The Takeaway from Blockchain Panel Discussion
Thank you Boston Chinese Investment Club for having us in the 2019 Venture Summit!
Boston Chinese Investment Club is a non-profit organization founded by the Chinese Finance Association in 2010. BCIC provides a platform for exchanging ideas, knowledge, and information in finance and investment in both the United State and China. We are here to discuss Blockchain.
It is our pleasure to be one of the panelists! We shared a lot of opinions based on our experiences with those great keynote speakers and panelists. As everyone knows, “Blockchain” is one of the popular words for now. How do you think about the trend of “Blockchain”? How to engage in “Blockchain” through investment?
If you missed the Venture Summit, no worries! Here’s the takeaway for Blockchain Panel Discussion. Let’s jump into “Blockchain” from job openings, the trend of the market to the tips of investment!
Q1: Introduction of Yaonology
Yaonology actually combines engineering and finance knowledge to build algorithmic trading strategies. We released two trading strategies. One is SP500 algorithmic trading strategy and the other is Bitcoin algorithmic trading strategy.
Q2: Any opinion for the blockchain-related job opening?
It’s another big year for the blockchain space growth in 2019.
On the investors’ side, Bitcoin prices have more than doubled this year. Gold, up around 18% this year. S&P500 index returns around 20% so far. The bitcoin gets more attention than other financial instrument.
On the other hand, I read the job report last week. This is my small tip that the job opening is one of the leading indicators to figure out the industrial field is growing or not. Based on job offering numbers in 2019, the word “blockchain” in the labor market is still in the rising trend. Companies are looking for more and more blockchain experts in this field. Like Bank of American, IBM and Oracle open more blockchain-related positions this year. These data prove that the blockchain space is growing in 2019.
Source: Cointelegraph.com Blockchain and Crypto Jobs Markes: 2018 vs 2019 by the numbers
Q3: What are the key developments of the blockchain space this year?
As I mentioned in the last question that the blockchain-related job opening is rising this year. The other indicator related to blockchain development is patent numbers.
The last year, IBM just had around 30 blockchain-related patents, but this year, it’s triple over 100 blockchain-related patents. Bank of American has more than 80 blockchain-related patents right now, and they continue to fill the more patents this year. It’s really like the early year of 2000. There were a lot of patents related to the word “Cloud” You can see how cloud technology has developed in the past 20 years.
Source: beincrypto.com IBM’s Blockchain-Related Patents Have Grown By 300%, coindest.com Bank of America is Now Hiring in BlockChain, Not Just Filing Patents
Q4: Which countries are leading the development in Blockchain?
The U.S., China, and Japan, especially China.
China also holds over 50% of the mining power for bitcoin so far. Also, the People’s Bank of China wants to issue its own cryptocurrency. This is a China government attitude and the China government has positioned itself to dominate the blockchain space in the world.
The United States has the most blockchain-related patents in the world, and China is on the second. However, if you dip inside the US blockchain-related patents, there are a lot of blockchain-related patents come from Chinese firms or entities.
Source: thenextweb.com Data: China has the most blockchain patents, despite banning cryptocurrency
Q5: What’s your opinion for Blockchain Regulation?
Regulation is just a beginning, and the regulation might impact cryptocurrency prices in the short-term, but regulation is not a killer for the blockchain space.
The lack of regulatory oversight makes it difficult for cryptocurrencies and blockchain-related businesses to operate in the U.S. The blockchain-related firm or cryptocurrency entities will be in fear of running afoul of SEC or IRS.
Under the regulation, people can start to focus on how these assets can best be leveraged to diversify portfolios and transfer money overseas. The blockchain-related firm can improve business models. The appropriate blockchain-related regulation is good for blockchain space.
Q6: What’s your perspective on the Libra project?
Unlike Bitcoin, Libra is a stable coin, backed by financial assets including 50% United States Dollar, 18% Euro, 14% Japanese Yen, 11% Pound Sterling, 7% Singapore Dollar, and US Treasury securities.
Libra project is the perfect concept to the developing countries. There are a rough 1.7billion people that are still using a cash-in transaction. Libra project is a perfect solution for them.
However, the Libra project is not a technology problem. It’s more like a political program. Libra may threaten the US dollar’s status and the US dollar has already dominated the international currencies almost a century. The US government may lose control of monetary policy. It makes difficult for the Libra project to overcome the regulation. Therefore, I don’t think Libra can be launched in the short-term.
Q7: How to invest blockchain in the early stage?
In the short-term, the Bitcoin price might be under pressure. The most cryptocurrencies fluctuate a lot and with high risk. Therefore, if you prefer lower risk, and want to invest blockchain in an early stage. I recommend investing blockchain ETF Symbol “BLOK”. It actually does not hold any bitcoin. Rather, BLOK is a play on the blockchain. BLOK is also a global fund and holding stocks including financial services and tech companies.
It was a great opportunity for us to share our opinion with every audience. “Blockchain” is a wider filed that we are still learning.