KK, Founder of Hash Global Talks About BNB, Digital Asset Allocation, and Web3 Development Stages
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KK, Founder of Hash Global Talks About BNB, Digital Asset Allocation, and Web3 Development Stages
BTC, ETH, and BNB are three "one of its kind" assets in the digital asset industry.
Navigating Web3 tides with focused insightsCompilation: Hash Global
Recently, at Noah's Black Diamond Client Annual Conference, KK, founder of Hash Global, and Ms. Jing Peng, Global CEO of Noah Olive, discussed the development stages of Web3, the value of the BNB ecosystem, and digital asset allocation. The conversation is as follows:
Jing: Hash Global has been investing in Web3 since 2018, doing both early-stage project investments and secondary market trading; you're an early node on BNB Chain and have launched a crypto fund for institutions and families—truly experiencing this industry across "full cycles and full chains." Looking back from 2018 to today, what aspects of the crypto industry have truly been disproven, and what long-term directions have become increasingly confident for you?
KK: What’s truly been disproven, I believe, is overbuilding purely based on vision without grounding in real demand. Web3 has many things built on assumptions like “I think the metaverse needs this,” but these infrastructures end up abandoned—just like the over-laid undersea cables during the early internet era. In recent years, Web3 has seen many meaningful attempts such as socialfi and gamefi, none of which have succeeded yet. I see these as temporarily disproven phases—future waves will come, perhaps the third wave will finally break through. Many ideas that once seemed unworkable or immature may eventually mature when business environments and policies are ready. Once there are enough real Web3 product users, things will naturally become viable. In my view, the technology is already here—it’s now about identifying weak points in existing business models and genuine first-order pain points, then having the right teams build new models. The AI industry is similar—progress is spiral-shaped. Many things deemed “disproven” in the short term may simply have been too early. You couldn’t have built Yahoo in 1990 or Google in 1996—no team could, no matter how strong. That’s just the objective law of development.
In recent years, although this industry occasionally sees bubbles and fraud, it has steadily advanced year by year with tangible progress. I often say Web3 is too close to money, making entrepreneurs easily distracted, unlike their more focused counterparts in AI. Some former entrepreneurs may have left, but more are entering. A friend recently told me that this year’s Wanxiang Shanghai Summit attracted far more attendees than ever before—even more lively than Hong Kong’s Bitcoin Conference. The Wanxiang Blockchain team and CEO Xiao Feng have consistently driven the industry’s upward spiral.
Web3 technology has already shown tremendous power in finance and payments, but as infrastructure for the next-generation internet, large-scale applications haven't emerged yet. Even some in the industry ask whether Web3 is merely a form of fintech? We believe Web3’s significance to commerce is equivalent to Bitcoin’s significance to finance. When the underlying ledger technology changes, both finance and commerce transform. It’s just that the current Web3 user base remains too small to generate network effects. Web3 is a networked technology requiring a critical mass of users, unlike AI, which is point-based. AI is productivity—visible and explicit—while Web3 is a technology of production relations. When it erupts, it does so quietly and imperceptibly. Our parents might be using it without even knowing.
Web3 applications must now focus on solving commercial problems. We’ve already seen projects using Web3 technology to significantly improve operational efficiency of internet products. While reducing costs and increasing efficiency, entirely new business models are emerging. For example, fans and creators use Web3 technology to bind and verify relationships, enabling fairer profit distribution. Because these models make commercial sense, we remain highly confident in the long term—it’s only a matter of who builds them first and scales fastest.
Jing: What is BNB’s role within the entire Binance ecosystem? From the outside, people know Binance has an exchange, a blockchain, Launchpad, and ecosystem projects, but may not clearly understand BNB’s actual role across this entire system. What is BNB’s long-term "value anchor"? Over the next 3–5 years, where will BNB’s focus shift within the ecosystem?
KK: BNB is the native ecosystem token issued by Binance and serves as the core value carrier of the BNB ecosystem. If you pay attention, we typically don’t say “Binance ecosystem” or “the ecosystem of Binance”—we say BNB ecosystem.
Let me illustrate how to understand BNB. Suppose Tesla hadn’t listed on Nasdaq—we’d expect Elon Musk to issue a Tesla token on-chain. Tesla owners could then use Tesla tokens to get discounts at any charging station globally. Elon could align incentives among shareholders, users, management, and supply chain partners using Tesla tokens, and even extend usage into sister companies like SpaceX. In Web2,积分 between companies rarely interconnect; in Web3, tokens exist on a shared ledger (blockchain), making interoperability natural. Tesla tokens could even expand beyond Musk’s empire. This represents a new organizational model—one that doesn’t require full decentralization yet unlocks massive economic upside and emotional value for users. Once Tesla stock (data) exits Nasdaq and DTC’s (Depository Trust Company) databases and becomes an on-chain token, every commercial entity worldwide can conduct verifiable value exchanges with Musk’s ecosystem. In contrast, Tesla stock only binds management and shareholders. That’s the value of Web3 technology. How could Web3 possibly be just fintech? BNB is Binance’s ecosystem token—and it’s already been operational for eight years. Our blueprint already exists.
