This report presents an interview with Hong Shuning, a Chinese central bank researcher who advocated for Bitcoin as legal tender in 2011. Shuning discusses his background, his early involvement in Bitcoin and blockchain research, his views on investment, and his current work. He emphasizes the importance of Bitcoin and blockchain technology, and shares his insights on the future of these technologies.
Early Advocacy for Bitcoin
- Bitcoin Advocacy: In 2011, Shuning proposed that China should use national computational power to mine Bitcoin, establish a Bitcoin bank, and create a legal currency backed by Bitcoin. Although these suggestions were not taken seriously at the time, Shuning notes that some countries, like El Salvador, have since recognized the importance of Bitcoin.
Shift in Research Focus
- Research Focus: After years of working on consortium chains, Shuning has shifted his research focus back to Bitcoin. He believes that blockchain technology should return to the Bitcoin model based on game theory and economic incentives to fully realize its potential.
- Investment Approach: Shuning describes himself as a long-term holder of Bitcoin, advising those who are not skilled at trading to opt for long-term holding once the right direction is found.
Future of Bitcoin
- Future of Bitcoin: Shuning believes that the Bitcoin community should continue to attempt application development on Bitcoin. He notes that the emergence of new technologies and projects, such as client-side validation technology, makes application development on Bitcoin more feasible.
Web 3.0 Ecosystem on Bitcoin
- Web 3.0 Ecosystem: Shuning envisions a complete Web 3.0 ecosystem on Bitcoin, utilizing client-side verification technology. This approach, he believes, will help truly apply and implement external applications, not limited to just trading or simple investments.
- Explore Bitcoin’s Potential: Shuning’s insights suggest that there is significant potential for further development and application of Bitcoin. Stakeholders in the blockchain and cryptocurrency sectors should explore these possibilities.
- Consider Long-Term Holding: Shuning’s investment approach suggests that long-term holding can be a viable strategy for those who are not skilled at trading. Investors should consider this approach when making investment decisions.
- Investigate the Potential of Web 3.0 Ecosystem on Bitcoin: Shuning’s vision of a complete Web 3.0 ecosystem on Bitcoin suggests that there are significant opportunities for innovation in this area. Stakeholders should investigate these opportunities and consider how they can contribute to the development of this ecosystem.