Bitget & ODAILY Joint AMA Transcript | Reflecting on 2023, Looking Ahead to 2024
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Bitget & ODAILY Joint AMA Transcript | Reflecting on 2023, Looking Ahead to 2024
Bitget has also made significant advances in the Chinese-speaking market this year.
Navigating Web3 tides with focused insights
Bitget partnered with ODAILY to host an online Twitter Space discussion themed "Looking Back at 2023, Looking Forward to 2024." The session was hosted by Mandy and featured industry experts including Gracy, Chris Lee, Jack Kong, Phyrex, Chen Jian, Xie Jiayin, and special guest Chong Ge.
Q1: What were the three most important events in 2023, and how did they impact the industry?
Gracy: First, the collapse of Silicon Valley Bank in March made investors realize the fragility and limitations of traditional finance. Second, more institutional investors, including BlackRock, applied for Bitcoin ETFs, signaling that more professional players are entering the crypto space. Third, Bitcoin's ecosystem exploded in Q4—BRC-20 tokens led a market rally, followed quickly by other blockchains, creating significant momentum. Clearly, Bitcoin’s ecosystem has much further to grow—its future is bright.
Chris Lee: Beyond these, I believe Solana’s performance this year was also remarkable—it highlighted the growing importance of institutional involvement.
Xie Jiayin: First, regulation—Hong Kong embraced Web3 in early 2023, while regulatory actions like SEC lawsuits and Binance’s fine signaled a shift toward stricter oversight. Second, narrative-driven sectors such as LSD, RWA, and public chain competition intensified. Third, we saw rapid growth in Bitcoin’s ecosystem—ORDI, inscriptions, etc.
Phyrex: First, the correlation between the overall market and U.S. macro trends grew stronger—the Fed’s policy moves significantly influenced crypto markets, especially around Bitcoin spot ETF developments.
Second, regulators gradually began embracing stablecoins and aligning with U.S. market dynamics. By March, major stablecoin holders remained bullish, indicating a shift from pure crackdowns toward seeking coexistence.
Third, despite market downturns, buyers maintained strong confidence in stablecoins. In August, stablecoin market cap rebounded notably—this inflow signals continued external capital entry, which will benefit the market through 2024 and beyond.
Jack Kong: Layer 2 had solid growth in the first half, followed by the inscription boom. Personally, I think DePIN also made meaningful progress in 2023.
Q2: What were your key takeaways from 2023?
Gracy: Bitget achieved strong results in 2023, with spot trading volume growing 94% despite bearish conditions. We launched 355 new tokens—a 46% YoY increase—with strict vetting to maximize value for users.
Our team expanded from 1,100 to 1,500 members, and user base grew from 8 million to 20 million. Committed to customer-first principles, we’ve enhanced service quality and welcome more talented individuals to join us.
Chen Jian: I gained exposure in both Solana and GameFi this year. I still hold ORDI and SATS in secondary markets.
Chris Lee: My biggest gain was cognitive evolution. Missing out on BRC-20 taught me three things: community remains vital in crypto; Solana’s recovery revealed Wall Street and institutional influence; and as an investor, one must recognize how deeply institutions shape the industry.
Xie Jiayin: My biggest takeaway was also community-related—I got closer to communities this year, participated in their development, and listened more to user feedback. Professionally, I also advanced and elevated my understanding.
Phyrex: Like others, my main gain was deeper insight. While macro factors heavily influence markets, many other forces often get overlooked. Also, sustained ETF momentum brought massive capital inflows—such events have long-lasting impacts. I adjusted my investment strategy accordingly, increasing allocations to stablecoins.
Jack Kong: Inscriptions experienced explosive growth this year. Their asset security model surpasses smart contracts in certain aspects, so I benefited significantly from this trend.
Q3: Bitget's plans for 2024
Gracy: In 2024, we’ll actively pursue compliance, focus on emerging markets, and aggressively develop the Web3 ecosystem—achieving exponential growth through diversified strategies. We’ll also prioritize product experience, making our platform smoother and more user-friendly. Continuous refinement of these details is critical to us.
Xie Jiayin: Bitget has several strategic priorities for the Chinese-speaking market this year
1. Continue refining our product and maintaining high standards for token listings. Our 2023 launchpad assets performed well—we aim to bring even more high-quality projects to Bitget users in 2024;
2. Strengthen brand loyalty in Chinese-speaking regions, positioning Bitget as one of the most trusted crypto exchange brands;
3. As Gracy mentioned, we’ll proactively engage with Web3, collaborating with top-tier projects to drive innovation in the space.
Q4: With improving market conditions and rotating sector themes, which narratives hold long-term value?
Jack Kong: I remain highly optimistic about inscriptions—they’re not just short-term hype but represent a long-term narrative that will continue delivering in 2024. Layer 2 opportunities are closely tied to ETH’s trajectory and will offer numerous plays this year. Lastly, DePIN—though currently smaller than inscriptions—has high breakout potential, typically surging in mid-to-late bull cycles.
Gracy: First, the BRC-20 inscription space is among the most promising areas in 2024—BTC spot ETF approval and the halving lay a solid foundation for Bitcoin’s ecosystem. Second, Ethereum’s ecosystem, boosted by the upcoming Cancun upgrade, offers substantial opportunities in 2024, supported by increasingly mature infrastructure. Finally, AI-blockchain integration holds long-term potential. This sector is less affected by broader Web3 cycles and offers vast room for innovation as technology evolves.
Phyrex: If the ETF passes, more capital will flow into BTC’s ecosystem. Stronger BTC ecosystem growth raises post-approval expectations, attracting even more funds. Thus, ETH and Layer 2 ecosystems may see major growth in early 2024—potentially ushering in a golden cycle for ETH. Later in the year, BTC halving speculation will heat up, driving another upward wave—worth watching closely.
Chris Lee: I’m bullish on Solana and public chains. Post-ETF, large institutional players will significantly influence markets, potentially fueling major growth in public chains in 2024.
Chen Jian: Everyone should protect their principal. Key opportunities remain in public chains. Gaming is also highly promising—it’s a long-lasting sector following inscriptions, with significant capital inflows and strong upside potential. AI presents opportunities too, though it’s still somewhat inflated. RWA could be policy-sensitive but remains worth monitoring.
Q5: Outlook for 2024
Phyrex: For 2024, if the ETF is approved, both Bitcoin and Ethereum are likely to break previous highs.
Gracy: I believe a bull market in 2024 is highly probable. Additionally, I expect both BTC and ETH exchange rates to rise, with ETH outperforming BTC.
Chris Lee: 2024 will remain volatile and eventful. As investors, we need peace of mind, restful sleep, and family security—maintaining calm and balancing investment with life.
Chen Jian: Wishing everyone good health and big profits!
Xie Jiayin:
My outlook for 2024 comes down to several key points: first, Bitcoin ETF approval—undoubtedly the top priority; second, the Bitcoin halving; third, Ethereum’s Cancun upgrade; and fourth, potential rate cuts by the Federal Reserve.
Overall, 2024 will be an upward-trending year. Public chain competition will intensify, becoming a true test of survival of the fittest—great opportunities await those who act wisely.
Special Guest Chong Ge: Bitget is currently one of the best-performing exchanges. Jiayin and I started building in the inscription space back in May—that was arguably the only highlight of 2023. For 2024, blind optimism isn’t advisable—pre-bull market volatility will be high, so hold your positions tightly. Inscriptions will become the leading sector in 2024, particularly blue-chip projects—early positioning is recommended.
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