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What Comes in 2023 for Crypto Market? What Are We Waiting For?

European Blockchain ConventionMon, Oct 9, 2023, 12:00 AM

Once again, Jason H. Jang, Group Chief Information Officer at Centurion, presented at the 2023 European Blockchain Convention. Jason drove us through the evolution of crypto in the last years and presented his vision for what's next. --------- The European Blockchain Convention is the most influential blockchain event in Europe. Follow us to find out more: Linkedin - https://www.linkedin.com/company/european-blockchain-convention/ Instagram - https://www.instagram.com/eblockchainconvention/ Twitter - https://twitter.com/EBlockchainCon

Transcript

3 2 1 let's go! So, friends. Let's see. Friends, I am here today because I want to keep my word, because I was already here last year . We talked about tokenizing everything.

And I was given a task. What should I talk about this time? So what do we see on screen in 2023? And what are we waiting for? What's the most interesting thing that happened in 2023, guys?

From December 31 to today, Bitcoin has increased by 50%. Isn't it? From 20 thousand to 30 thousand. And what else do we expect from the market? An even bigger drop or more hype?

I hope I can change your mind in these 10 minutes. Let me try Let me try . Let's go. Yes. This is the first slide I want to share with you .

Bitcoin appeared in 2009. It's been 13 years. You know what else took 13 years to become popular? First, your phone. The mobile phone was invented, and it took 13 years for it to reach us, to the market.

What else? Television took 13 years. And the TCP/IP protocol also took 13 years. So that means look around you right now , ask your friend, does your friend know what a wallet is? Does your friend know what Bitcoin is?

Truth? So, now is the time for expansion. Adaptation time. Finally, for the first time, cryptocurrency and blockchain are coming to life. They are entering the market.

Going to market means payments. Going to market means supply chains. Wherever you go, you can see or hear about blockchain. Wherever you go, you can see or hear about cryptocurrency. So, here's an interesting graph.

Economically, financially, we have seen it. There were expectations, there was faith expectations, there was faith , and there was excitement. We have reached peak price. Then there was a big fall. Every 4-7 years we have this cycle.

It's not like the climate. The weather is getting hot, and what happens? All crops are dying. This means that there will not be enough harvest for food for the next 2 years. So, then the economy falls.

Usually the weather controls the economy. Funny, isn't it? The economy is reflected in money and our daily lives. And the most interesting thing is that Bitcoin and cryptocurrency do the same thing . Here is a fact.

In 2017, Bitcoin took off, all cryptocurrencies took off, but what happened in January 2018? There was a sharp decline. Look at the screen again. It's 2019 at the screen again. It's 2019 , but it's rising again.

Everything is up. And after that, in 20-21, you see Bitcoin go up and down, constantly. This year, 2023, I thought it would be different, but the same thing is happening . In January—a climb. Is there anyone from finance?

Is anyone monitoring stock trading? We call it the " call it the " Christmas Rally." Everyone is buying up everything like crazy, going to shopping malls, money is circulating, so the economy is growing. The stock market is growing. Bitcoin and crypto do the same thing.

But today, let's change the subject. Management of exchanges. Another option is Another option is market-driven. Since 2016, I have been loudly declaring this around the world. Market orientation is required .

But today, even today, everyone sees Bitcoin and cryptocurrency only as a trading tool, only for making a profit, right? I want to buy it today, because maybe I'm already late. Or maybe if I buy it now, I can get 200%. You see, this control by exchanges is necessary because crypto without an exchange, crypto without a banking system makes no sense, because it has no value. Because Bitcoin is valuable to me, as long as it's worth $30,000 and I can withdraw the money, then it's valuable to me.

What if all the banks in the world say, "Shut it down. We don't need Bitcoin." All the exchanges will say, "Oh, we don't have access to banks." So, people holding Bitcoin or Ethereum can't withdraw their funds, so do you think it will have that value then? Yes, 2023.

We now need to look very carefully at the relationship between government, banks, exchanges, and individuals. If this year a bank comes under the control of a government that says " no more crypto," then cryptocurrency will lose its value. Then all of us here at the conference will say, "Oh, that will never happen." In Korea, we have already started. The four big banks are creating their own exchanges.

Why do they create exchanges? Because the government asked them to monitor users again. So this year, 2023, I'm in Centurion. Maybe you'll see me at the booth. We want to create a platform.

We want the market to drive crypto, not the exchange. What does this mean? Let's move on. If you go to a store, I love Coca-Cola, and if you want to drink a bottle of Coca-Cola, and you can pay with a credit card— credit card— you're already in crypto. Why?

Because you are moving away from paper money. You are moving from fiat money to digital money. Many people in the world still believe that cryptocurrency is too early, but digital money is already in our pockets. Open your wallet. How many credit cards do you have?

These are all digital funds. Worldwide, 80% of Worldwide, 80% of assets are already digitalized. Now we are talking about central bank digital currencies (CBDCs). It will happen, friends. When CBDCs emerge, each country will have its own coin.

