Interview: Bitget’s Gracy Chen on 2024 Crypto Market Trends and Potential Supercycle
As we bid adieu to 2023, the crypto industry stands at a pivotal juncture, having witnessed a myriad of events that have reshaped the landscape. In an exclusive conversation with Gracy Chen, the Managing Director of Bitget, we explore the highs and lows of the crypto industry in the past year, discuss the regulatory developments, and get a glimpse into the company’s strategies for the future.
Milestones and Trends in the Crypto Industry
Gracy Chen began by highlighting five pivotal events that defined the crypto industry in 2023. The bankruptcy of traditional banks such as Silicon Valley Bank and Signature Bank in March exposed the need for a more decentralized financial system.
The second milestone for the industry came when Ethereum’s consensus mechanism moved to Proof of Stake (PoS), driving the LSDFi TVL from $6B to $22B. The fourth major event was the BTC spot ETF applications in the United States from major asset managers like BlackRock and Grayscale, which could eventually bring in massive amounts of funds into Bitcoin, driving the industry forward, Chen noted.
The settlements of major lawsuits, including Binance paying a massive fine of $4.3 billion, SBF being found guilty of fraud and several other charges, Ripple winning an important battle against the SEC after it was sued for offering unregistered security in the form of XRP were among turning points for the industry, Chen noted. These settlements will help the industry move forward in terms of regulations and compliance, she added.
The last major event Chen talked about the surge in the Bitcoin ecosystem this year which will have long term opportunities for the industry.
These events, as Chen pointed out, underscore the growing demand for decentralized financial systems and mark critical points in the industry’s evolution.
Bitget itself has not been a bystander in this journey. Chen shared,
“Our P2P trading volume reached an all-time high, reflecting the increasing demand from non-participant users. We’ve listed about 700 coins, and our ecosystem continues to grow with more users joining the platform. Currently, we are a very global exchange where we serve over 20 million users from more than 100 countries.”
Bitget recently revealed its Protection Fund valuation at an all-time high of $410 million.
Regulatory Developments in 2023
When discussing regulatory developments, Chen observed a notable shift. She said:
“Asia and the Middle East have advanced more than, for example, certain developed countries such as the US or North America in general. For this year alone, there are very clear regulations in Hong Kong, and we are quite aggressive in that market in terms of getting the regulatory license. We also hope to serve more users in different Asian markets in the future.”
The regulatory landscape, according to Chen, is continually evolving, with regions like India and discussions at the G20 Summit signaling an increasing interest in providing more clarity to the crypto space.
Bitget’s Global Expansion and Future Strategies
Bitget has not only been a participant in the crypto market but has actively expanded its global presence. Opening an office in Dubai and applying for licenses in various regions, including Poland and Lithuania, with an ultimate aim to serve users on a global scale.
As for future strategies, Gracy Chen emphasized a commitment to a marathon, stating,
“We are running a marathon. What we want to achieve in 2024 is to provide a better product, list more tokens, and strategically invest in emerging sectors like layer-2. We have recently invested in a layer-2 project called Morph. We strategically want to place some focus on layer-2. This doesn’t mean that we are issuing our own main net, which we aren’t. However, layer-2 is a sector that is going to be very important in this space.”
Blockchain for Youth Program
Bitget’s engagement goes beyond trading and investment. The Blockchain for Youth program offers a $10 million fund to invest in blockchain startups in different parts of the world. Chen shared insights into various initiatives, including educational campaigns and meetups in different regions including Japan, Argentina. Australia, Dubai, Taiwan, United Kingdom, Nigeria, Canada and India. , emphasizing their dedication to empowering the youth in the crypto space.
2024 Market Projections
Looking into the crystal ball for 2024, Chen provided insights into market trends. While Bitcoin halving has historically been a crucial event, Chen suggested that its impact might be diminishing. However, she noted that the narrative around events like the BTC spot ETF approval, interest rate hikes, and the halving might still drive the market, possibly leading to the beginning of the next supercycle for cryptocurrency.
