important reason for us to maintain our market advantage.
Host: Is there anything else you would like to tell us about this dinner event?
Sheldon: I think that as a president, being able to communicate with industry practitioners is a unique thing in the world. Regarding the impact on the industry, whether in terms of asset issuance or the importance the country attaches to the industry, I think this is a very positive thing.
Of course, the emergence of new things will always cause concerns, especially in new business models and forms of communication, concerns are inevitable. However, I believe that the positive significance far outweighs the negative impact. This is also an extremely rare opportunity. You can also leave a message in my comment area, or ask your own questions through screenshots when forwarding. If there are some questions that I have not considered before, I am very willing to communicate with you and adopt good suggestions. If there is a chance, I will bring these questions to Trump and then share them with you.
Moderator: We understand that Sun Yuchen may be the largest holder in this dinner event. Have you had any relevant communication?
Sheldon: I have communicated with him before and got a clear answer. However, as his own publicity, I believe it would be more appropriate for him to share it himself.
Moderator: What do you think of the shift in US policy? Will it promote the further development of your company in the North American market?
Sheldon: We have actually accumulated a certain amount of government relations and business foundation in the United States. With the major policy shift, we plan to re-launch the US site in the second half of this year and fully promote the development of compliance business. If you are a US user, you can look forward to the compliant and independently operated service we will launch this year.
As for other peer platforms, some may build local sites through cooperation with local enterprises with rich resources, but we will choose to build a platform with our own full capital. On the one hand, it is because our core team is in the United States; on the other hand, we have already had a very solid foundation in the past. After the policy environment has improved, we are now in a position to re-promote this matter. This is also the principle we have always adhered to: where the core team is, there is the focus.
Host: So what do you think of the performance of this round of crypto market? Bitcoin is currently at a high of $100,000, and many people outside the circle are worried about this. So, from your point of view, does Bitcoin still have room to rise? What is the motivation for the rise? What is the long-term price forecast?
Sheldon: Short-term price fluctuations are almost unpredictable. Whether it is Bitcoin, stocks, or other digital assets, the price will be highly volatile in the short term. However, in the medium and long term, I think the rise of Bitcoin is the trend. If Bitcoin can be regarded as digital gold, I believe it has at least 10 times of growth space, which means that $1 million is an inevitable node.
Inflation factors will also accelerate this process, but the timing of the million-dollar range may be 10, 15 or 5 years later. This requires time to test, but the trend is inevitable.
Based on this round of market conditions, the industry currently lacks innovative products that can truly solve efficiency problems from the bottom up. The ICO in 2017 and the DeFi wave in 2021 both sought to solve certain friction problems in the traditional financial market through technology. However, in this round of the market, we have not seen any breakthrough applications. The main driving force behind the current rise in asset prices is still the inflow of institutional funds, especially insurance or more traditional asset management investors, which have driven the rise of mainstream assets such as Bitcoin and Ethereum.
As for the widespread acceptance of Bitcoin spot ETFs, it will further promote its recognition as an asset class and attract more long-term capital. Therefore, I think in the short term, we should pay attention to changes in institutional funds and policy landscape, and the goal of $1 million in the medium and long term is very clear, with a probability close to 99.99%. The only risk may be some unpredictable systemic risks, but the probability is very low.
Moderator: In addition to Bitcoin, what do you think of Ethereum (ETH)? It has also performed very well in this round of the market.
Sheldon: Ethereum has always occupied a very important position, and I still have confidence in its long-term development. To be frank, Ethereum is my enlightenment project. When I first came into contact with Bitcoin, I still had doubts about its application capabilities in actual scenarios, but Ethereum made me truly see the broader possibilities of blockchain technology.
Today, Ethereum also faces certain challenges in terms of technology, such as compatibility issues with emerging technologies, but these are only short-term obstacles. I personally still have very strong confidence in it. Although the expression may be subjective, I believe that Ethereums position in the blockchain industry is still unshakable, and it has given the industry more technical imagination and the possibility of breakthroughs.
Moderator: Regarding the meme carnival phenomenon that appeared in this round of bull market, Trump also participated. What do you think of the rise of meme projects? Will it have a negative impact on some crypto startup projects that focus on technological innovation?
Sheldon: I think existence is reasonable. The existence of the meme project shows that it has certain value in the current industry ecology. Although from a technical perspective, the meme project may not be very innovative, it has attracted a lot of attention from outside the circle through its own cultural communication and price performance, bringing market traffic and communication value. From this perspective, it has indeed added vitality to the entire crypto ecosystem.
Of course, we need to look at meme projects with a balanced attitude. On the one hand, it increases the fun of the market and expands the industrys awareness to a certain extent; but on the other hand, in terms of investment, I suggest that everyone should remain rational and avoid ignoring potential risks because of the temptation of short-term surges. This type of investment does have the possibility of high returns, but just like projects such as Dogecoin and Shiba Inucoin, only a small number of them succeed, and it is necessary to weigh risks and benefits more carefully. If you just participate in it with an entertaining mentality, then its positive effect is relatively obvious.
Moderator: The recent progress of the US stablecoin legislation has received a lot of attention, especially the initial successful passage. What do you think of this? What impact will it have on the entire crypto industry?
Sheldon: This is a very significant event and an important watershed in the development of the crypto industry in the United States. First of all, the initial success of this stablecoin legislation marks the first substantive cooperation between the two parties, showing that the consensus between the Republicans and Democrats on the direction of the development of the crypto industry has greatly increased. This is critical because the two parties often disagree on this issue in the past, but this breakthrough represents a good signal. Previously, there was a vote in early May this year, but it failed at that time, so this success is particularly important.
Secondly, this bill provides a clear legal framework for the regulation of stablecoins, which not only has a profound impact on stablecoins themselves, but also provides higher legal certainty for other entrepreneurial projects in the industry. From the perspective of innovative companies, this reduces the risks brought by policy uncertainty and greatly encourages new companies and funds to enter the market. At the same time, this brings more certainty to the future development of the industry, can attract more capital inflows, and can also enhance user confidence.
For users, this bill strengthens the protection of fund security. In the past, some stablecoin projects exposed the risks of fund misappropriation and lack of transparency. Now, by clarifying the corresponding responsibilities and obligations through legislation, the security of users funds can be better protected. This will undoubtedly enhance the overall trust of the industry. In addition, as a core product, the legislative regulation of stablecoins may also lead to intensified competition in the entire industry, which will be reflected in innovative enterprises, traditional financial institutions and even the global financial system, bringing more challenges to the balance of opportunities and risks.
Finally, the success of this legislation may also have a wider international impact. As one of the benchmark markets for the global encryption industry, the United States may prompt other countries to follow suit and establish similar regulatory frameworks to further promote the standardized development of the industry.
Moderator: This matter has indeed attracted much attention. We have seen many payment giants discussing their involvement in the stablecoin field in the past two days. For these traditional companies, perhaps just adding blockchain technology to the existing system may bring higher returns. The development plan of the entire market seems to have accelerated its pace.
Sheldon: Yes, this is indeed a major trend. The participation of traditional payment giants and other companies may further promote the popularization and marketization of stablecoins. But at the same time, the entire industry will face more challenges and opportunities both in technology development and in market competition.
Host: Okay, thats it for todays show! We also look forward to the exclusive interview with Trump after the dinner on May 23 to bring you more updated content.
Sheldon: Thank you everyone. I am looking forward to the next in-depth exchange with you.
Host: Thank you Sheldon for taking the time to join us tonight. Please stay tuned for more reports on Trumps dinner! Thank you, everyone. Goodbye!
Sheldon: Bye!
