With growing institutional adoption and increasing interest from retail investors, Gracy Chen, CEO of the global crypto exchange Bitget, shares her insights on the factors driving bitcoin's current momentum and its evolving role in the global financial ecosystem.
Bitcoin's unique characteristics - such as decentralization, scarcity and censorship-resistance - are attracting significant attention. The rise of bitcoin ETFs and large-scale acquisitions by companies such as MicroStrategy underscore the growing confidence in its long-term value. Gracy provides a comprehensive look at the digital asset's future, analyzing how it compares to gold and exploring its cyclical nature. She also looks at other high-potential projects such as the TON blockchain, institutional trends, and the potential geopolitical implications of a U.S. bitcoin reserve proposal.
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Bitcoin has recently surged to almost 100’000 USD. Which properties of the digital asset do you believe investors currently find most attractive?
I think people around the globe have realized the importance of bitcoin as a hedge against inflation and a security against potential national disruptions. It's only a matter of time before people start believing in bitcoin’s utility, decentralization, scarcity, and price growth as key attractions. Its institutional adoption, as shown by significant inflows into ETFs and purchases by major players like MicroStrategy, reflects an increasing confidence in its long-term value.
Are there any other properties that people aren’t valuing enough?
Apart from bitcoin as the king of crypto, there are a multitude of handpicked projects with high potential, possibly meant for the masses. An example is the TON blockchain, which seamlessly integrates blockchain and crypto into a platform with over 900 million users.
In September 2024, we even made a strategic $30 million investment in the TON blockchain to accelerate the development of TON-based applications within Telegram. It's important to recognize potential revolutions in crypto, and I believe TON is a major one. It definitely has bigger potential than many may see today.
Do you see bitcoin as a serious competitor to gold, or can both co-exist?
Bitcoin and gold are two completely different asset classes. Gold has centuries of trade history and an open market supporting its growth. Comparing this with bitcoin, it still has a long way to go before people see it as a true alternative.
Gold also serves as an ornamental store of value, cherished in many South Asian households for fashion, gifting, and exchange. Bitcoin hasn’t yet reached a comparable mainstream demand. When it does, the audience will likely see it as complementary to gold, not a direct replacement.
How do you evaluate the current involvement of retail investors vs. institutional actors?
At Bitget, we've observed a significant increase in both retail and institutional participation. Our user base has surpassed 45 million, marking a 400% growth since 2023. This surge is particularly notable in regions like Africa, South Asia, and Southeast Asia, with growth rates of 200% to 1,000%.
Much of this newly attracted audience has onboarded via tap-to-earn games and various infrastructures within the broader DeFi ecosystem. Institutional engagement has also increased, with more VIP users utilizing the platform.
What is your view on bitcoin’s cyclical nature? Are we still following the patterns of the past, or has the “digital gold” crossed into the mainstream?
While bitcoin’s cyclical patterns, such as those tied to halving events, remain relevant, we’re seeing signs of mainstream integration that could temper these cycles. Institutional adoption, regulatory clarity, and ETF approvals are reshaping bitcoin’s roadmap toward long-term stability.
What are your thoughts on Trump’s proposal to create a national bitcoin reserve?
Trump’s openness to creating a national bitcoin reserve shows his crypto-friendly stance as the elected president and supports the growing recognition of bitcoin as a strategic asset. If implemented, it could position the U.S. as a leader in crypto and spark further global adoption. However, this move may also generate geopolitical competition with eastern nations.
Will other nation-states have to follow if the US pulls through?
For countries looking to leverage the new financial revolution, holding a bitcoin reserve is crucial. Nations like El Salvador and Bhutan have already been ahead of major economies in acquiring bitcoin. If the U.S. establishes a BTC reserve, it could trigger a chain reaction, compelling other superpowers to counter its dominance.
Gracy Chen is the of the crypto exchange Bitget. With over 10 years of experience in business management, marketing, and investment, she has also been an early investor in Bitkeep (now Bitget Wallet). Gracy was promoted to CEO in May 2024, having joined the company as its first Managing Director (MD) in April 2022. A strong advocate for diversity in Web3, Gracy has represented Bitget at the UN Women CSW conference. She holds a Bachelor’s Degree from the National University of Singapore (NUS) and an MBA from the Massachusetts Institute of Technology (MIT).
