Original | Odaily Planet Daily (@OdailyChina)

Author | Qin Xiaofeng (@QinXiaofeng888)

In a campaign speech last July, Trump was shot in the right ear by a bullet, immediately raising his arm and shouting "FIGHT," solidifying his destined victory.

The same "scene" was replayed at a recent dinner at Trump's estate. When the microphone emitted a loud "bang," Trump humorously covered his ear and said, "my ears." The TRUMP token holders in the audience chuckled, and the atmosphere of the dinner became lively.

This moment left a deep impression on Sheldon, the founder of BitMart, who attended the dinner. As one of the top 25 VIP users holding TRUMP tokens, Sheldon not only participated in the dinner but also visited the White House the next day, witnessing a moment where "Trump and Obama were at odds."

At the dinner, Sheldon observed that the vast majority of participants were of Asian descent, and there were also many professionals from outside the Web3 field, indirectly verifying the rising popularity of crypto finance. Although he regretted not being able to communicate with Trump, Sheldon still felt that the dinner was significant, mentioning words like "breaking boundaries" and "inspiring confidence" multiple times.

In analyzing industry issues, Sheldon pointed out that the crypto sector needs to be cautious of rising leverage and effectively control risks to prevent a repeat of black swan events. Moreover, Sheldon understands crypto investment as earning Bitcoin rather than fiat currency. "You can try to value your wealth in terms of Bitcoin, holding onto your Bitcoin to earn more Bitcoin, rather than aiming to earn more fiat currency."

Below is a整理 of the exclusive interview with Sheldon by Odaily Planet Daily, enjoy～

(Sheldon at the Trump dinner)

1. Directly Hitting the Dinner: The Venue Was Filled with "Trump" Elements

Odaily: Sheldon just attended the Trump dinner. If you had to describe your feelings after the dinner in three words, which three would you choose?

Sheldon: The dinner met my expectations, and some aspects even exceeded them. If I had to describe it in three words, I would say: confidence, hope, and honor.

We saw confidence in the global crypto industry, hope in the U.S., and I personally felt honored to participate in the dinner as one of the representatives of the industry.

Odaily: I would like you to recreate the entire process of the Trump dinner for friends who didn't have the opportunity to attend.

Sheldon: The dinner was mainly divided into two large segments: one for the top 220 TRUMP token holders and another for the top 25 VIP exchange segment (including a visit to the White House the next day).

Before the dinner started, VIP users entered a small conference room where Trump gave a brief speech. After that, he moved to a larger dining room and delivered a ten-minute speech to all dinner participants. There were also some awards and lottery segments until the end.

Odaily: Many people are curious about whether the security level of this dinner was as strict as rumored.

Sheldon: I have attended many high-level events, and the security level of this dinner was the highest in the entire U.S.

When we drove in, the entire vehicle, including the front engine, chassis, and trunk, had to undergo strict checks. Additionally, all windows in the venue and VIP lounge were covered, presumably to prevent shooting, and you couldn't do things like pull back the curtains.

Overall, the Secret Service's security checks were very strict, while the next day's White House itinerary was slightly more relaxed.

Odaily: Since you mentioned the White House, could you introduce the VIP-exclusive White House itinerary? There were reports that this itinerary might be canceled.

Sheldon: The White House visit was indeed controversial in the U.S. due to a series of campaign-related laws that restrict some investment activities and behaviors of the president. Initially, the White House visit was listed on the TRUMP official website, but after many journalists inquired, the official side downplayed it to reduce the impact.

As VIP users, we did not have to queue for the White House visit; there were dedicated personnel to receive us, and the tour lasted about 20-30 minutes, mainly visiting the president's study, reception room, and some symbolically significant banquet halls. Interestingly, there was a room displaying portraits of all the presidents, and Sun Yuchen took a photo in front of Trump's iconic "FIGHT FIGHT FIGHT" picture; opposite Trump's photo was Obama's, with the two images facing each other like a standoff, adding a humorous American touch.

Odaily: I saw a video online of Sun Yuchen giving a speech at the dinner. Was this a special privilege for the top holder?

