Bitget Interview with Frank: From Internet Product Manager to Cross-Market Investor—Two Principles for Trend Investing Across Cycles for 13 Years
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Bitget Interview with Frank: From Internet Product Manager to Cross-Market Investor—Two Principles for Trend Investing Across Cycles for 13 Years
“Cyclical perception is not about prediction, but rather about perceiving the distribution of probabilities.”
Navigating Web3 tides with focused insightsU.S. equities and cryptocurrencies are currently the two most closely watched asset classes by global investors. Yet, few individuals have successfully built mature trading systems across both markets.
Today, we welcome Frank @qinbafrank, a seasoned U.S. equity investor who entered the market in 2013. Formerly an internet product manager, he later transitioned into a venture capital partner role, and entered the cryptocurrency space in 2017—experiencing the ICO boom, the deep bear market, and multiple bull-bear cycles. Over time, he developed a unique cross-market investment framework spanning both U.S. equities and crypto.
From Internet Product Manager to Investor: The First Windfall in the Internet Ecosystem
Frank’s investment journey began in the internet industry. Around 2013, he was working as a product manager at an internet company. His peers started discussing U.S. equities—some had bought QIHU 360 shares early on; others had heavily invested in Tesla upon its 2012 IPO and reaped substantial gains. This atmosphere inspired him: “Internet professionals naturally have an edge when analyzing tech stocks. Working within the industry, we intuitively understand products and operations—we can tell what a company does and how well it executes. Moreover, investing in internet-related stocks was already deeply embedded in our social circle.”
Confident in this advantage, he purchased his first stock—Facebook. His rationale was straightforward: having acquired Instagram and WhatsApp, Facebook was unquestionably the dominant player in the social media sector. He also invested in NVIDIA at a $3 cost basis—but exited after a 3x return. He still recalls this decision with regret, calling it “lacking long-term vision.”
Between 2013 and 2015, Frank accumulated his first significant capital. Yet he candidly admits that phase was largely about “riding the tailwinds of the era”—internet professionals collectively piled into tech stocks, benefiting from favorable timing and environment. It wasn’t until 2015–2017 that he truly began developing a systematic understanding of industry-level investing.
Encountering Crypto: Overcoming Bias, Entering the Market, and Enduring the Deep Bear
Later, Frank shifted from product management to entrepreneurship and early-stage investing. A co-founder introduced him to Bitcoin, blockchain, and the decentralized world. Friends were also building decentralized social networks on crypto infrastructure. These conversations prompted him to seriously ask: “Is the internet’s golden era truly coming to an end?”
In late 2017, Frank shed his preconceptions about cryptocurrencies and formally entered the space—just in time for the tail end of the ICO boom. Captivated by the strong profit potential, he invested in several private placements and ICOs, and even encouraged several friends whose internet startups had stalled to join the crypto industry. He bought $10,000 worth of Bitcoin and $1,000 worth of Ethereum.
Then came the deep bear market of 2018. Frank admits, “The drop was brutal.” Yet, convinced of the underlying technology—peer-to-peer payments and decentralization—he stayed put and continued compounding within the crypto ecosystem.
The U.S. Equity Investment Principles Behind His Accurate Predictions: Industry Fundamentals + Macro Analysis
A pivotal shift in Frank’s investment framework occurred during the 2020 pandemic. Amid extreme market volatility, he suddenly realized: he had previously been almost entirely ignorant of macroeconomics—fiscal policy, monetary policy, interest-rate cycles. These variables, once outside his radar, proved far more influential on equity and crypto valuations than he’d imagined. “During the pandemic, I spent countless hours reading textbooks on public finance and monetary economics before gradually gaining a holistic macro perspective.”
This enhanced macro awareness, combined with his existing industry-focused investment system, led him to formulate his U.S. equity investment framework: “Industry fundamentals are the top priority in U.S. equity investing; macro factors rank second.”
This hierarchy directly shapes his execution logic: During minor corrections, he only trims positions in stocks with compelling narratives but weak fundamentals—while holding high-quality growth stocks steady. Only when anticipating medium- or large-scale corrections does he consider adjusting positions in those high-quality growth names. He stresses a key distinction between U.S. equities and crypto: “Crypto markets broadly move in lockstep with Bitcoin, but individual U.S. equities follow distinct logics. Some fall earlier, some later; some bottom out before the broader market does. You cannot manage individual stocks solely by watching index movements—you must assess each case individually.”
His fundamental stock selection framework operates on two levels. At the financial performance level, he closely tracks quarterly revenue, profit, EPS growth, and whether forward guidance consistently exceeds expectations. At the business level, he focuses on a company’s strategic positioning within its industry landscape. “Sometimes P/E ratios aren’t always meaningful—you need to examine business strategy and competitive dynamics. Is this company in a core, indispensable position—or is it vulnerable to being ‘strangled’? That determines scarcity—and scarcity justifies premium valuations.”
