Forward the Original Title: Trump’s Presidency Shakes Up Crypto! Exclusive Interviews with Industry Insiders – A Comprehensive Look at the Web3 Landscape

Trump’s First Move as President: Setting Crypto Ablaze?

No one expected it—on his first day in office, newly elected U.S. President Donald Trump made no mention of cryptocurrency. Instead of addressing policy, he focused solely on launching his own token. On January 18th (Beijing Time), Trump took to social media to announce the launch of his personal meme coin, $TRUMP, which skyrocketed to nearly $30 billion in market value within half a day. Two days later, his wife, Melania Trump, followed suit, announcing the launch of her own meme coin, $MELANIA, on X (formerly Twitter), quickly reaching a valuation of $5 billion. Meanwhile, the Trump family’s crypto project, World Liberty, spent $9.29 million via Cow Protocol to purchase 88.02 WBTC shortly after the inauguration ceremony. As people eagerly anticipated Trump’s first speech to introduce new cryptocurrency policies and fuel the market, he instead remained unusually silent on the subject.

This silence sent shockwaves through the crypto market, leading to a sharp downturn. According to CNBC data, Bitcoin plummeted 4.47%, while Ethereum dropped 4.45%, with Solana experiencing the most significant decline of 14.32%.

Behind Bitcoin’s ongoing frenzy lies a mix of unpredictable political signals, market whales patiently waiting, widespread investor greed, and a wave of hesitant newcomers standing at the gates of the market. Even now, with Bitcoin’s price having multiplied millions of times since its inception, skeptics continue to question its legitimacy. However, a group of early adopters, steadfast in their beliefs, remain deeply invested, anticipating the dawn of a new era. As traditional financial investment logic gradually unravels, the question remains—who is truly celebrating Bitcoin’s success amidst the market frenzy? Who can resist the temptation and stay true to themselves in the face of greed? In this ongoing tug-of-war between skeptics and believers, Silicon Rabbit engaged in deep conversations with professionals across different sectors in the Web3 space in Silicon Valley, offering a glimpse into the diverse perspectives and realities within the Web3 industry.

#01 Susu: “The Best Time to Invest is When You’re Young—Bitcoin Included”

In Su Su’s view, Bitcoin and Ethereum are the best representatives of “orthodox” cryptocurrencies.

As the first officially launched cryptocurrency, Bitcoin could once be equated with the encryption market. With the addition of 12,000+ new cryptocurrencies, Bitcoin’s dominance in the market has decreased, but it still accounts for 60% of the market.

Unlike traditional finance, cryptocurrency is marked by its 24/7 trading, decentralization, and peer-to-peer transactions, all of which have given it a reputation for “freedom.” Over time, Bitcoin has experienced three major turning points.

Initially, Bitcoin was seen as a symbol of support for cryptographic technology, a recognition of value. In 2021, Bitcoin futures ETFs were approved by the U.S. Securities and Exchange Commission (SEC), propelling Bitcoin from a “niche asset” to a “mainstream asset.”

Susu first encountered Bitcoin during this wave of adoption. At the time, she was busy preparing for graduate school exams when she received a part-time job offer from her former employer to assist with operations. With a mix of curiosity and hesitation, she took her first step into the world of Web3.

Looking back at her early days in the space, Susu feels that Web3 has profoundly transformed her life. “Now, I realize that financial activities are much closer to our daily lives than I once thought. Things like NFTs and mystery boxes are, in essence, financial products.” After navigating through the crypto industry, she has gradually demystified finance.

This experience has allowed her to maintain a sense of calm in an industry known for its volatility. In the crypto space, many hope to become the next overnight success story, but once you’re at the table, breaking free from human greed is no easy feat.

“I went through Bitcoin’s last bull market. I bought in at the lows around $10,000 to $20,000 and confidently increased my holdings when it surged to $70,000 to $80,000. During the process, I often felt excitement due to price swings, but I also experienced anxiety and self-doubt during market downturns,” she recalls. Over time, she decided to become a “HODLer,” opting for long-term accumulation with occasional strategic trades. Having spent a significant amount of time in the industry, Susu believes these experiences have been invaluable. “I now think the best time to invest is when you’re young because, even if you lose, it’s only a small amount of money that won’t significantly impact your life. Plus, you can gain new perspectives in the process.”

