On April 6, the 2024 Hong Kong Web3 Carnival event kicked off. ARK Invest CEO and Chief Investment Officer Cathie Wood had a fireside conversation with Deng Chao, head of HashKey Singapore and CEO of HashKey Capital, at the opening ceremony. Cathie Wood said that blockchain has great potential, not just the virtual asset price itself. Blockchain and games will be empowered by AI. Games are an early application of AI, and more AI + Web3 games will appear in the future. In addition, Cathie Wood also said that the adoption of the Bitcoin spot ETF will push the price of Bitcoin to reach $1.5 million in 2030.

The following is a transcript of the conversation:

DC：Good morning, every body! (For today’s roundtable dialogue) I feel a little pressure, but I am also very happy and excited. I come from HashKey Capital. Our company is a front-line institutional investor in the Web3 industry, with an asset management scale (AUM) of over US$1 billion. 500+ projects, officially launched in Singapore in 2015.

Today we have Cathie Wood on the round table. She has many years of experience in the investment field and we are very happy to have her join us. Before we go any further I would like to ask Cathie, would you like to say hello to everyone?

Cathie Wood：I am very happy to participate in todays roundtable dialogue. Unfortunately, I cannot be there in person, but I am very honored to be invited to participate in todays conference. I have just listened to the conversations of many Hong Kong officials and important leaders, and I have been greatly encouraged by this. I hope that today I can also bring you some perspectives and perspectives from the United States.

DC：The guests invited today are all experts from the blockchain ecology and financial technology fields. Cathie will bring us predictions about the mainstream wind direction and the latest trends.

I would like to ask, what is the general direction of Ark Investment in the past few years? How will it affect a single business or individual in the blockchain in the future?

Cathie Wood：This is a big question. In the past few years, we can see that Bitcoin and blockchain technology have gradually matured. I think this is a very grand concept. Why do I say this is a very big concept? Because the Internet financial system from the perspective of Bitcoin is all related to each other, the entire system was not considered in the early days of the Internet in 1990.

All aspects of todays E-commerce and financial systems have begun to be affected by Web3. The main impact currently seen is that many developments are still in a very early stage. It is a market that needs to be developed by the whole world. It is cross-border and will touch everyone. As long as you have an internet connection, you can become a member.

What is very exciting now is that (Web3) has been slowly taking shape. For example, generative AI has contributed to the momentum, and inventions such as telephones and televisions have appeared one after another in the last century. Through technology, production capacity and income can be greatly increased, and there can also be a better way to live. Everyone can have a better way to enjoy life and private time, so that everyones waking efficiency can be greatly improved.

From 30% to 40% in 2010, we will make more and better allocations in the next 5-10 years. Digital assets have gradually become mainstream in the past few years. In addition to Bitcoin, there are other digital assets that can not only do better during the bull market, but also help us avoid risks. Regional banks in the past have not performed so well during crises, and instead Bitcoin has grown by 40%. This year, we have seen the currencies of developing countries depreciate and become increasingly worthless, but on the contrary, the value of Bitcoin continues to rise. More individuals around the world understand the true meaning of Bitcoin, and (Bitcoin) has the characteristics of being very resistant to stress and depreciation.

DC：Next, let’s continue talking about AI. AI is now a very hot topic in Silicon Valley and has also attracted widespread attention in Hong Kong.

How do you think AI will be integrated into the blockchain through technology in the future, and what impact will it have on Web3?

Cathie Wood：Your question is very good. We have Bitcoin brainstorming activities every month. We also do podcast sharing when talking about the integration of AI and Bitcoin. We think everyone will learn about the so-called Internet economy, whether it is Uber or not. , Airbnb, etc., many of them have come to fruition in Asia. In the future, everyone will slowly see its benefits, especially for developing countries, such as Africa, where it will bring about very rapid changes.

At the same time, we also see that blockchain technology and games will be driven and promoted by AI technology to a greater extent. This is a very interesting field. I saw in the news a few days ago Sonys investment in games and Polygons investment in Blockchain. It can be seen that more and more funds will be injected into this field.

For example, NFLs NFLRivals and Polkadot, more and more game projects will integrate AI technology and blockchain technology to create more interesting products. NVIDIA was very serious in developing this area in 2014. We can see that the integration of NVIDIAs GPU and Gaming has already had successful cases. I am very confident about this and it will definitely be a major area of ​​development in the future.

The core spirit of AI is to give us faster processing capabilities, and games are always at the forefront of the times. The results in the game field are just around the corner.

I attended a well-known conference before, in Bitcoin Miami, where I talked about how more and more people will invest in the virtual market in the future and combine it with existing ideas instead of just doing virtual things. Just a currency transaction. In F 1 we can see that more and more blockchain technology will be injected into it, and more and more users will join us.

