Odaily Exclusive Interview with BitMart Founder Sheldon: Exclusive Insight on the Night Before Trump's Dinner

On May 21, Odaily and BitMart jointly held the Space event, where BitMart Founder Sheldon (@sheldonbitmart) was a guest in the live broadcast, revealing exclusive insider stories about the Trump dinner. Sheldon stated that the specifications and significance of this dinner are significantly higher than those of the previous Trump charity dinner with a hundred people he attended. He pointed out, "This dinner is not only an important historical opportunity but also a significant symbol of the Web3 industry's breakthrough of traditional barriers and integration into mainstream society, promoting the global development of blockchain technology."

The following is the organization of Space content:

Hello, welcome to the Space space of Planet Daily, I am Qian Xiaofeng, deputy editor-in-chief of Odaily. In recent times, the most lively thing in the market is undoubtedly the market. You can see a big rally in the crypto market, including Bitcoin rebounding again and returning to $100,000, and ETH reversing its previous decline and rising by 40%. Of course, in addition to this, there is another thing that is in the spotlight, and that is the upcoming Trump dinner this week. According to the previous news on April 23, Trump officially announced that he would invite the top 220 Trump holders to dinner at a golf club near Washington on May 22. The top 25 users also receive VIP benefits, including a VIP reception for Trump and a specially arranged tour of the White House. This time, Odaily invited one of the top 25 guests, and he is Sheldon Xia, the founder of the leading exchange BitMart.

Host: Welcome Sheldon to say a few words!

Sheldon Xia: Hello everyone, I am Sheldon, and I am now in the United States.

Host: Alright, Sheldon is now in New York and is about to attend the dinner. Our audience can participate interactively by leaving questions in the comments section for Sheldon to ask Trump on their behalf. We will select five friends from the comments to receive a cash reward of 100 USDT. Now let's officially start tonight's Q&A. Sheldon, please start by briefly introducing BitMart and yourself!

Sheldon: Okay, so I'll start with the company. Our company is a global digital asset exchange, founded in 2017, officially launched in March 2018, and has been operating for more than 7 years today. Our services cover more than 200 countries and regions around the world, and we currently support more than 1,700 currencies for spot trading. In addition, we also provide digital asset-related wealth management products, contract trading, and technical support services. At the same time, we also have a number of information-related services to support our users.

As for my background, I have been in the industry since 2013, first working in Hangzhou, and then studying and settling in the United States. I have been in the industry for 10 years and have gone through many cycles. I started out as a technology developer, but then I slowly moved into a management position. Therefore, after so many years, I have a deeper understanding of the characteristics and development trends of the entire industry.

Host: Thank you very much for your background introduction. Next, I would like to talk about your participation in the Trump dinner - after all, this is a very special experience. First of all, what prompted you to decide to attend this dinner?

Sheldon: Well, there were some personal and corporate considerations that made me decide to attend this dinner. On a personal level, I live in New York, and Washington, D.C. is very close to New York, just a few hours away by car. And, for personal reasons, I'd love to have face-to-face conversations with the Trump team or policymakers.

From an industry and company perspective, I think Trump's policies have had a very profound impact on the cryptocurrency industry as a whole. During his tenure, there was a 180-degree shift in the regulatory environment in the U.S., which directly influenced the direction of the industry. This dinner was a very rare opportunity for me to learn about the policy direction and at the same time to secure some potential cooperation and resources for the company.

Host: Well, indeed, such opportunities are rare. We understand that the seating for this dinner is very limited, with only 220 seats available, and the top 25 participants have special VIP benefits. Could you please share how you made it into the top 25? What does your position look like?

Sheldon: Yes, the competition for seats at this dinner is very fierce, with only 220 seats available, and each participant can only enter individually. As for myself, I am ranked within the top 25, mainly because I invested around 10 million dollars. This investment was made after the dinner was confirmed, with the aim of securing my seat. However, we still hold this portion of the assets, rather than immediately selling them after "locking in the seat."