If volatility is the underlying theme of the crypto industry, belief is its core pillar. Susu firmly believes Bitcoin is a long-term investment, potentially becoming the next “digital gold.” “For newcomers, it’s hard to develop this kind of belief. But after experiencing several market cycles, you begin to get drawn in. Through continuous validation, your perspective starts to shift, and eventually, you start to believe. The most fascinating part is the diversity of people you meet—each with their own style—and the constant emotional rollercoaster of the market. Yet, there are always people rushing in.”

#02 Alexis: Crypto Exchanges Go on Hiring Sprees, Bitcoin Becomes the New Settlement Unit

Like Susu, Alexis landed a job offer from a Web3 company, Bybit, around 2021, which marked his first deep dive into Bitcoin and blockchain technology. Gradually, he became an integral part of the crypto space. At that time, Bitcoin was trading at around $40,000.

Working at a Web3 company is quite different from traditional enterprises. Bonuses and performance incentives are often paid not in fiat currencies but in niche stablecoins or even Bitcoin. Alexis recalls that his first project bonus was paid in USDT, a virtual currency pegged to the U.S. dollar. Over the years, as Bitcoin’s price surged, the value of USDT also saw slight appreciation. In 2022, Alexis decided to convert his USDT into Chinese yuan and ended up making a significant profit compared to when he initially received the bonus.

Apart from project bonuses, Web3 companies offer a variety of initiatives to encourage employees to engage with crypto in different ways. “In the early days, the company ran a bug bounty program—if you found a bug on the platform, you would receive a cash reward in cryptocurrency,” Alexis shared. Over the years, several employees have achieved financial freedom simply by participating in these programs.

Financial freedom seems to be a recurring theme in the Web3 world, with numerous success stories constantly fueling people’s ambitions. Alexis has personally witnessed many individuals achieving financial independence in creative ways. One such story involves a Gen Z girl who launched her own token, made a fortune, and proudly “retired.”

However, the other side of the coin tells a different story. Some people have lost everything with a single bad investment decision. On December 5, 2024, Bitcoin dropped more than 10% in a single day, causing over $1.087 billion in liquidations, with 210,000 investor accounts wiped out. Prior to this, the bankruptcies of crypto exchanges Hotbit and Bittrex left many investors with devastating losses. Alexis has also seen victims firsthand—a relative of his was lured into buying a large amount of “shitcoins,” only for the project team to disappear, resulting in significant financial losses.

Despite repeated high-risk warnings constantly reminding investors of potential dangers, people continue to flock to the crypto space. Even high-ranking executives from traditional tech giants, such as P8 and P9 level managers, have taken pay cuts to switch to Web3 companies in hopes of tapping into new opportunities.

“However, most people still think in the traditional Web2 mindset and don’t actively engage in Web3 trading, making it difficult to find the right talent,” Alexis noted. Nowadays, most Web3 companies require new hires to have crypto accounts and trading experience. A quick look at job platforms like Boss Zhipin and Maimai reveals that most job postings explicitly demand cryptocurrency trading experience. Salaries for these roles can be several times higher than similar positions in traditional consumer industries.

When asked why so many of his former colleagues from large tech companies are joining Web3 firms, Alexis shared that many believe decentralization and the internet’s transition to Web3 represent promising future directions, potentially holding the next wave of internet opportunities.

#03 Project Founder May Wong: Building a Professional Investment Platform as 80,000+ Millionaires Invest Over $100 Million in Bitcoin

Unlike many who simply observe the Bitcoin market hype, May Wong identified the potential of Web3 early on and became part of the wave seizing these opportunities. In late 2022, she embarked on her Web3 entrepreneurial journey, founding SoSoValue, a cryptocurrency information platform catering to professional investors.

May Wong believes that the financial industry is undergoing a new revolution and that the market lacks a third-party information tracking platform to continuously monitor financial data. SoSoValue was created to fill this gap and provide valuable information to investors. The name “SoSoValue” stands for “most of the crypto, nowadays no value, just so-so”—reflecting her belief that most value growth today is concentrated in leading cryptocurrencies like Bitcoin and Ethereum, while others are just mediocre.

Currently, SoSoValue boasts over 200,000 daily active users, with the majority coming from North America, Singapore, Japan, and Southeast Asian markets like Vietnam. The platform has registered over 8 million active users. On January 8, the company announced an additional $15 million funding round led by Hongshan, SmallSpark, Mirana Ventures, and Safepal, bringing its valuation to $200 million.

