Will Crypto Replace Fiat Money?

On the eve of the Forum, we exclusively interviewed Huobi Global – Blockchain Life 2021 DIAMOND sponsor.
Alphan Gogus, General Manager of Huobi Global in Russia, Ukraine and Turkey, spoke about the CIS crypto community, the success of NFT and DeFi, and the future of the financial system.

Huobi Global crypto exchange is turning 8 years old. How do you evaluate what has been achieved and what goals does the company set for the next 8 years?

Huobi Global has become one of the world’s leading cryptocurrency exchanges. Backed by Huobi Group’s blockchain and cryptocurrency ecosystem, today we are among the top three largest platforms globally, contributing to the development of the blockchain ecosystem. We are honored to be given this opportunity to participate in the growth of the industry by offering a trusted and secure platform. The market is at an all-time high, and the number of participating investors continues to grow.

However, we believe crypto is still in its early stages, hence our goal is to educate the market and empower them with industry knowledge, and strengthen ties with crypto-communities.

Let’s talk about the cryptocurrency market. It has changed significantly over the years. Today we see a variety of prognoses. Some experts are waiting for the adjustment of the rates of major cryptocurrencies, while others are predicting explosive growth. What forecasts does Huobi Global rely on?

In contrast to previous years, we’ve recently seen investors become more sophisticated and cautious when investing; this is a good sign as it shows that investors are more mature now. Today, the approach of most investors has become more balanced and logical. Our advice to clients has always been to understand the intrinsic value of the project you would like to invest in, and invest wisely. There are many markers that can be used to make a fairly accurate prediction about one currency or another. We share this knowledge and try to create useful content for investors.

Huobi Global crypto exchange is one of the largest industry representative and we are proud of our mutual cooperation at this Forum. Why has Huobi Global decided to participate in the Blockchain Life 2021 forum?

Blockchain Life has always been a significant conference in the crypto industry. Huobi Global participates in this event to meet and interact with our customers, partners and industry peers from across the world. This forum is a good opportunity for Huobi Global to promote our brand, as our presence in the CIS region has grown stronger since forming a local team there earlier this year. We hope that through our attendance, users in the CIS region and across the globe can get to know us better, while we try to better understand their needs.   

Huobi Global is really getting more and more attention of crypto users from the CIS. Therefore, we are sure that your exhibition stand will bring together a large number of Forum participants.
In your opinion, how does the Blockchain Life 2021 forum differ from other similar events?

Its main highlight is the location. It’s not a secret that the investment activities and cryptocurrency adoption rates of CIS citizens are growing day by day, and Russia, Belarus, and Ukraine are considered some of the fastest-growing markets for crypto exchanges and cryptocurrencies worldwide. The Blockchain Life forum annually gathers thousands of investors to share the latest news, technologies, and trends. For a market player like Huobi Global, which is committed to providing localized products and services for the regions we operate in, this event provides a great opportunity to engage the CIS community and better understand the market, which will be helpful for our strategies and development plans going forward.

Since we started talking about interaction with the local markets – which ideas, concepts, and values does Huobi Global plan to introduce to Blockchain Life 2021?

We are convinced that cryptocurrencies are the future of finance. It is the key to financial freedom and prosperity for the masses. These are the technologies that are already creating the future today.

No one can claim today that cryptocurrencies will replace traditional money, and we do not actually expect this to occur! But the fact that cryptocurrencies are helping to revitalize existing financial systems and digitally transform payment systems is absolutely certain. The technological development of the industry and the popularity of cryptocurrencies as a means of investment will continue to grow, and eventually lead to more alternatives and broader financial literacy.

Over the last year, the public and professional focus has been on the NFT and DeFi sectors. Is there a unifying factor in the success of NFTs and DeFi? Or were their breakthroughs influenced by separate circumstances?

We see the foundation being laid for Web 3.0, the next version of the Internet that includes the use of blockchain technology. Key to the Internet transformation that is now developing is decentralized finance, which offers users an alternative to existing banking services. DeFi continues to popularize the use of cryptocurrencies. 

This can be applied to NFTs as well. This year, NFT products have drawn increased attention to the blockchain industry. NFTs, whose foundations were laid in Ethereum in 2017, have become one of the most popular topics in the cryptocurrency world in 2021. While NFTs are widely used today for digital artwork, they also have different use cases such as interactive game items and sports collectible cards.

With the popularity of NFTs increasing, we also see creative new business models being set up. Digitization of physical assets, on the other hand, seems to lead to the redesign of many processes we’ve become accustomed to. When it comes to the future uses of NFTs, we can think of a scenario where states launch bonds as NFTs, which may be traded globally.

And these prospects are truly amazing.
But let’s talk about the near future. In the coming year 2022, the crypto-industry can give its investors new surprises. What will be the main points of growth in this market in the medium term?

The crypto market is one of the most dynamic markets; it is highly responsive to market forces driven by the supply and demand created by its users. This trend will continue, with more and more retail and institutional investors jumping on the bandwagon for this new asset class. More projects will appear; some may die, and others might get enough support and become strong enough to compete with Ethereum.

For investors who want to profit from cryptocurrencies, our universal advice is to do your  own research before investing, and make a decision only when you are convinced that the project has real value. To align with this approach, Huobi Global offers educational material under Huobi Learn, and also weekly reseach reports from Huobi Research, in order to keep our users informed and educated. 

Now a lot is being written about the investment activity of users from the CIS countries. Is this trend confirmed by the exchange’s internal statistics and how do you explain it?

According to TripleA statistics, Russia and Ukraine are among the top 10 markets in the world by their number of crypto investors (Russia is third place, Ukraine is sixth). Clearly, the crypto market will continue to grow and the adoption rate in these regions will increase. The development of cryptocurrency regulations in these countries indicates that Russia and Ukraine are among the most promising and mature markets for cryptocurrencies. Russia has an environment that’s generally friendly to cryptocurrencies. Although cryptocurrencies cannot be used to pay for goods or services, users can trade them fairly easily.

We believe that regulation helps the development of the crypto-asset industry, and we welcome it. Huobi Global’s top priority has always been to comply with all legal requirements in the countries where we operate, and to ensure the safety of users and their crypto assets. Therefore, we firmly believe that regulations will help build a solid foundation for the industry’s growth.

Going back to the forum, which boothes, speeches or speakers would you advise visitors to check out?

I would recommend visitors to check out the section on DeFi and NFT, to begin with. Meanwhile, they can also benefit from topics on blockchain applications and implementation, where leading experts will share their insights and discuss the future of the industry.

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