Hong Fang, CEO of Okcoin, one of the oldest cryptocurrency exchanges, explained in an interview with Kitco News what to look for for a bullish Bitcoin movement.
Fang, who also has a traditional finance background at prominent Wall Street institutions such as Goldman Sachs, thinks the need for strong monetary systems will drive the Bitcoin and crypto industry. Fang listed the three catalysts he thinks will drive Bitcoin as follows:
- The failures and shortcomings of existing centralized monetary systems can spur gains. A few countries, such as El Salvador and the Central African Republic, are testing their monetary systems with Bitcoin. More countries will join them.
- Bitcoin has a halving cycle. I don’t know if it’s a coincidence that past crypto cycles overlapped with the Bitcoin cycle, but that could be another catalyst.
- Another potential catalyst is the projects created in the bear market. Another reason for the past bull market, in my opinion, was what many developers did in the last bear market. Therefore, I think that all projects currently being developed have the potential to trigger another bull market when they are a little more noticed by customers.
Finally, “I have always been a long-term believer in Bitcoin. Bitcoin’s core value proposition has never changed. Bitcoin is the only decentralized money that is not controlled by anyone.” Fang emphasized that what happened in FTX was not the failure of crypto and the decentralized network, but the failure of a centralized structure.