Sheldon: Yes, because Sun Yuchen is the top holder of TRUMP and has the most support for the project, a special speaking segment was arranged for him at the dinner, and he was also gifted a Trump-branded watch as an incentive—the watch is quite exquisite, featuring a tourbillon and is gold-colored. It should be noted that this watch was only given to the top four holders, and there was a separate ceremony for awarding the watches.

Odaily: Besides the watch presentation you just mentioned, were there any other memorable moments or interesting anecdotes from the dinner?

Sheldon: The most memorable moment for me was when Trump was speaking, and suddenly the microphone emitted a loud noise that sounded like a gunshot. Trump humorously covered his ear and said, "my ears," cleverly diffusing the unusual situation.

Odaily: How long did Trump stay at the dinner? Did he mention any specific policy directions regarding the crypto industry during his speech?

Sheldon: Trump's speech mainly reviewed his past support for crypto policies, including the promotion of the Bitcoin national reserve plan, involvement in numerous regulatory personnel appointments, and influencing the regulatory environment for the SEC and other departments, which helped advance many bills. He also acknowledged the contributions of dinner participants in the crypto field and expressed continued support for the development of the crypto sector, which gave us all strong confidence.

Odaily: Did Trump mention any upcoming actions for the Trump project?

Sheldon: I think there is a possibility (of new actions), but he did not specifically mention the future direction of the Trump project; it was more about boosting confidence.

Odaily: On-chain data shows that currently, over half of TRUMP token holders are at a loss. Did any investors express dissatisfaction to the Trump team at the dinner?

Sheldon: There are certainly losses, but many participants present, especially those in the top 25, are crypto holders. I believe that among the top holders, not many are at a loss; most are still making money.

Odaily: As a VIP user, what topics did you discuss with Trump during the pre-dinner exchange with the president?

Sheldon: Unfortunately, I did not have the opportunity for a one-on-one conversation with Trump this time. The VIP segment was mainly a 1 V 25 format, centered around his speech. I also shared a video of Trump's speech on X, which everyone can check out. The entire speech process was focused on encouragement and boosting confidence; he mentioned that he would bring more to the crypto field but did not delve into specific policies.

Odaily: Were there any segments, speeches, gifts, dishes, or arrangements at the dinner that you found particularly novel or interesting?

Sheldon: The entire venue was filled with "Trump" elements, showcasing a strong personal IP effect: there were many iconic "FIGHT" signs, and a signed version available for everyone to sign; the drinks were "Trump" brand, and the steak and vegetables were also "Trump Organic" (Trump organic food), and the estate hosting the dinner was also under Trump's brand.

2. Industry Outlook: The U.S. Crypto Industry is Favorable in This Cycle

Odaily: Do you have any insights into the identities and backgrounds of other participants at the dinner or those at your table? Are they from the Web3 industry or traditional finance? What were their purposes?

Sheldon: Among the top 25 VIP users, I believe at least half were of Asian descent, including individuals from Korea, Japan, China, Canada, Singapore, and Chinese Americans.

These participants include those from traditional e-commerce as well as traditional finance. Many of them are not familiar faces from the Web3 industry.

I spoke with a Western individual from the traditional finance sector who is purely interested in crypto. There was also a friend from China involved in e-commerce who mentioned that he is a cryptocurrency trader himself and saw this event as an opportunity to participate, hoping to have a chance to communicate with Trump.

Overall, I feel that many people are continuously paying attention to Web3 and have a certain understanding of it; secondly, Trump's personal IP has a significant influence, attracting many people to participate in this event.

Currently, the popularity of crypto has increased, and it is breaking into different circles through various events, including the Trump dinner, which has also reached non-crypto sectors, including traditional finance and many mainstream media outlets. The coverage from these mainstream media includes critical, encouraging, and praising perspectives, but all have achieved another breakthrough for crypto.

Odaily: Was there a moment during the dinner that convinced you that "the crypto industry is moving from underground to the core of power"? Did you observe any changes in traditional capital's respect or hostility towards Web3?

Sheldon: I think Sun Yuchen said a few things at the dinner that resonated well and expressed the sentiments of many practitioners—who would have thought that the crypto industry, which had been suppressed and opposed in the past few years, would now have the opportunity to communicate closely with the president? I believe this is a common thought among many dinner participants, and it greatly encouraged crypto practitioners, filling everyone with confidence.