Host: I see. So when it comes to your trading approach, I'm curious, do you usually prefer a long-term holding strategy in the trading market, or do you lean more towards short-term frequent trading?

Sheldon: Well, my overall style can be considered a very typical "long-term holder." To be honest, I hardly ever trade, only trying out some specific products, such as spot trading or contract trading, from the perspective of product experience, mainly to understand the user experience and service quality of the exchange.

But from an investment point of view, my trading frequency is very low, and I may only have a big operation in two or three years. For example, my last big deal was in the second half of 2020 when I allocated a property with assets. The reason is also very simple, I think that without sufficient data support and professional ability, it is difficult to make money from frequent trading, but it is easier to maintain the value of long-term investment.

Host: Indeed, there are actually few "long-term holders" like you. Many investors joke that their holding time might not even be as long as the time it takes to cook instant noodles. So, how do you think investors should balance the choice between long-term holding and frequent trading in the market?

Sheldon: That's a good question, but the answer actually depends on what type of investor you are. Simply put, different people are suited for different approaches:

• If you are good at long-term fundamental analysis: then you may be more suited for long-term positions, as your strength lies in a deep understanding of the value of the industry or project.
• If you like technical analysis or are familiar with trading strategies: then you may be inclined to high-frequency trading, which requires you to have a high sensitivity to market fluctuations and the corresponding psychological quality to deal with pressure.
• AI-driven strategies: There are now more and more trading teams in the market that rely on AI algorithms. If conditions allow, you can try to utilize these data models.

But regardless of the type, the key is to find a method that suits you, while also ensuring that your psychological endurance can keep up with the pace of trading. In the end, what is tested in trading is not ability, but mindset.

Host: I completely agree with your point! Now, let's return to the topic of the dinner. After the seats are confirmed, how does the entire process work? Are there any interesting stories or details you can share?

Sheldon: Oh, I see. Actually, I have attended some charity dinners for Trump before, so I have some understanding of these processes, but this dinner has a higher standard. After I confirmed my seat, within about half an hour, the organizers of the dinner contacted me via SMS, phone, and email. At that time, I was in a meeting and missed the call, but they quickly confirmed the details through email.

The detailed process is as follows:

• First, the banquet organizer confirmed that my ranking was in the top 25, and then provided detailed information about the event scope, the specific time and location of the banquet, etc.
• More details will be updated in several emails later, including information and precautions regarding background checks.
• As one of the top 25 participants, a visit to the White House was scheduled for the next day.

The entire process is still very compact, with every detail arranged in an orderly manner.

Host: It sounds like the process is very rigorous. Are there any special requirements regarding security and attire?

Sheldon: Yes, that's right. From a security perspective, the background checks are very strict. In addition, we were explicitly told not to bring any gifts or large photography equipment, and even the photography equipment cannot exceed mobile phone level cameras.

As for the dress code, they require us to adhere to the "Black Tie" standard. This is a relatively formal dress requirement in the United States, where one must wear a suit, tie, and leather shoes, overall very formal.

Host: The specifications of this dinner can be seen clearly. Now for the last question, regarding the strictness of background checks, do you know anyone who has been disqualified because of a background check?

Sheldon: Well, this is indeed quite special. The strictness of the background check is very high, and all participants are required to provide basic personal information, which will be professionally reviewed by the organizers. However, the specific aspects involved have not been fully disclosed, and the results of the review are usually confirmed only as the event approaches. I haven't heard of anyone being eliminated due to the background check.

Host: Could you briefly introduce what information is mainly required for the background check? Especially regarding the review process for non-U.S. users.

Sheldon: Mainly some basic personal information, such as name, nationality, contact information, etc. Some content that the organizers consider important needs to be provided in advance. Non-US users may undergo special reviews, such as cross-checks based on the organizers' database, but I'm not very clear on the specific details; they have their own set of processes.