DC：We now turn our direction back to virtual assets. Congratulations once again on the successful listing of ArkInvest’s Bitcoin Spot ETF. What do you think is the most important milestone for the digital asset ETF industry? ETFs cross $5 billion? Or are there any clear growth indicators that can serve as milestones?

Cathie Wood：Many people are surprised that Europe has been able to do transactions in the past five years, but they have never experienced a sudden rush like the United States. There are always many dramatic events happening in the United States. Everyone is also aware of the recent lawsuits in the United States, ranging from regulatory From a perspective, the SEC and other U.S. regulatory agencies will be very resistant as long as they encounter Crypto and virtual currencies. Therefore, the lawsuit takes us a big step forward and slowly allows the U.S. regulatory agencies to understand that virtual currencies and Bitcoin can be safely traded. , can be regulated and traded safely to a certain extent. This time they approved a total of 11 ETF projects. This is something that has never happened before and is the first time in history, so we started to do our best. We will do our best to do marketing and investor education, and provide investors with more educational training so that they can better understand how to operate in it.

For example, in the United States, many, many customers have begun to realize that even completely different asset fields can be invested, and more and more institutions and investors are willing to actually put money in, because this asset field can be compared with other fields. Hedging, not linked. Of course, Bitcoin also has risks, and there are bull and bear markets. But unlike other currencies (gold), which can be linked to many factors, how can Bitcoin be independent and have its own trend? Because it has asset independence, if you put it in an asset commodity portfolio, because it is not linked to other things, you can increase the return on assets and spread more risks in this way.

Some investors in the United States are very interested in low-pegged products, and they are willing to try them.

DC：Yes, I am very happy that Hong Kong has an open and transparent government that leads the development of industries and has given many good policies. I would like to hear your suggestions. What suggestions do you have for the Asian Web3 community? What suggestions do you have for regulators, investment institutions, and the Asian and Hong Kong markets?

Cathie Wood：I think you are very amazing. Hong Kong regulatory agencies such as the SFC have done a very good job, providing a very comprehensive management structure to allow virtual asset commodities to be traded, and there are many methods and mechanisms for institutional supervision. Regulatory transparency is crucial to the development of industry and technology, and it also makes technological development more confident.

Hong Kong is very different from the United States. Hong Kong develops much faster. I often talk about this at global financial conferences. It can be said that Hong Kong is the leader in terms of policy. It strongly encourages the development of innovative technology and entrepreneurs. The system of investment and mutual cooperation with the government has given the institution a good model and model.

Even though there is a lot of uncertainty in the United States, Hong Kong has seen how many assets can be tokenized and how to respond to market demand very quickly. It is a very good reference for us. Hong Kong’s regulatory agencies have really played a very good role in leading, leading and modeling, and it has also allowed companies to develop (business) globally with such confidence. I am very happy and congratulate Hong Kong. development of.

Just before I started speaking, I talked about my admiration and heard very good policies proposed by other Hong Kong officials. It is a very good learning for us. This is very important and this is what I mean sincerely, because a healthy and stable environment is crucial to the development of innovative technology industries, investors, and consumer protection.

I also encourage the United States to follow suit. The United States is currently facing regulatory uncertainty and a brain drain in the blockchain field. If regulators can treat practitioners better and give them more clarity and freedom, we will be able to See better results.

My suggestion is to use your regulatory experience to provide entrepreneurs with better opportunities to expand globally.

DC：Thank you Cathie. Let me finally ask a question worth a million dollars, which is also a question that everyone here is concerned about. How will the price of Bitcoin develop? I’ve heard a lot of numerical predictions and would like to hear your opinion. Some say $1.5 million, some say $2.3 million, and some say $3.8 million per Bitcoin. Cathie, what is your current prediction? How long will the timeline be?

Cathie Wood：I have been asked this question from different angles. The result of our analysis from multiple angles is that Bitcoin will rise to $1.5 million in 2030. This price prediction comes from a survey of institutions, using the downside ratio and volatility. analyze. The previous price prediction for Bitcoin in 2030 was US$600,000, but the adoption of the Bitcoin spot ETF will push the Bitcoin price to US$1.5 million in 2030.

If I gave you that number last year, it was probably closer to $600,000. Why add that $600,000 number on top of 1.5 million? Because the SEC gave the “green light” to mainstream institutions to approve the issuance of a spot Bitcoin ETF. If you allocate assets according to modern portfolio theory, 5% of assets allocated to Bitcoin would give us an estimate of $1.5 million, because we feel that investment institutions will move in that direction.

DC：Thank you Cathie for letting everyone know the price estimate of $1.5 million per Bitcoin. This is the last part of the fireside chat. Thank you Cathie for providing us with an insightful and interesting live discussion. Goodbye everyone, and give me another round of applause. To Cathie.