What will happen to Bitcoin? What will happen to altcoins? Will there be a place for us ? So, it's 2023 , we have two more years. The market must be created.

Without the market, we will lose our place. Here are many projects we have worked on and researched. Centurion— researched. Centurion— we have an exchange, but not only that, we want to enter the lives of each of us: payments, transfers, education. You talk about it, but you never do it.

So we did it. We have been working on development for the entire year since my last speech here . We are trying to create a login. After creating this login, let me ask you what you like the most? Is it just a stock exchange?

Is this a wallet style? We talked about decentralized exchanges (DEX). You talked about centralized exchanges (CEX). Let's go back to the previous discussions. Metaverse, Web3— Metaverse, Web3— great things.

Web3 is actually another promising level of websites. You visit a certain type of website. This is Web3. Now we need a marketplace need a marketplace . What is a marketplace?

This is a metaverse. We are creating a metaverse so that people in Web3 can conduct their trade. They can buy, sell, do whatever they want. What do we need to create a metaverse? We need a protocol.

That's why we need blockchain. Three specific levels. We won't talk about the details of technical engineering. Last year I said the exact same thing . You don't need to know the details.

You are not engineers. You are the people who use this for profit or benefit. This is where value creation should take place using cryptocurrencies and blockchain. And we need to know what is strong and what is weak. If it is a strength , we should maximize it.

If it is a weakness , we must minimize it. To do this, there are three things that I talked about last year. We must have trust. Isn't that right? We don't trust certain companies because we consider them fraudulent.

We believe they are not real. So, first—building trust. After trust, what do we need to do? The company must show the technology. There is enough technology for There is enough technology for people to use.

After technology, we need a market. I talk about the market so often, do n't I? On top of all that, what is most important? You guys. Without users, without people, we cannot do business.

So, who will drive the technology here? Blockchain company. Blockchain company. Secondly, the market will be driven by cryptocurrency companies. So, coin A, coin B, token C, call it whatever you want.

NFT, DeFi, all these nice names. If you really don't know, don't get into it. Because the time will soon come. The last one is the user. The user does only two things.

I am a user, you are users. If it's convenient, we use it. If it's comfortable, we use it, right ? We use certain apps, certain credit cards, because they are more convenient for us, right? Convenience for me.

So, usage should be self-oriented . So all blockchain companies, our competitors, colleagues or partners, let's do this. Not for our sake, but from the users' perspective, it should be easily accessible and easy to use, right? Now we have seven points that we must have. But let's choose just two.

How many wallets do you have in your app? I have about 20 different crypto wallets. MetaMask, Trust Wallet, Centra Wallet, please. All of these wallets contain coins or tokens of the main networks. All of these major coins should have integrated interoperability interoperability .

If all these networks can't communicate with each other, we have no future. I mean, that big company changed its name to Meta, right? He said it too. The metaverse must have an interaction function. Crypto needs this too.

Without this, it's like saying: I'm from Korea, so I use Korean won. And US dollars and they, if we can't exchange them, they're useless. It must be respected, the dollar must be respected. It's the same in crypt. Every single project, token, and coin should be available for exchange in your universal wallet.

OK. So, in 2023, I want us to see five things. First, more understanding. If we don't know, we ca n't use it. use it.

Secondly, markets. I want us to see more places to spend crypto. And more places where we can put our crypt on display and feel good. And then we want to talk about the platform. Many platforms, a lot of competition, then we will grow.

Let's move on to the last one. As I said, we need more of you, the users. You join in and we can make it happen. But that's what happened in 2023, and what we want to see is different, right? What we want to see is the truth, the facts.

We want to make money, right? I wish we could buy cryptocurrency and make a ton of money without working. In the future of blockchain, we are trying to build exactly that. We invest a small amount of money and try to share the profits together. POS starts with this.

DeFi starts with this. But what happened? A centralized company must survive because we need to make a profit. If we move this to a decentralized position, which is what many developers and companies are talking about, it will happen. But, if you think simply.

Nobody generates money from nothing. So, look at all these POS, DeFi, staking programs. Where does the income come from and how is it distributed? So, all users, we will grow the crypto industry, but we can't do it without you. I want more involvement and more care.

Don't just take it as a gamble. So, here's a very important thing I want to end with I want to end with . We are a people-oriented company. Centurion, we care about you more than we care about ourselves. This is not a lie, because we lose a lot of money every day.

If you come to our booth, you will see that each of you will receive $45 if you register. Why do we do this? Because without you we cannot move forward. We are a market-oriented company. We are not an exchange that puts its interests above all else, even though we are an exchange.

With us, with you, I wish we could see something better. Where we came from is very important, but where we are going is more important. In 2023, I wish that we move together towards a better future. If you ask me where we are going, we are going wherever you want us to go. Thank you.

Automatic transcript — names and jargon may be misspelled.