Insights into the Future of Blockchain! CZ's Seven Core Discussions at the 2025 Bitcoin Conference in Hong Kong
The global circulation of USDT has exceeded one trillion, with a conservative estimate that it brings an additional cross-border settlement scale of 100 billion USD to the dollar. Leveraging mainland advantages, if Hong Kong launches a Hong Kong dollar stablecoin, it can connect to the global market and aid the expansion of the renminbi's cross-border use, making this unique advantage irreplaceable.
Splitting luxury homes onto the blockchain is not truly Real World Assets (RWA); ordinary investors buying shares have no actual use value and lack the motivation to take over. The real RWA opportunity lies in digital assets like stocks and bonds, migrating their ledgers to the blockchain, which can achieve quick settlements and lower costs. The Hong Kong Stock Exchange can leverage this to create a “chain-based New York Stock Exchange.”
Building a compliant exchange requires an investment of 1 billion USD just for technology and security, and it also needs to recruit 300 top security experts. If Hong Kong brings in Binance for compliant operations, it can save enormous costs and quickly gather global liquidity, resulting in significant savings.
Currently, users prefer to register for centralized exchanges (CEX) via email for convenience; however, ten years from now, wallets are expected to become as ubiquitous as WeChat. Decentralized exchanges (DEX) have advantages such as low fees and good privacy, and already, large holders have quietly started shifting assets to DEX; it’s only a matter of time before users transition to DEX.
In the future, high-frequency small transactions will emerge in AI, with settlements for tasks like AI-generated reports and charts possibly being only 0.01 USD. Traditional banks are unwilling to handle such small amounts, while blockchain can achieve instant transfers with zero fees. With its current positioning, Hong Kong is expected to become the settlement center for the AI economy in the future.
Regulation needs to focus on three key points: first, there is no need to wait for a perfect plan before launching; products can be implemented first and improved gradually, to avoid missing opportunities due to delays; second, liquidity must be global and not limited to the local market, or it will be difficult to retain large funds; third, attention should be paid to current “marginal areas” like DEX and AI+Web3, as they may become the main lines of the industry in the future.
CZ candidly stated that four years ago, when he left the mainland, he thought he would find it hard to return to the core stage of the Chinese-speaking world. But now standing in Hong Kong, he clearly expressed that his previous experiences were just the groundwork, and the real development chapter has just begun.
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