May Wong revealed that the platform has seen rapid user growth recently, with many transitioning from traditional investment markets to crypto. “Most VC firms are still relatively unfamiliar with the secondary market, so a user-friendly information platform will help them quickly access the data they need.”

May Wong explains that in the financial system, the “Top to Down” principle applies—important information is presented first, which aligns with traditional industries. However, Web3 has a unique characteristic: crypto exchanges operate 24/7, requiring continuous information tracking.

To address this, SoSoValue integrates various resources such as TokenBar, official websites, and whitepapers, allowing users to access comprehensive data quickly. “Currently, the TokenBar platform has over 3 million users, with a daily active user base exceeding 30,000.” She noted that SoSoValue users are primarily focused on tracking sector growth, and the platform has seen particularly strong growth in emerging markets like Vietnam, Russia, and Turkey, where younger generations are highly receptive and quick to adopt new technologies.

Before 2024, Web3 was still in its Crypto Native phase, with core players being strong believers in the Bitcoin ecosystem. Market cycles followed mining cycles. However, with Bitcoin’s growing adoption through stablecoins and ETF approvals, it has gradually gained mainstream market recognition. “At least in North America, Bitcoin has earned the approval of the majority of investors.”

Research data supports this trend. According to a report by New World Wealth and Henley & Partners, as of August 2024, the number of crypto millionaires globally grew by 95% year-over-year, reaching 172,300 individuals. The number of people holding over $1 million in Bitcoin increased by 103% to 85,400, with 325 individuals holding over $100 million in crypto assets.

“It used to be just a small group of people nurturing the crypto seed with relentless effort. Now, we can finally see that the seed is sprouting. We hope it will grow into a forest in the future,” May Wong remarked. She believes the crypto industry is still in its early stages, with the market landscape far from settled.

This uncertainty has sparked ongoing debates within the industry about the future direction of the crypto ecosystem—specifically, how decentralized and centralized exchanges can coexist. May Wong sees centralized exchanges as similar to traditional trading markets, offering a lower learning curve and easier onboarding for new investors. On the other hand, decentralized exchanges represent an idealized vision, which many in the crypto space ultimately aspire to achieve.

“Those who are already paying attention to crypto are fortunate,” May Wong said. “Going forward, the key is to stay in the game.” She believes many still perceive Bitcoin and crypto as a gamble. Her advice to investors is: “First is to recognize the difference between scams, gambling, and financial activities. Finance creates value for society, whereas the former two do not. In the long term, crypto is the foundation of the new financial system in the digital age. The second is to truly participate in the crypto space and become a believer. The third is to ensure you can withstand market volatility for the next 20 years without getting shaken out. If you can do that, the new era will be yours to embrace.”

#04 Investment Manager Kevin: Bitcoin Ecosystem Growth Spurs Meme Coin Boom

Contrary to the excitement in the secondary market, Kevin believes that investing in Web3 projects in the primary market has become more challenging. “Overall, the feeling is that it’s neither bad nor particularly good,” he adds. “But Web3 is steadily progressing forward.”

As an investment manager, Kevin focuses less on Bitcoin’s price fluctuations compared to retail investors. Instead, he has observed that over the past two years, rising Bitcoin prices have driven increased market attention, yet the Bitcoin ecosystem itself hasn’t seen any substantial breakthroughs. “The more developed the Bitcoin ecosystem becomes, the higher its liquidity, and the more diverse its applications will be.”

From an overall market perspective, some tokens are becoming more mainstream, while Bitcoin’s technology and ecosystem are increasingly intertwined with community growth, indicating that Web3 still offers new opportunities.

For example, derivative Meme coins, or “meme-based tokens,” are surging in popularity. These tokens typically attract users by building engaging and humorous communities. Well-known examples include Dogecoin (DOGE) and PNUT, with Dogecoin’s market cap already reaching $55 billion.

Additionally, the Bitcoin Ordinals and inscriptions market is booming. One of the top inscription tokens, DOG•GO•TO•THE•MOON (DOG), has become a leading token in this niche, with a market cap exceeding $300 million. According to OKX data, DOG now has over 73,000 holders.

As these new markets emerge, the ways to engage with crypto have become more diverse. However, finding quality projects remains a challenge.

