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Zhao Changpeng: This year has not been a good year for the crypto field, but the progress of RWA and stablecoins is unexpected

Zhao Changpeng appeared on the podcast "Meanders" and discussed the pressures, adaptability, and lifelong motivation in the cryptocurrency field. When talking about pressure, Zhao Changpeng stated, "I generally do not set goals; I just do my best. This year the market is not good, so the company's performance may decline, but I have tried my best, I did not slack off, and I did not make any major mistakes. I handle problems in the same way.""No matter how difficult the problem is, I just try my best to deal with it. I also believe in simulation theory; I believe this world is simulated, so it’s like a game. It is simulated, but that does not mean this game is unimportant. However, in this game, I just need to do my best; you try your best to handle it, and after handling it, you can only wait, just lie back and win."Zhao Changpeng mentioned the industry, saying, "As for blockchain itself, I think the improvement in performance is still too slow. But because Bitcoin upgrades slowly, it is particularly stable, which is also an advantage. So there are advantages and disadvantages. Many of the ideas we had in the early days had many implementations, many that were not implemented, and many unexpected things happened."Regarding RWA, he said, "Even a year and a half ago, I would have doubted whether RWA could succeed, but now it is growing very fast. To be honest, I might have had some doubts about stablecoins five years ago, wondering how long they could last; at that time, I did not fully understand them. Stablecoins have their own uses. So these things are all things we did not think of before."

Zhao Changpeng: It is difficult to predict the outbreak point of the next cycle, and we do not rule out large AI companies issuing tokens

Zhao Changpeng stated at the "Bitcoin Asia 2026" conference in Hong Kong that both the RWA and AI sectors are currently very strong. Stablecoins, centralized exchanges, decentralized exchanges, and Meme tokens, which have been growing, will continue to grow, and NFTs may return in some form. It is difficult to predict what the next breakout point will be, just as it was impossible to predict the coin issuance craze at the beginning of 2017 and the NFT craze six months before it exploded; these all require entrepreneurs to create.He also mentioned that the funds used by billions of AI agents for automated buying, selling, negotiating, and trading in the future will definitely be cryptocurrencies, likely starting with stablecoins, and then gradually integrating other public chain assets like Bitcoin. He has discussed the possibility of issuing tokens with several top AI companies, as building data centers requires huge amounts of capital, with the cost of 1 GW of computing power being about $30 billion to $50 billion. Some AI companies plan to build hundreds of GW of computing power in the coming years, so they are considering issuing data center tokens that would allow holders to gain rights to use computing power in the future. Additionally, the payment scenarios for AI agents may be implemented later than trading scenarios; currently, AI companies are more focused on helping agents find optimal trading solutions, while trading scenarios require AI to process information quickly, which can increase trading efficiency by about ten times.

Zhao Changpeng: Bitcoin itself will not weaken or strengthen government power; it depends on how the government responds

Zhao Changpeng stated at the "Bitcoin Asia 2026" conference in Hong Kong that Bitcoin itself does not weaken or strengthen government power; what truly matters is the choices made by the government. Historically, weak governments have sometimes led to better economic performance. For example, the U.S. government is relatively weak, yet it has created one of the strongest economies in the world; after the current SEC chairman relinquished some regulatory power, the industry actually experienced growth, while former chairman Gary Gensler's attempts to control everything stifled industry growth.He mentioned that Bitcoin, as a decentralized technology, allows individuals to have more sovereignty, but its privacy design has flaws, and on-chain transactions can be easily tracked; governments can choose whether to utilize these characteristics. For instance, declaring Bitcoin ownership illegal or imposing a 36% tax on every transaction would stifle industry development. The government may seem to have significant power, but a zero tax rate still results in zero revenue, while taxing a trillion-dollar market at 6% would yield substantial income.He also noted that most governments have relatively recognized Bitcoin, but many countries still lack a regulatory framework for cryptocurrencies. Among government officials, those who understand Bitcoin remain a minority, and in some countries, the older generation's dominance leads to a more conservative attitude. However, he does feel that a shift is occurring, despite some still holding the biased view that Bitcoin is primarily used by drug lords.

Zhao Changpeng: Bitcoin and other sectors promote each other, and tokenized stocks will allow more people to access Bitcoin

Zhao Changpeng stated at the "Bitcoin Asia 2026" conference in Hong Kong that people often overestimate what can be done in a year but underestimate what can be done in ten years, and a large amount of infrastructure will be built in the next decade. In the past two years, the attitude of traditional finance towards Bitcoin has undergone a significant change, and in recent years, the growth of tokenized stocks has been rapid. Binance's bStocks has quickly grown in just about three months since its launch, and looking ahead to the next ten years, this will be a huge market. In addition, various sectors such as payments, AI, Agentic financial infrastructure, stablecoins, and tokenization will see significant development in the next decade; now is the moment with the most opportunities in history.He mentioned that the Bitcoin blockchain currently does not support tokenized businesses, and tokenization mainly occurs on other blockchains. However, the various sectors within the crypto industry promote each other; those who understand Bitcoin will eventually understand other blockchains and tokens, and those who enter through stock tokenization will also pay attention to Bitcoin. He gave an example that it is difficult for Asians to open U.S. stock brokerage accounts, and the trading hours of U.S. stocks are inconvenient. Once stock tokenization occurs, it will enable more people who were previously unable to trade U.S. stocks to participate through crypto platforms. After these individuals enter the crypto platform, they may also start to engage with Bitcoin exposure that they did not have before.
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