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LBank hosts third edition of “New Narratives for 2023” Twitter Space

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On March 22, global crypto exchange LBank launched the third edition of the online AMA event “Exploring New Narratives for 2023” through its official Twitter account. Over 40,000 listeners tuned in to the previous two editions to hear what industry experts had to say about the current state of crypto and blockchain. This article compiles what insiders think about the impact of Federal Reserve rate hikes, their outlooks on the bearish market, meme coins, and the rise of CBDCs.

1. LuckyStar, Builder, BSDAO

LBank: You mentioned that Bitcoin’s Fear & Greed Index is currently hovering around 60, the highest level since November 2021. How much importance should be placed on that figure, and how much do you think it will fluctuate in the coming months?

LuckyStar: The recent fluctuations of Bitcoin’s price have confused many people. The surge in its price may be due to various factors, such as pressure on the banking system, a high likelihood of interest rate hikes, and the US government’s BTFP program, which injects liquidity into the market. However, Bitcoin’s value is still linked to the US dollar economy and is affected by trends on Wall Street, the US Dollar Index, and US bonds. The outbreak of COVID-19 and the Silicon Valley Bank incident have also affected the crypto market. The development of decentralized stablecoins may be an important narrative for the future of the crypto market.

The upward trend in the crypto market may continue until the end of April due to the provision of liquidity, although I am not very optimistic about the market in the second half of the year due to the possible domino effect that failing banks can cause. It is also possible that the crypto industry itself may repeat the same mistakes of the 2008 financial crisis.

2. nnova.eth, Social Media Manager, Saito Network

LBank: Why do you always claim that meme coins matter for this industry?

nnova.eth: Meme tokens definitely are important and will play a significant role in the future of Web3. They are expanding beyond being just a token with the name of a dog species and actually building layer 1 ecosystems, which is a bullish signal. Memes are a form of cultural expression that can convey complex ideas in a simple format and can create a sense of community, and inspire people to take action. Meme tokens are high-risk assets, and it’s difficult to predict their market movements, but I suggest you keep an eye on the biggest meme projects nonetheless.

The success of these projects is not only due to technological advancements but also due to the strong community aspect that is a core value of Web3. This success will always be a middle finger aimed at the traditional finance system.

3. Jay Wong, Global Partnerships Manager, CB Recruitment 

LBank: Do you believe meme coins have sufficient utility and value?

Wong: I am not interested in meme coins, but do track the value and utility of a project. For example, Shiba Inu (SHIB) is a project that has a strong community, but I question whether the virality of meme coins is necessary to build a successful platform. I believe they may play a role in the future of gaming and in attracting a younger demographic. However, I want to see a value proposition from layer 1 and layer 2 projects that differentiate them from existing platforms. 

LBank: What are your thoughts on the adoption of CBDCs?

Wong: The use of CBDCs is a positive development, driven mainly by technological advancement. Although some people may have concerns about government control and potential technical issues, CBDCs are a big step-up in efficiency over the current system. I believe CBDCs will be a catalyst for progress, rather than something used for “good” or “bad”.

4. Sonny Kong, CFO, Superpower Squad

LBank: Arbitrum (ARB) has been making quite some waves in the industry. Why is that? 

Kong: Arbitrum is a layer 2 network based on the Ethereum blockchain, providing scalability and efficiency for dApps and smart contracts. Projects focused on solving real-world problems and improving user experience, like ARB, are more appealing to institutional investors. The recent trend of projects combining artificial intelligence, decentralized identifiers, and social media have the potential to create innovative applications and attract a larger user base. I expect to see more projects that offer new use cases and improve user experience in the blockchain space.

5. Crypto Meina, Founder of Crypto Meina Podcast

LBank: What will be the impact of further interest rate hikes on macroeconomics in the crypto market?

Crypto Meina: Raising interest rates to curb inflation could obviously lead to a liquidity crunch and slower economic growth, while the crypto market is likely to remain correlated with traditional markets in the short term. The Circle (USDC) pegging incident was an isolated event, but there may be more regional banks with similar situations. I recommend retail investors maintain a focus on quality assets like Bitcoin and Ethereum.

6. Victor Lee, CEO, ThirdFi.org

LBank: As a professional investor, what are your outlooks for the market sentiment toward the end of 2023?

Lee: The market is currently rebounding, despite this being contrary to the current Bitcoin housing cycle. Banks running out of money is the catalyst for this. While the sentiment among investors has not yet shifted, this contrarian trend is getting more obvious. The market will remain volatile and will continue to fluctuate for a good while.

LBank: In the past, you have brought up the conflict between regulation and the adoption of globalized digital assets like cryptocurrencies. What does that conflict look like? 

Lee: The government is controlling the most precious commodity in our lives; our money. People around the world are slaves to debt-based economies. Governments are minting more of their currencies, while Bitcoin and other cryptocurrencies are becoming more valuable. The government’s attempt to regulate and slow down the process of cryptocurrency adoption is a contrarian bet, but ultimately the free market will do its work and people will demand access to these products that allow them to control their own wealth.

LBank: What is your take on the adoption of CBDCs?

Lee: CBDCs will allow for easy transactions between different parts of the world without relying on intermediaries or centralized entities. Blockchain technology can replace the current financial system, but it will require time for people to adopt it. Besides that, CBDCs can bring more transparency to the financial system and hold the government accountable. Introducing CBDCs is a better way to improve the financial system rather than completely replacing it. The usage of CBDCs by banks and governments will be beneficial to everybody.

7. Petros Naziroglu, Heads of Institutional Solutions, Skynet Trading

LBank: What are your thoughts on the adoption of CBDCs?

Naziroglu: Venture capitalists will eventually move towards government-backed digital currencies, and the adoption of CBDCs may actually be driven by interest rate hikes and the potential impact on inflation and debt for countries with currencies pegged to the US dollar. CBDCs could be beneficial for smaller nations looking to hedge against risks by allowing them to denominate their debt in their own currency. However, the adoption of CBDCs may come with the loss of some personal freedoms.

8. Joshua Sum, Co-Founder & Core Lead, College Dao

LBank: What is your take on the adoption of CBDCs?

Sum: CBDCs have a clear use case and are a step in the right direction, but central banks are not keen on them right now, and infrastructure and education are major hurdles. We are involved in blockchain education and believe that the industry needs to do a better job of teaching the public and lawmakers about this technology before we can achieve further adoption.

9. Samuel, Founder, EKOS LLC

LBank: Can you elaborate on the importance of the freedom to transact and how blockchain technology provides an alternative to centralized payments?

Samuel: While regulation protects consumers and maintains stability, recent actions by the US government indicate their interest in undermining the blockchain industry. Self-regulation using code and AI to translate this code into language can help solve the problem of understanding and verifying smart contracts. However, there’s a need for balanced rules that don’t undermine the core ideas of the industry and acknowledge that achieving this balance requires collaboration between the industry and regulators. 

LBank is preparing the next “Exploring New Narratives for 2023” Twitter Space. If you are interested in participating, don’t hesitate to contact us.

Google Form: https://forms.gle/CyuUDyzynGSngVSG8

Email: [email protected]

TG: @frankiessara (https://t.me/frankiessara)

Disclaimer: This is a paid post and should not be treated as news/advice.  

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With Masters in Mass communication and journalism, Anjali's interests lie in blockchain technology adoption across emerging economies.
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