Gate Tom Yang Bitcoin Interview – Bitcoin Magazine
This is an opinion editorial by Dion Guillaume, International Head of PR and Communications at Gate.io.
Over the past decade, exchanges have played an important role in making Bitcoin accessible to the masses. As more and more platforms face bankruptcies and insolvencies, and regulators begin targeting exchanges worldwide, these platforms face an uphill battle. Gate.io recently appointed ex-Google CEO Yang Yang as executive vice president of marketing, driving the company’s global expansion, and he agreed to an interview with me that I could write up for Bitcoin Magazine.
Guillaume: First of all, let’s ask the burning question, what made you decide to make the leap from traditional technology to the cryptocurrency industry?
Yang: Well, I’ve spent the better part of two decades running marketing at some of the leading firms in the traditional tech scene. Over the past couple of years, it has become more apparent that the world is moving towards decentralization and blockchain technology. Bitcoin started this chain of events (mind the pun) that built an industry in less than 13 years, and it’s becoming undeniable that these technologies will drive the future of the internet.
Guillaume: Exactly, in the space of a year we have seen two countries adopt bitcoin as legal tender and rumors of more to come. What do you think about bitcoin being used as legal tender?
Yang: You know, it’s amazing. Satoshi had this vision of a truly open, decentralized payment system that puts users in control instead of a single authority. I think it’s great that these countries are identifying problems in their financial systems that they believe Bitcoin can solve and are actually following through with adoption and implementation. Of course, it is not a foolproof system with the market being quite volatile at times, so it will be interesting to see how these countries react and what measures are put in place to address the volatility.
Guillaume: How important is transparency in the industry in your opinion?
Yang: Blockchain technology is inherently transparent, and therefore transparency is a cornerstone of the entire industry. I think the leaders in the industry thus have a responsibility to be consistently transparent, especially when they actively have billions of dollars worth of user assets.
Guillaume: So, we’ve discussed countries adopting bitcoin, what’s your take on institutional investors coming on board? Is that a good thing?
Yang: So of course there are concerns that larger players building up large positions is a bad thing – especially if they eventually decide to sell – that it would drop the market, but I personally see institutional investing as a good thing. If both large and small companies are investing in Bitcoin, it provides some sense of safety and security for the average Joe and makes bitcoin more credible as a long-term investment for the skeptics.
For example, look at Michael Saylor and MicroStrategy: they have systematically built a large position and made it clear that they see bitcoin as a long-term investment that they are unlikely to sell. This promotes its adoption and strengthens bitcoin as an alternative investment, right? It sets up this narrative of “if the big guys are investing, maybe this is worth looking at,” and that could end up driving adoption more than any single person or platform could in the same time frame.
Guillaume: Yes, that makes sense. What advice can you give to someone thinking of taking the plunge and investing in bitcoin?
Yang: Well, first of all, I would suggest educating yourself. There’s a reason why DYOR (do your own research) is a mantra in the community. Don’t invest in something you don’t fully understand. The great thing about the internet is that there are many great, free resources out there that can help introduce you to Bitcoin, blockchain technology, trading and more, which will be helpful in making an informed decision.
Guillaume: It is solid advice; similarly, many platforms are scaling back hiring due to recent market volatility. What advice can you give to someone thinking of taking the leap and working in the industry?
Yang: So there’s this misconception that people working in cryptocurrency are mostly developers, or “shady super coders”, but actually the industry is just like everyone else. You have people working in HR, PR and communications, content generation and marketing, social media and community management, and many other areas. My first suggestion would be to get a handle on the basics of the industry, how Bitcoin works and what’s going on in the markets, then dust off your keyboard and start actively searching.
Most companies have a list of job openings available on their website or the countless online job boards out there. The industry has matured to such an extent that it is a fairly stable working environment. Of course, in some aspects, it’s just much faster as things can quickly change overnight.
Guillaume: What is your view on the current state of the market regarding the rapidly changing market? Are you bullish or bearish for the rest of the year?
Yang: I’m not one to make predictions or dole out financial advice, but I definitely think we’ve entered a bear market. How long it will last is uncertain, but I am bullish on the long run. If you look at the last decade, there have been several winters, but Bitcoin has remained resilient and there is no reason to believe that this time will be different.
Bitcoin has gone from “speculative internet money” to a serious asset over the decade, and as you mentioned earlier, we’re now seeing countries adopting it as legal tender, public companies adding it to their books, so it’s still a lots of room for growth in terms of adoption, and that may or may not be reflected in the price. The global financial crisis of 2007 partly inspired Satoshi to develop Bitcoin, so it will be interesting to see how the markets will react to the current impending recession and whether or not they can weather the storm.
Guillaume: Interesting, thanks Yang. Moving on to the last question, what are your thoughts on the Bitcoin community urging investors to remove Bitcoin from exchanges? The famous saying goes “not your keys, not your Bitcoin.”
Yang: Of course, there are advantages to having Bitcoin stored on an exchange. For millions of users worldwide, exchanges are their first point of contact with assets like Bitcoin, and they may not be fully aware of the steps needed to self-custody their assets. But exchanges were designed to do just that, exchange one asset for another, such as fiat for Bitcoin or vice versa.
If the users have the knowledge and expertise to take responsibility and plan HODLing, it makes sense to take it from exchanges, but they need to ensure that they can do it without losing their assets. There are tons of hardware and software wallets available to choose from, and in most cases self-storage makes the most sense and gives users the satisfaction of knowing their assets are safe. When they want to sell, or buy more, that’s where we are again happy to be of service.
Guillaume: Thank you for taking the time to answer my questions, I will stay tuned to see what Gate.io has in store for its users.
This is a guest post by Dion Guillaume. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.
