Exclusive Interview with BitMart Founder Sheldon: Asian Faces Dominate Half of the Landscape, the New "Power Map" of Crypto Behind Trump's Dinner
Author: Qin Xiaofeng, Odaily Planet Daily
In his campaign speech last July, Trump was shot in the right ear by a bullet, immediately raising his arms and shouting "FIGHT," which solidified his destined victory.
The same "scene" was reenacted recently at a Trump estate dinner. When the microphone on stage 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 also 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 attended the dinner but also visited the White House the next day, witnessing a "face-off between Trump and Obama."
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 the circle" and "inspiring confidence" multiple times.
In analyzing industry issues, Sheldon pointed out that the crypto space needs to be cautious of rising leverage and effectively control risks to prevent a repeat of black swan events. Moreover, Sheldon’s understanding of crypto investment is—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 Weekly, enjoy~
(Sheldon at the Trump dinner)
I. 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 quite well, and some aspects even exceeded them. If I had to describe it in three words, I would say: confidence, hope, and honor.
We saw the confidence in the global crypto industry, the hope in the U.S., and I personally felt honored to participate in the dinner as one of the industry representatives.
Odaily: I would like Sheldon to restore the entire process of the Trump dinner for friends who couldn't attend.
Sheldon: The dinner was mainly divided into two large segments: one was for the top 220 TRUMP token holders, and the other was a VIP exchange session for the top 25 holders (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 hall and delivered a ten-minute speech to all dinner participants. There were also some award presentations and a lottery 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; you couldn't even do actions like pulling 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 from U.S. media that this itinerary might be canceled.
Sheldon: The White House visit indeed sparked a lot of controversy in the U.S. due to a series of campaign-related laws that restrict some investment activities and behaviors of the president. The White House visit was initially listed on the TRUMP official website, but later many reporters inquired, so 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 to 30 minutes, mainly visiting the president's study, reception room, and some symbolic 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, showcasing American humor.
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 tokens and has supported the project the most, a separate speaking segment was arranged for him during the dinner, and he was also presented with 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 is only given to the top four holders, and there was a separate awarding ceremony for it.
Odaily: Besides the watch presentation you just mentioned, were there any other memorable moments or interesting anecdotes during the dinner?
Sheldon: The most memorable moment for me was when Trump was speaking, and suddenly there was a loud noise from the microphone that sounded very much like a gunshot. Trump humorously covered his ear and said, "my ears," which diffused the unusual situation very well.
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 and involvement in many personnel appointments related to regulation, which influenced the regulatory environment for the SEC and other departments, leading to the advancement of many bills. He also acknowledged the contributions of dinner participants in the crypto field from a presidential perspective and expressed continued support for the development of the crypto space, which gave us all a strong sense of confidence.
Odaily: Did Trump mention any new actions for the Trump project in the future?
Sheldon: I think there is a certain possibility (for new actions), but he did not specifically mention the future direction of the Trump project; it was more about boosting everyone's confidence.
Odaily: On-chain data shows that currently, more than half of TRUMP token holders are at a loss. Did any investors express dissatisfaction to the Trump team at the dinner?
Sheldon: There are definitely losses, but many participants present, especially the top 25 holders, are crypto holders. I believe that among the top holders, there are not many losses; most are still making profits.
Odaily: As a VIP user, what topics did you discuss with Trump during the pre-dinner exchange session?
Sheldon: Unfortunately, I did not have the opportunity for a one-on-one conversation with Trump this time. The VIP session was mainly a 1 V 25 format, centered around his speech. I also shared a video of Trump's speech on X, and everyone can check it 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 felt particularly novel or interesting to you?
Sheldon: The venue was filled with many "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 from the "Trump" brand, and the steaks and vegetables were also "Trump Organic" (Trump organic food), and the estate where the dinner was held also belongs to Trump.
II. Industry Outlook: The U.S. Crypto Industry is Favorable in This Cycle
Odaily: Did you learn about the identity 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 included those from traditional e-commerce and traditional finance. Many of them are not familiar with the Web3 industry.
I spoke with a Western individual from the traditional finance sector who was purely interested in crypto. There was also a friend from China in e-commerce who mentioned he was already a crypto trader and happened to see this event, hoping for an opportunity to communicate with Trump.
Overall, I think many people are continuously paying attention to Web3 and have a certain understanding; additionally, Trump's personal IP has a significant influence, attracting many 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 fields, including traditional finance and many mainstream media outlets. The coverage from these mainstream media includes both critical and encouraging perspectives, but all have achieved another breakthrough for crypto.
Odaily: Was there a moment during the dinner that made you certain 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 made some particularly good points during the dinner, expressing the sentiments of many practitioners—no one expected 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 you?
Sheldon: The most discussed topic was whether to make larger investments 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, with party rotations and various cyclical reasons. There may be some differences, but the general direction is quite 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, some people have commented that it is more of a gimmick than reality. 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 definitely be about broad 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 attendees and non-attendees 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 grade 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 crypto-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 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. The area I focus on is primarily exchanges, and I hope to accelerate the formulation of a framework bill for the exchange sector to provide legal protection for participants in this track.
III. Exchange Business: Providing Asset Trading Without Value Judgment
Odaily: After the dinner, did any political or business figures actively reach out to you with collaboration invitations? Were there 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, leading to 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; Coinbase and Kraken did not participate, and the focus was mainly on 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. For example, how does BitMart balance speculation and long-term value narratives during the listing process of the TRUMP token?
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 ones have 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 judgments.
We do not make judgments on behalf of users, which is crucial because we also do not know which coin will ultimately prevail. Each Memecoin has its narrative style 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 relaxing 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, including U.S. stocks and some synthetic fund assets, around September to October this year.
IV. Advice: Earn More Bitcoin
Odaily: A few years ago, when you started your business, did you ever think you would discuss crypto policies with the U.S. president ten years later? What insights has this experience given you in managing BitMart?
Sheldon: I have been thinking about a question recently: the role of personal power and effort in the entire industry cycle is relatively small. Trump's rise, the significant increase in Bitcoin, and some black swan events have given us a revelation: the uncertainties in the early development process of the entire industry cannot be controlled.
For all industry practitioners, I think it is essential to focus on doing well in what you have in hand and to believe that there will be a bright future; persistence is crucial. For BitMart, our idea is to do our products well and do what we should do; as for other macro issues, we may not be able to predict or change them, so we should prepare ourselves well.
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 repeating?
Sheldon: I think it is the issue of leverage. The 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 process of increasing leverage and deleveraging happens much faster than in traditional finance, and there are no policymakers intervening with a visible hand, making the whole process very brutal. I think the industry needs to prevent history from repeating itself by controlling leverage. How to manage risks 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 rise, the vast majority of people have lost their coins, even though they may be making profits when measured in fiat.
Therefore, 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 the market value of gold, 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 needs 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 participate and invest in real construction to help this industry become better. I believe that in the process of investing, everyone will also gain the feedback value that this industry brings and will deepen their understanding of it.
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