HashKey Capital Wraps Up Hong Kong Web3 Festival 2024

April 11, 2024 | HONG KONG — At the Hong Kong Web3 Festival this past weekend, the HashKey Capital team was out in force with several partners moderating or otherwise participating in industry panels.Co-hosted by Wanxiang Blockchain Labs and HashKey Group, the four-day festival is one of the most anticipated events in the blockchain calendar, and this year’s edition certainly lived up to its billing, featuring over 160 groundbreaking projects,100 media, and more than 300 notable speakers.

Early on day one, HashKey Capital CEO DC had a fireside chat with Wall Street veteran Cathie Wood, CEO of Ark Invest. Wood is known for her bullish position on bitcoin, so naturally, BTC was something DC and CW discussed during their panel.

“Our latest forecast for Bitcoin is $1.5 million dollars per BTC by 2030, which used to be our bull case. Last year, our forecast was $600,000, reflecting a 5% allocation by institutions. The increase to $1.5 million is attributed to the SEC’s greenlight for the Spot BTC ETF,” said Cathie. 

“We believe institutions will increasingly move towards this $1.5 million target by 2030.”

Later that afternoon, our Partner of Research and Liquid Funds Jupiter Zheng moderated a thought-provoking Panel Discussion entitled “Unleashing the Power of Crypto ETFs: Riding the Innovation Wave in Hong Kong,” alongside ETFGI Founder Deborah Fuhr and CME Group’s Global Head of Cryptocurrency Products Giovanni Vicioso.

The second day of the festival was just as eventful, as our Research Manager Henrique Centieiro delivered a keynote speech on HashKey’s recent DePIN research.

“DePIN-based RWA represents the future of asset tokenization, potentially reaching a $5 trillion market. With over 200 active projects and a combined market cap exceeding $32 billion, DePIN is attracting significant investments from leading crypto VCs and platforms such as peaq and TLay are poised to benefit the most from this transformative technology,” says Henrique.

Managing Partner, Ryan Chen also moderated a Panel Discussion entitled “A Global Landscape of Web3 Investment,” featuring partners from VCs like 1kx and Cypher Capital.

“The increased regulatory scrutiny on blockchain and cryptocurrencies signals a maturing industry. While compliance is crucial, we also see it as an opportunity for industry players to engage constructively with regulators. Navigating this landscape requires a balance between innovation and compliance, and we advocate for proactive engagement with regulatory bodies to ensure a sustainable future for the blockchain ecosystem,”said Ryan.

HashKey Capital Partner Xiao Xiao was one of the participants in an Investment Panel on Day Three, alongside MEXC Ventures’ Issa and Kevin Hu, Portfolio Manager of Brevan Howard Digital.

Jupiter also presented a keynote speech introducing HashKey Capital’s new book, entitled “Digital Asset Valuation Framework.” The book defends the role of fundamental analysis in crypto with a robust set of tools for evaluating value across the emerging digital asset economy, and outlines various valuation methodologies for native cryptocurrencies, public blockchains, DAO tokens, utility tokens, Security Token Offerings (STOs) and Non-Fungible Tokens (NFTs).

“In our new book, we cover a total of 17 methodologies, including how digital assets’ value is influenced by various factors. We discuss concepts like Moore’s Law and Metcalfe’s Law, which help us understand asset prices. We also look at metrics such as the Stock-to-Flow ratio, P/S ratio, NVT ratio, DCF, and NCAVPT to give a clear picture of the value and market trends of digital assets. This book is essential for anyone interested in digital assets’ past, present, and future.” said Jupiter.

On the fourth and final day of this year’s HK Web3 Festival, our Head of Investment Research Jeffery Hu delivered a keynote on “Lightning Network: Understanding L2 from a Gas Perspective”, training his forensic gaze on the Bitcoin L2 network. Later, he spoke in a Panel Discussion entitled “Prospects for the Applications of Lightning Network.”

“The Lightning Network is not just about speed and scalability; it’s a paradigm shift in how we think about transactions on the blockchain. By comparing fee models between Bitcoin and Ethereum, we can see how Lightning Network and other Bitcoin L2s should be different from Ethereum rollups,” said Jeffrey.

All in all, this year’s HK Web3 Festival was a blast. Keep an eye on our socials for more upcoming events and to stay abreast of all other developments.