Similar to the Web2 era, the investment logic in Web3 still revolves around finding the best talent, creating the best projects, and developing user-friendly, clean, and efficient applications.

At present, Kevin is mainly focusing on two major directions at this stage - projects that deeply integrate with public blockchains, and projects that can bridge traditional Web2 applications to Web3, breaking existing barriers for mainstream adoption. However, with more high-tech talent shifting toward the booming AI sector, Web3 is experiencing a talent drain, making high-quality projects increasingly rare.

“Valuation is key when investing in Web3 projects today,” Kevin emphasizes. He points out that Web3 has entered a cyclical “trap” in the latter half of this year—wherein hot money flows into projects, driving valuations too high; inflated valuations then create industry bubbles; these bubbles make it difficult to sustain further valuations, resulting in a decline in active participants. This cycle repeats, making it hard for many projects to achieve sustainable growth.

“I feel like we haven’t truly reached the Web3 moment yet. The current ecosystem is somewhere between Web2 and Web3—around Web2.5,” he adds.

#05 Investment Manager Sam: Crypto Struggles to Break Out of the Financial Sector, but Good Projects Can Yield 10x Returns

After two years in the Web3 investment space, Sam, a Web3 investment manager, has observed that while the Web3 wave continues to attract more people, high-quality projects are becoming increasingly scarce, with very few new ones emerging.

He attributes this trend to two main reasons: One, stricter exchange listing requirements. With exchanges becoming more regulated, getting a new token listed on major platforms is significantly more challenging than it was a few years ago. As a result, early-stage projects face difficulties in securing listings, unlocking terms have become more stringent, and funds struggle to exit with high returns, making the investment landscape tougher. Secondly, shrinking investment capital. This year, overall investment capital has contracted, with more funds flowing into the booming AI sector and BTC ETFs. As a result, the amount of capital flowing into the Web3 ecosystem is far less than in the previous bull market.

Sam transitioned to Web3 investing around 2022, and over the past two years, he has invested in several promising Web3 projects.

Compared to traditional Web2 investments, early-stage Web3 investors place greater emphasis on the level of technical innovation brought by entrepreneurs. “Although Web3 doesn’t require founders to have strong academic backgrounds as much as before, talent, team resources, and the ability to convert resources into growth remain crucial.”

In terms of focus areas, Sam notes that there hasn’t been much innovation in this Web3 bull market. Despite the constant push for an internet transformation, development trends have increasingly concentrated on upgrading decentralized financial payment systems, making Web3 more similar to an on-chain fintech sector. Other application experiences, such as gaming and social platforms, still lag significantly behind Web2 products. To expand into broader application scenarios, more stable and robust underlying blockchain technologies are needed.

“The Web3 industry is undoubtedly progressing, and the performance of underlying technologies is gradually improving, but transformative, groundbreaking products and technologies remain scarce, and overall investment activity has slowed down,” Sam noted. During the last bull market, Sam came across several promising projects, some of which achieved returns of up to 10x.

Conclusion

With former U.S. President Donald Trump returning to office, the long-standing regulatory uncertainties surrounding cryptocurrency leave many wondering—where will things go from here? “The best outcome would be if Trump does nothing at all after taking office,” was a common sentiment echoed by most interviewees. Conversations revealed that Trump’s presidency introduces significant uncertainties and potential risks to the crypto landscape.

From the perspectives shared by multiple interviewees, the prevailing market consensus is that Bitcoin stabilizing around $100,000 this year would already be considered a success. Many participants also emphasized the idea that “whether you’re wealthy or not, it’s wise to hold some Bitcoin.” They largely agree on one thing—Bitcoin is digital gold.

“Money in the bank isn’t truly your money; it only belongs to you when it’s stored in a decentralized wallet,” they collectively stated. For most Bitcoin holders today, their primary expectation is that Bitcoin will outperform existing inflation rates.

Currently, the majority of Web3 investments are concentrated in Southeast Asia and North America. China’s highly developed financial payment systems have led many early investors to focus on Chinese entrepreneurs, with numerous individuals quietly making significant profits beneath the surface of this crypto boom.

While many still perceive Web3 as a distant future, history shows that before every major technological transformation, the internet has always gone through various phases of evolution. Where the tides of technological change will flow next remains uncertain, but perhaps time will provide this generation of dreamers with the answers they seek.

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