Hash Global defines tokens like BNB—with both value backing and functional utility—as Value-Functional Tokens. We expect a surge in functional tokens over the next three years. We recently published a semi-academic report discussing tokenization of everything and value-functional tokens, with a commentary written by Chairman Wang of Noah. You can find it online. IDOL, the token of Meet48—an entertainment industry leader we've invested in—is also a value-functional token. We encourage project teams to model their own ecosystem tokens after BNB. For a token to hold value, the underlying business model must first be healthy and sustainable.
BNB’s value anchor lies in at least two areas: 1) its diverse utilities across the ecosystem; and 2) the value support provided by BNB Chain and Binance Exchange. The heart of the BNB ecosystem is BNB itself. After eight years of experimentation, Binance has effectively concentrated various ecosystem benefits onto BNB. As the core engine—the value of BNB rises—it attracts more users, enables issuance and trading of higher-quality assets, and draws more developers to build. This engine is now organically and efficiently integrated with all parts of the BNB ecosystem. In our view, its efficiency and power are unmatched in the industry.
Binance recently obtained a full license from ADGM in Abu Dhabi. Binance Exchange already has over 300 million users globally, while the entire BNB ecosystem—including BNB Chain users—has surpassed 500 million users. This is truly—and currently uniquely—an internet-scale financial infrastructure. CZ, He Yi, and the Binance management team have spent eight grueling years building a financial aircraft carrier capable of providing comprehensive services for the AI-powered digital economy. As it emerges, inevitable collisions with legacy financial structures and institutions will occur. Throughout this process, the Binance team has endured immense pressure, including unfair personal targeting. We should thank Binance’s founders and team—they’ve contributed more to advancing Web3 finance and ecosystems than any other platform. Precisely because this path has been so arduous, filled with uncertainty and unbearable stress, requiring constant innovation and sustained combativeness, we believe its growth trajectory cannot be replicated.
All future assets will be issued and traded on-chain. I didn’t say this—it was Paul Atkins, former chairman of the U.S. SEC. Let me add: not only financial assets, but also non-financial assets and even assets that currently can’t be assetized will be issued and traded on-chain. You may not know that tokenized U.S. stocks are already being bought and sold on-chain, and over half of global trading volume occurs on BNB Chain. BNB has de facto become the primary pricing tool for many digital assets post-tokenization—not stablecoins. And for a new stablecoin to gain liquidity and scale, it must secure Binance’s support. Over the next 3–5 years, in this new era of universal tokenization, we believe the BNB ecosystem will be the biggest beneficiary. All assets will seek liquidity support from the BNB ecosystem. BNB is not only the engine of the BNB ecosystem, but also of the entire Web3 and digital economy.
Jing: How should families and high-net-worth clients “get onboard” for the first time? Within a global multi-asset portfolio, what would be a reasonable allocation range for Web3 / Crypto overall?
KK: After investors have secured low-risk foundational assets like insurance, gold, bonds, and real estate, they should allocate a portion to growth-oriented assets. Among growth assets, we’re most bullish on AI and Web3. Professor Zeng Ming said the upper layer of future intelligent businesses will be powered by AI-driven productivity, while the underlying large-scale coordination networks can only be built on Web3. In my view, AI and Web3 are two sides of the same coin in the digital economy. Let me explain: everyone expects agent ecosystems to explode, but value exchange between agents cannot happen via bank accounts—it must occur through Web3 on-chain addresses. Just recently during Binance Blockchain Week in Dubai, we co-hosted a Machine Economy Forum with Nasdaq-listed Robo.AI and Arkreen, a leading Web3 project in machine economy. Value exchange between machines can only happen via Web3. Therefore, I recommend splitting growth asset allocations equally—half in AI, half in Web3.
Jing: Standing at the 2025 vantage point, from the perspective of family offices and high-net-worth clients, what three main themes would you use to summarize the major investment opportunities and risks over the next 3–5 years?
KK: 1) First, I believe the biggest risk—and opportunity—for traditional investors over the next 3–5 years is underweighting Web3 and overweighting AI. Given AI’s high consensus and Web3/digital assets’ noise and lower visibility, investors should consciously increase their digital asset allocations.