Host: Understood. So when it comes to the external reaction, there are reports that American media has some concerns about this dinner. What do you think of these media perspectives?

Sheldon: It's true that there are a lot of voices from the outside world, some for support and some for concern. Media attention is normal, especially at the intersection of politics and business. But I personally think that Trump, as the head of the administration, is willing to have in-depth exchanges with practitioners in the industry, which in itself is a very positive signal. Some people may focus on the relationship between power and capital, but from an industry perspective, I think it's a good thing to promote development. You can check the specific media comments yourself, and I won't go into details here.

Host: Are there any restrictions from the organizers on participants, such as confidentiality agreements? Will you be sharing the content of Trump's speech on social media as soon as it happens?

Sheldon: Not sure yet. The organizers do have some security and privacy rules, such as restrictions on mobile phones at similar events in the past, but the exact details will not be confirmed until the event is approaching. If I get the chance, I'll share some key content with you on Platform X (formerly Twitter), but only if you follow the rules.

Host: Understood, I have heard before that the organizer mentioned Trump might be absent from the event. Is there any latest news on this?

Sheldon: According to the current news, Trump will attend the event. However, this situation is also quite normal, especially if some force majeure events occur suddenly, such as security issues or other emergencies, high-profile events like this may be adjusted. Personally, I believe he is very likely to come.

Host: Alright, has the theme and process of the event been determined? Can you share a bit about it?

Sheldon: The basic arrangement has been decided. There will be strict security screening on the day of the event, after which VIP attendees will attend a special reception 1 hour early to interact with Trump. An hour later comes the formal dinner, which lasts about two hours. A tour of the White House will be scheduled the next day, though it is uncertain whether Trump will attend. In addition, there will be a number of informal group activities in the evening, the details of which have not yet been announced.

Host: So regarding the arrangement for the interaction between VIPs and Trump, has there been a set number of questions determined for the participants? What questions do you personally plan to ask?

Sheldon: Everyone's Q&A time may be limited, so I will try to be concise. I plan to ask Trump about the direction of macro regulation in the cryptocurrency sector, including relevant policies in the United States and global markets, hoping to gain some insights from his answers.

Host: That's a very meaningful question! You mentioned earlier that some industry leaders, like Musk, might attend the dinner. Is it really possible for him to be there?

Sheldon: I have also heard quite a bit of discussion, but there is no concrete news at the moment. I sincerely hope he can come; it would be a very valuable opportunity to communicate with him.

Host: The schedule for this dinner and the White House tour is very tight. Is there anything special you would like to share with everyone?

Sheldon: It's a very rare opportunity, and it's undoubtedly historic from the perspective of industry influence and international communication. I think the U.S. government's willingness to open the door to communication with the crypto industry, both in terms of asset issuance and overall regulatory direction, is a very positive move. I welcome friends in the community to raise questions of concern through the X platform or other means, and I will try to adopt them and ask them at the dinner. If I have the opportunity, I will bring back the content of the exchange and share it with you.

Host: Thank you very much for sharing so much valuable information. Next, let's talk about the development of the industry. Do you think that with the policy shift, the crypto environment in the U.S. has become more friendly, and will your company consider re-entering the North American market?

Sheldon: Yes, our market base in the United States is relatively solid. Due to a significant policy shift, we plan to relaunch the US site in the second half of this year. This will be an independent trading platform that emphasizes compliance, and I hope this action will bring more convenience to North American users.

Host: Other platforms often choose to collaborate with local companies. For the US market, does your company plan to establish itself fully on its own, or is it also considering partnerships with local enterprises?

Sheldon: We'll do it ourselves. On the one hand, our core team is located in the United States, which is our advantage; On the other hand, we have invested a lot of resources in infrastructure construction before, and now that the policy environment has improved, we are fully capable of moving forward independently. I believe that "where the core team is, the focus is", which is an important reason for us to maintain our market advantage.

Host: Do you have anything else you would like to tell us about this dinner event?

