There is important news for Bitcoin and altcoins. There is news from Xin Jiang, former head of venture capital at Binance, the world’s leading cryptocurrency exchange. He recently shared interesting opinions about the cryptocurrency and Web3 sectors. After leaving Binance, Jiang founded the venture capital firm Old Fashion Research. He also made remarkable statements about the cryptocurrency industry in a blog post published on September 4.
Explanations for Bitcoin and altcoins
Jiang explains about Bitcoin and altcoins in his blog post. Accordingly, he stated that he was experiencing a bottoming out phase in both primary and secondary markets. He argues that this scenario provides a suitable environment for investment in Web3. On the other hand, Jiang points out that the focus should be on killer applications, not more infrastructure.
Jiang emphasized that the cryptocurrency market does not need additional infrastructure projects such as Layer-2 (L-2). He claimed that the existing infrastructure is equipped to sustain the industry through multiple bull cycles. Among altcoins, Ethereum’s L-2 rollovers and upcoming zkEVMs have effectively addressed scalability and decentralization concerns, according to Jiang. According to Jiang, what the market really needs are “killer apps” that can trigger innovative transformations.
Decentralized finance (DeFi) prospects
At this point, Jiang said, “If you are a rational and objective investor, please accept that we do not need more infrastructure projects. Current infrastructure can lead us to the next bull run, and perhaps even the next bull run. With the introduction of Ethereum Layer 2 and the incoming zkEVMs, scalability is not an issue. So is decentralization. The only thing missing is ‘killer apps’ with striking power.” makes his statement.
Jiang looks at recent moves like Friend.tech and Unibots. He also pointed out that it created significant waves for Bitcoin and altcoins. He suggested that these could serve as examples of DeFi projects that succeed in the next bull run. Jiang also points out the impact of social media platforms such as Telegram and Discord on the cryptocurrency industry. On the other hand, he emphasized their role in shaping market dynamics.
The Rise of Meme Coins
The experienced investor underlined the importance of meme coins among altcoins in the market. He acknowledged that meme coins, exemplified by tokens such as HarryPotterObamaSonic10Inu, have attracted great attention in the cryptocurrency space. Jiang believes meme coins offer a fairer token mechanism compared to VC-backed tokens, which often come with inflated billion-dollar valuations and overhyped strategies.
When we look at Kriptokoin.com, Xin Jiang’s views shed light on the developing cryptocurrency environment. He also emphasizes the need for innovation and “killer apps” to move the market forward. On the other hand, he also acknowledges the impact of social media and meme coins among altcoins in shaping the dynamics of the sector.