Odaily: Did you discuss any crypto industry topics with other dinner participants? What were the differences or consensus among everyone?

Sheldon: The most discussed topic was whether to make a larger investment in the U.S. I believe this is also what everyone was most interested in at the dinner. The entire political system in the U.S. is quite different from that in Asia; there are party rotations and various cyclical reasons. There are certainly some differences of opinion, but the general direction is relatively consistent: we believe that the entire crypto industry in the U.S. is relatively favorable in this cycle (at least for the next three and a half years).

Odaily: Regarding this dinner, we have seen some people comment that it was more of a gimmick than substance. How do you view this event? What do you think the actual impact of such political activities is on crypto companies?

Sheldon: First of all, this was not a political event; it was a private event aimed at TRUMP token holders.

When you have the opportunity to communicate with someone at the presidential level, it is unlikely that you will discuss detailed issues; it will certainly be about broader directions and principles. The president's most important role is to set the direction and provide all participants and entrepreneurs with a confidence boost, which is the same in other countries.

So from this perspective, I don't feel it fell short of expectations, nor do I think it was a gimmick. I believe this event conveyed a very positive signal to the crypto industry and allowed both those present and those not present to feel the weight of this signal; it also achieved a breakthrough, drawing more attention to the crypto field, which I think is very meaningful.

Odaily: Trump made many crypto-friendly declarations during last year's campaign. How would you rate his implementation of policy commitments? Please explain your reasoning.

Sheldon: I would give it a score of 95, leaving 5 points for greater expectations. Looking back, most of the cryptocurrency-related campaign promises he made have been realized, including the establishment of a Bitcoin strategic reserve and the advancement of related policies, while some legislative proposals are still under review. Of course, we certainly hope for more favorable policies to be introduced in the future.

Odaily: If the Trump team invites you to serve as a "crypto advisor" in the future, would you accept? What policy would you most like to promote?

Sheldon: If given the opportunity, I would certainly be willing to accept. My focus is still primarily on exchanges, and I hope to accelerate the development of a framework for legislation in the exchange sector to provide legal protection for participants in this space.

3. Exchange Business: Providing Asset Trading Without Value Judgment

Odaily: After the dinner, did any political or business figures proactively extend collaboration invitations to you? Were any new collaborations or resource links established?

Sheldon: I think what exceeded expectations this time was that many people present were interested in our business, and there are many potential future collaboration opportunities. We had very in-depth discussions on various aspects, including legal matters and trading. Specific collaborations can be awaited in our future official announcements.

Odaily: Were there any competitors of BitMart (such as Coinbase or Kraken) among the dinner participants? Did you sense a divergence in positions between traditional exchanges and crypto-native platforms?

Sheldon: Not many representatives from U.S. exchanges attended that day; neither Coinbase nor Kraken participated. The attendees were mainly companies interested in Memecoins. I saw some partners who could complement us, such as Wintermute and some decentralized exchange platforms.

Odaily: Memecoins are highly volatile. Taking the TRUMP token as an example, how does BitMart balance speculation with long-term value narratives during the listing process?

Sheldon: First of all, Memecoins have their unique roles, such as community value, and they have helped the entire industry achieve breakthroughs. Some of the standout performers have also formed real trends. For exchanges, we provide trading services, and our goal is to offer trading products based on real information to all users. Therefore, we certainly hope to have more products enter users' views, giving them more choices and a basis for their own judgments.

We do not make judgments on behalf of users, which is crucial because we also do not know which coin will ultimately succeed. Each Memecoin has its narrative and is subject to dynamic and random changes based on team conditions and market situations. Thus, our goal is to provide users with trading opportunities; we do not define which assets are good or bad. We only maintain the authenticity of the entire project. Even for many products with long-term value narratives, we only place them on some main boards or innovation boards without making value judgments.

Odaily: Trump mentioned easing restrictions on banks holding crypto assets. Will BitMart collaborate with traditional financial institutions to develop custody products?

Sheldon: We have been promoting this, and we will launch more RWA products around September to October this year, including U.S. stocks and some synthetic fund assets.