Sheldon: I think it's very unique on a global scale to be able to talk to people in the industry as president. In terms of the impact on the industry, whether it is in terms of asset issuance or the country's attention to the industry, I think this is a very positive thing.

Of course, the emergence of new things always raises concerns, especially under new business models and forms of communication, where worries are inevitable. However, I believe the positive significance far outweighs the negative impacts. This is also an extremely rare opportunity. Everyone can leave comments in my comment section or raise their questions via screenshots when sharing. If there are issues that I haven't considered before, I am very willing to communicate with everyone and adopt good suggestions. If given the chance, I will bring these questions to Trump and then share them with everyone.

Host: We understand that during this gala event, Sun Yuchen might be the largest holder. Have you had any relevant discussions?

Sheldon: I have communicated with him before and received a clear response. However, as his own promotional voice, I believe it would be more appropriate for him to share it himself.

Host: What do you think about the shift in U.S. policy? Will it drive your company's further development in the North American market?

Sheldon: We actually have a certain accumulation in our government relations and business foundation in the United States. With the significant shift in policy, we plan to relaunch our US site in the second half of this year, fully promoting the development of compliant business. If you are a user in the United States, you can look forward to the compliant and independently operated service we are launching this year.

As for other peer platforms, some may cooperate with local resource-rich enterprises to jointly establish local sites, but we choose to fully establish the platform on our own. On one hand, this is because our core team is based in the United States; on the other hand, we have already built a solid foundation in the past. After the policy environment improved, we are now in a position to promote this matter again. This is also the principle we have always adhered to: wherever the core team is, that is where the focus is.

Host: So how do you view the performance of the crypto market in this round? Bitcoin is currently at a high of $100,000, and many outsiders are worried about this. From your perspective, is there still room for Bitcoin to rise? What are the driving factors behind the increase? How do you predict the long-term price?

Sheldon: Short-term price fluctuations are nearly impossible to predict. Whether it's Bitcoin, stocks, or other digital assets, prices will exhibit high volatility in the short term. However, in the medium to long term, I believe the rise of Bitcoin is the trend. If Bitcoin can be seen as "digital gold," I believe it still has at least 10 times the growth potential, meaning that 1 million dollars is an inevitable milestone.

Inflation factors will also accelerate this process, but the timing for the million-dollar range may be in 10 years, 15 years, or 5 years; this needs to be tested over time, but the trend cannot be escaped.

On the basis of this round of market, the industry currently lacks innovative products that can really solve the efficiency problem from the bottom. ICOs in 2017 and the DeFi wave in 2021 both sought to solve some of the frictional problems in traditional financial markets through technology. But in this round of the market, we don't see breakthrough applications. At present, the main driver of asset price increases is the inflow of institutional funds, especially insurance or more traditional asset management investors, which have driven the rise of mainstream assets such as Bitcoin and Ethereum.

As for the widespread acceptance of Bitcoin spot ETFs, it will further promote its recognition as an asset class, attracting more long-term capital. Therefore, I believe that in the short term, attention should be paid to changes in institutional funds and policy patterns, while in the medium to long term, the target of 1 million dollars is very clear, with nearly a 99.99% likelihood. The only risk may be some unpredictable systemic risks, but the probability is very low.

Host: Aside from Bitcoin, what are your thoughts on Ethereum (ETH)? It has also performed very well in this round of the market.

Sheldon: Ethereum has always held a very important position, and I still have confidence in its long-term development. To speak frankly, Ethereum is my "enlightenment project." When I first came into contact with Bitcoin, I had doubts about its applicability in real-world scenarios, but Ethereum truly showed me the broader possibilities of blockchain technology.

Today, Ethereum also faces certain challenges in terms of technical direction, such as adaptability to integrate with emerging technologies, but these are only short-term obstacles. Personally, I still have a lot of faith in it. Although it may be subjective in terms of expression, I believe that Ethereum's position in the blockchain industry is still unshakable, and it gives the industry more technical imagination and the possibility of breakthroughs.