2) Second, investors may overly focus on finding Alpha while neglecting Beta. In Web3 investing, outperforming BTC or BNB is extremely difficult—just as it’s hard to beat Nvidia or Google in AI investing. Investors must first capture Beta and avoid missing out on flagship-tier assets. Look at internet-era leaders—they remained dominant through mobile internet and into the AI era. How many multiples did they grow? By holding leadership positions, they fully captured the dividends of technological advancement and epochal shifts: Google, Microsoft, Amazon, Alibaba, Tencent, etc. Web3 is no different—first seize leading and core scarce assets, and once acquired, hold tight. These are cornerstone holdings—more important, in my view, than even real estate.
The third opportunity and risk is insufficient attention to Web3. Everyone knows what to invest in for AI. You’re probably bombarded daily with research reports, memorizing Nvidia and Microsoft earnings data like a pro. But do these operational metrics really matter? Leave that to Noah’s professional teams. Free up some time to learn Web3. You bought BTC—but do you really understand BTC? If you had studied deeply, you wouldn’t be asking me, “Is BTC’s current price a good buy?”
Sometimes friends in Web3 ask me, “What do you think of Coinbase and Circle stocks?” I reply I’m not very familiar, but they’re probably decent. But I wonder—why has no one ever asked me what I think of BNB, a leading digital asset? I urge you to spend some effort learning about digital assets like BNB. Check out YZi Labs’ research report on BNB and our own report, “Valuation Methods for Value-Functional Tokens.” Trust me—you might not grasp BTC’s value, but if you can read a Coinbase report, you can certainly understand a BNB analysis. To me, buying Coinbase stock versus BNB is like comparing Suning stock to Alibaba equity in 2009: one is a traditional company using internet tech, the other is natively born on the internet. They’re not comparable. Native value creation in new technologies holds far greater worth. Coinbase is great—you should invest—but if you believe in Web3 and digital assets, prioritize native Web3 assets.
Last week in the Middle East, I spoke with two major institutional investors. Our consensus: BNB is the elephant in the room. Everyone must take BNB seriously. I worked over a decade in traditional asset management. In my view, BNB is the most undervalued asset in digital assets—and simultaneously the easiest for traditional investors to understand and accept. Buffett called Bitcoin rat poison, but if given the chance, I’m confident I could convince him to buy BNB. Over the next ten years, no one should miss this asset.
I see today’s BNB as equivalent to Moutai stock in 2004. Before 2004, only retail drinkers knew how premium Moutai was. After 2004, institutions began serious research and started building positions. Today, only those in Web3 know how valuable holding BNB is. Outsiders feel nothing and fail to recognize BNB’s central role. Let me tell you—now institutions are starting to look. VanEck, a major U.S. asset manager, recently filed an application for a BNB ETF in the U.S. Such high-growth, high-return, monopolistic assets—you invest, hold, and forget. Hold for ten, twenty years. Institutional ownership of BTC is 12%, ETH 9%, but BNB only 0.4%. Look at Moutai’s stock performance post-2004—over tenfold gains in four years. Partly due to fundamentals, but mostly due to institutional consensus. Institutional sentiment is contagious.
Jing: Within crypto, how should BTC / ETH / BNB and other assets generally be layered and combined?
KK: We’ve said for years that BTC, ETH, and BNB are three “one of its kind” assets in the digital asset space—each stands alone in its category. All three have high long-term value, but they’re fundamentally different. In terms of allocation, I suggest 40% BTC, 20% ETH, 40% BNB. I recommend overweighting BNB mainly because holding BNB delivers better ecosystem returns, and the BNB ecosystem grows much faster and more efficiently. I believe BNB can surpass ETH in value in the medium term. Ethereum’s value may only become fully apparent after Web3 ecosystems are completely unfolded—which might take another ten years? Only then will people truly understand how essential fully decentralized infrastructure really is. There’s a sequence involved, and still uncertainty. I must clarify—I’m very bullish on ETH and we hold ETH. But commercially, value goes to whoever provides better service and solves real-world problems more effectively.
Holding BNB currently yields over 10% in ecosystem benefits, plus 3–4% annual burn, totaling nearly 15% annually. This return stems from BNB’s central position in the Web3 industry—akin to Nvidia in AI. Everyone knows Nvidia dominates AI—I’m telling you, Web3 has its own Nvidia. Spend a little extra time learning, and you’ll discover this decade-long mega-Beta. The beautiful part? Major traditional institutions have only just begun learning—like institutions studying Moutai in 2004, when most fund managers didn’t even drink it.
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