4. Advice: Earn More Bitcoin

Odaily: A few years ago, when you started your business, did you ever think you would be discussing crypto policy with the U.S. president ten years later? What insights has this experience provided for your management of BitMart?

Sheldon: I have recently been contemplating a question: the role of individual power and effort in the entire industry cycle is actually quite small. Trump's rise, the significant increase in Bitcoin, and some black swan events have given us a revelation: the uncertainty in the early development process of the entire industry is uncontrollable.

For all industry practitioners, I believe it is essential to focus on what you can control and believe that a bright future is possible; persistence is crucial. For BitMart, our idea is to do our products well and focus on what we should do. Other macro issues may be beyond our ability to predict or change, so we should prepare ourselves for what we need to do.

Odaily: Having experienced the ICO frenzy in 2017 and the collapse of FTX in 2022, what do you think is the current industry's most pressing historical risk to be wary of?

Sheldon: I think it is the issue of leverage. The overall system's leverage in the crypto industry has been very high over the past few years, which is somewhat similar to traditional finance.

In traditional finance, there is a saying about a "seven-year cycle," where every seven years there is a process of deleveraging, such as the significant deleveraging during the internet bubble in 2000. There was also the subprime mortgage crisis in 2008 and the global financial market crash in 2020. Every few years, there is a systemic deleveraging process.

In the entire crypto and Web3 field, the increase in leverage and the process of deleveraging happen much faster than in traditional finance, and there are no policymakers intervening with a visible hand, making the entire process very rough. I believe the industry must prevent history from repeating itself by controlling leverage. How to manage risk is very important.

Odaily: As the founder of a leading global exchange, please give all crypto investors one piece of investment advice for 2025.

Sheldon: I want to propose a very old concept that many crypto OGs have mentioned before, which is "coin-based," meaning your wealth should not be measured by fiat currency but by how much Bitcoin you have. Unfortunately, during the price increase, the vast majority of people have lost their coins, even though they may be making money when measured in fiat.

So, my personal understanding of crypto investment is that you can value your wealth in terms of Bitcoin, holding onto your Bitcoin to earn more Bitcoin, rather than aiming to earn more fiat currency.

Odaily: Bitcoin is also at a high price above $100,000. Where do you think the core narrative of the next bull market will emerge? How high do you think Bitcoin's price can go in the future?

Sheldon: The narrative of Bitcoin has already diverged from other crypto assets; it has become a form of electronic gold, a strategic reserve asset. Its liquidity and transferability are far superior to gold. Therefore, due to these two advantages, I believe its market value will definitely exceed that of gold. Based on gold's market value, Bitcoin's price could reach $1 million; if it goes further, the price will certainly exceed $1 million.

So, regarding future price expectations, considering inflation and other factors, I believe it is possible to exceed $1 million, even reaching several million dollars; it just requires time.

Odaily: Is there anything else you would like to share with crypto investors?

Sheldon: Currently, most industry practitioners are still focused on trading and investing. I believe this industry still has many fascinating aspects and is solving many socially valuable problems. Therefore, I hope more people can get involved and contribute to real construction, helping this industry become better. I believe that in the process of contributing, everyone will also reap the value that this industry brings and gain a deeper understanding of it.

About BitMart

BitMart is a leading global digital asset trading platform with millions of users and ranks highly on platforms like CoinGecko. Currently, BitMart offers over 1,700 trading pairs, and its trading fees are competitive. BitMart continues to grow and is committed to exploring the potential of cryptocurrencies, driving innovation, and promoting financial inclusion. For more information, please visit the BitMart official website, follow its X (Twitter), or join Telegram for the latest updates, news, and promotions. Download the BitMart app to trade anytime, anywhere.

Disclaimer:

Using BitMart services is entirely at the user's own risk. All cryptocurrency investments, including returns, are highly speculative and involve significant risk of loss. Past performance, hypothetical, or simulated results may not necessarily represent future outcomes.

The value of digital currencies may rise or fall, and there may be significant risks involved in buying, selling, holding, or trading digital currencies. Users should carefully consider whether trading or holding digital currencies is suitable for them based on their individual investment goals, financial situation, and risk tolerance. BitMart does not provide any investment, legal, or tax advice.

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