Host: Regarding the phenomenon of "meme frenzy" that has emerged during this round of bull market, including participation from Trump. What is your view on the rise of meme projects? Will it have a negative impact on some crypto startups that focus on technological innovation?

Sheldon: I think that "existence is reasonable", and the fact that a meme project can exist shows that it has a certain value in the current industry ecosystem. Although from a technical point of view, the meme project may not be highly innovative, it has attracted a lot of attention outside the circle through its own cultural communication and price performance, bringing market traffic and communication value. From this perspective, it really adds vitality to the entire crypto ecosystem.

Of course, we need to look at meme projects in a balanced way. On the one hand, it increases the interest of the market and expands the awareness of the industry to a certain extent; But on the other hand, when it comes to investing, I recommend that you stay rational and avoid ignoring the potential risks because of the temptation of short-term surges. This type of investment does have the potential for high returns, but like projects like Dogecoin and Shiba Inu, success is only a small fraction of the time, and risk versus return needs to be weighed more carefully. If you just participate with an entertainment mentality, then its positive effect is still relatively obvious.

Host: Recently, the progress of stablecoin legislation in the United States has garnered a lot of attention, especially the cases that have been preliminarily passed successfully. What are your thoughts on this? How will it impact the entire cryptocurrency industry?

Sheldon: This is a very significant event and an important watershed moment in the development of the crypto industry in the United States. First of all, the initial success of this stablecoin legislation marks the first substantial cooperation between the two parties, showing a significant increase in the consensus between Republicans and Democrats on the direction of the crypto industry. This is critical because the two parties have often disagreed on this issue in the past, but this breakthrough represents a good signal. This success is especially important because there was a previous vote in early May this year, but it failed to pass at the time.

Second, this bill provides a clear legal framework for the regulation of stablecoins, which not only has a profound impact on the stablecoin itself, but also provides greater legal certainty for entrepreneurial projects in other directions in the industry as a whole. From the perspective of innovative firms, this reduces the risk of policy uncertainty and greatly encourages new businesses and capital to enter the market. At the same time, this brings more certainty to the future development of the industry, which can attract more capital inflows and enhance user confidence.

For users, this bill strengthens the guarantee of the security of funds. In the past, some stablecoin projects were exposed to the risk of misappropriation of funds and lack of transparency, but now through legislation to clarify the corresponding responsibilities and obligations, the safety of users' funds can be better protected. This will undoubtedly boost the overall trust of the industry. In addition, as a core product, the legislation of stablecoins may also lead to increased competition in the entire industry, which is reflected in innovative companies, traditional financial institutions, and even the global financial system, which will bring more balancing tests of opportunities and risks.

Finally, the success of this legislation may have broader international implications. As one of the benchmark markets for the global cryptocurrency industry, the United States' legislation may encourage other countries to follow suit, establishing similar regulatory frameworks and further promoting the standardization and development of the industry.

Host: This matter is indeed receiving a lot of attention. In the past couple of days, we've seen many payment giants discussing their involvement in the stablecoin sector. For these traditional enterprises, it may just be about adding blockchain technology to their existing systems, yet they could achieve higher returns. The overall market development plan seems to be accelerating.

Sheldon: yes, it's a megatrend really. The entry of traditional payment giants and other enterprises may further promote the popularization and marketization of stablecoins. But at the same time, the entire industry will face more challenges and opportunities in both technology development and market competition.

Host: Alright, that's it for today's program! We also look forward to the exclusive interview after Trump's dinner on May 23 to bring more updated content for everyone.

Sheldon: Thank you all, I am looking forward to having a more in-depth exchange with everyone next time.

Host: Thank you Sheldon for taking the time to join our program tonight, and please stay tuned for further coverage on Trump's dinner! Thank you everyone, goodbye!

Sheldon: Goodbye!