For instance, at the end of 2024, he began publicly recommending Palantir (PLTR) on X (formerly Twitter), entering at a market cap of $30–40 billion, dubbing it “Lockheed Martin for the AI era.” This recommendation directly applied his framework: “PLTR has served the U.S. military for over a decade as its sole big-data provider—its irreplaceability is exceptionally strong. Irreplaceability translates into scarcity, and scarcity supports premium valuation.”
At the macro level, his method involves identifying and weighting the dominant macro drivers in each phase. “Macro frameworks aren’t static—the principal contradictions shift over time. In 2025, Trump’s policies are paramount; in 2026, geopolitical tensions—like the Iran situation—alongside government efficiency reforms and Fed policy will be decisive.”
Frank repeatedly emphasizes one principle: “‘Cyclical awareness’ isn’t about prediction—it’s about sensing probability distributions.” His cyclical judgments stem precisely from applying this macro framework.
In January 2025, he forecast a U.S. equity correction. He systematically assessed the most critical macro variables at the time—uncertainty around Trump’s policies, elevated valuations, and the Fed’s stance. Trump’s policy outlook was the biggest driver. As he anticipated, the dual shocks of DeepSeek and tariffs triggered a medium-scale correction beginning in February: the Nasdaq fell up to 20%, and the S&P 500 dropped 18%.
In early 2026, he issued another timely warning of a “Spring劫 (Spring劫 refers to a seasonal market selloff)”—accurately predicting a 15% Nasdaq pullback. His core reasoning rested on two pillars: first, whether Big Tech’s massive capital expenditures would translate meaningfully into profits; second, escalating geopolitical risk driven by the Iran conflict.
Why Trade Both U.S. Equities and Crypto on Bitget
When asked why he chose Bitget’s U.S. equities offering, Frank’s answer was direct.
“Since last year’s second half, I’ve posted several threads on X highlighting the unmistakable trend toward securities tokenization in crypto. Bitget is the most proactive platform embracing this securities tokenization trend.”
For users active across both crypto and U.S. equities, Bitget’s U.S. equities functionality offers a compelling alternative to traditional brokers. “Funding is fast—unlike traditional brokers where deposits and withdrawals can take a day or more. For those operating across two markets simultaneously, capital efficiency matters immensely.”
He also observes a deeper structural trend: as institutional capital and ETF inflows continue, the boundary between crypto markets and traditional financial markets is blurring—and macro linkages between the two are intensifying. Having both markets accessible in a single interface is inherently valuable.
Frank’s Investment Q&A: Lessons Learned, Advice for Beginners, and Future Opportunities
What were your most painful investment experiences?
The most gut-wrenching was 2022. That year, I foresaw an impending “gray rhino”—if oil prices and inflation remained unchecked, U.S. equities would suffer a modest collapse, while crypto would crash severely. I recognized the risk and began trimming positions—but stopped short of full liquidation. I should have fully exited, yet only partially reduced exposure. The remaining positions endured devastating drawdowns.
Fundamentally, I’m a trend investor—not a trader. Traders maintain strict discipline and risk controls: at the first sign of risk, they cut positions decisively. My approach, however, is gradual: buying near bottoms and scaling out near tops. While this allows me to hedge risks early, it leaves residual positions exposed to severe drawdowns.
In 2016, I also learned a hard lesson in U.S. equities—trading a Chinese ad-tech stock I believed had solid earnings. Then news broke that the company engaged in “abusing its dominant market position,” causing a 40% plunge over one or two trading days. In 2019–2020, I invested heavily in numerous early-stage crypto projects—nearly all resulted in total losses, with no recovery possible.
What advice do you have for newcomers aiming to allocate across both U.S. equities and crypto?
First, deepen your macro understanding. From Japan’s 2024 rate hikes, to the 2025 tariff war, to recent Iran developments—macro-driven market volatility is growing more frequent and increasingly reshaping asset pricing.
Second, abandon the mindset of quick riches. Opportunities for rapid gains in crypto are diminishing: meme coins have extremely short lifecycles; “altcoin seasons” are no longer guaranteed; many assets vanish quickly. Focus instead on long-term, high-probability assets—those likely to survive three or five years. In U.S. equities, prioritize fundamentally sound companies with sustained earnings growth, robust business models, and genuine scarcity.
Third, practice prudent position sizing and avoid leverage—especially before establishing your own proven trading system. Leverage carries outsized risk for beginners.
Which U.S. equity sectors are worth watching this year?
First, space economy. SpaceX’s upcoming IPO could be the largest in recent years. Both Elon Musk and Jensen Huang have discussed plans to build data centers in space. Global competition for space resources is accelerating—offering immense upside potential.
Second, emerging markets index ETFs. Recently, the memory sector surged, led by South Korea’s Samsung and SK Hynix—propelling the Korean index upward. Similar opportunities—where industry-specific strength spills over into specific regional markets—deserve exploration within emerging markets ETFs.
Third, energy. Escalating geopolitical conflicts and intensifying global resource competition will continue driving repricing across energy assets.
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