International Blockchain Economic Conference: Bitcoin Will Drop to $1

On May 8, 2018, Dubai Business Bay, the famous world’s tallest hotel – JW Marriott Marquis Hotel, International Blockchain Economic Conference was held here.The crowds blowing the hotel, luxury cars all over the place, the chauffeur was too busy parking too much cars. People coming from all over the world speaking languages of various countries have packed the lobby of the hotel. The high-end hotel was crowed like a busy shopping mall on festival day. 

On the 6th floor of the hotel,here held the “International Blockchain Economic Conference” . Thousands of seats were full. People from all over the world have spent a lot of money on air tickets and hotels. Many people crowded on the aisle, as if they didn’t want to miss the wealth that would sweep the world this time.

 

Dozens of cameras and media workers, as well as celebrities’ presence highlighted the importance of this conference. CEO of blockchain, rich Dubai businessman, JP Morgans, Citibanks and other business giants were impressive, but one of them was even more eye-catching: black hair, energetic, fluent English and talking with great confidence and power. His name is Liao Wang, the richest Chinese in Dubai Blockchain industry. For this purpose, we made a special interview with him.


Right side is Liao Wang

Liao Wang, the richest Chinese in Dubai Blockchain industry, comes from Jiangxi Province, China. He went to Dubai at 24 years old, when he was as poor as church mouse and used to sleep on corridor as he could not afford paying  bed space. He founded “Atomic Properties LLC” at age 25, turning from extremely poverty to boss in a year time. Later he invested hundreds of properties in Dubai and became a self-made billionaire. He is a living legend of people becoming rich in Dubai, the famous luxury city. Now he is the CEO of Atoshi (a blockchain company) and the initiator of International Monetary Freedom Organization.

Selected below are some of Liao Wang’s speech:

“China only banned exchanges and haven’t banned the legitimacy of OTC transactions and owning of Bitcoins, indicating that the government is still relatively friendly and open. The people of the world do not have to panic because of  Chinese government’s ban on cryptocurrency exchanges. The Chinese government has adopted foreign exchange control policies to promote Chinese economy. If the existence of an exchange is allowed, many capitals and illegal money will flow out of China through cryptocurrency, thereby increasing the difficulty of foreign exchange control and affecting economic development. The Chinese government also controls US dollars in China. Bitcoin and other cryptocurrencies should be more restricted than what the government has done now.

“Bitcoin may fall to $1 after rising $1 million per coin. Bitcoin has all the merits of gold and can be more easily easier divided into small pieces than gold, which makes it better for transactions than gold. At the same time, it also has all the advantages of the US dollar, but better than dollars. Limited at only 21million coins, Bitcoin will continue to go up to 20,000 US dollars, 100,000 US dollars, and even 1 million US dollars, but at the same time due to the rise of many new cryptocurrencies, Bitcoins dominance in all crytos will be  reduced to below 5% .Because bitcoin technology was a decade ago, the rise of new cryptocurrency, technological upgrading  and some mining pools have more than 51% of whole  computing power, which may lead to the risk of attacking the bitcoin network. It will gradually decline, even less than 1 US dollar.”

“The cryptocurrency 3.0 is still a baby in mama’s stomach. 3.0 should have a faster transaction speed, lower transaction cost, and be more decentralized. At the same time, it can run Dapp on a large scale and implement ipfs. He is leading atoshi team to do that.

“Foreign reserves will gradually shift from US dollar to cryptos, because US dollar can be printed at almost 0 costs, and the wealth of countries that hold US dollar as foreign reserves is constantly diluted and devalued.  People of the world are not happy with that and demand a change now.

“Dubai’s blockchain business environment is very good:

Dubai ruler HH Sheik Mohammad Al Maktoum himself said: “The adoption of blockchain technology will help Dubai for the future challenges.”

Dubai’s Crown Prince HH Sheik Hamdan launched “Dubai Blockchain Strategy” project and established Smart Dubai Office.

Dr.  Aisha Bin Bashr, Director of the Smart Dubai Office, said: “A lot of countries are still arguing about the advantages and disadvantages of the blockchain. We have already embraced blockchain to make Dubai the capital of  blockchain.”

“Dubai has a 2020 paperless city plan. By 2020,50% of the government  will adopt blockchain, saving an estimated 77 million man-hours per year and  440 million sheets of paper. Departments including the Immigration Department, the Ministry of Finance, DEWA, and Land Department must all use blockchain technology, such as real estate registration……”

Liao Wang’s speech was straight to the point. He had a very eyes-opening understanding of the crypto currency. Huge applauses came like waves after his speech. We wish Liao Wang and his Atoshi blockchain a big success on the world’s stage.

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