Where did everyone go at this year’s Bitcoin Asia?Recommended Articles | Bee Network

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“Only those without resources need to buy tickets.” This remark reached me the night before the Bitcoin Asia conference, at a “Yipin Chicken Hot Pot” dinner hosted by Ave.ai. While it might sound a bit patronizing, it also reflected the attitude of most people towards this year’s Bitcoin Asia conference: indifference.

There were signs of this attitude emerging early on. A few days before the conference, many project owners were running free ticket promotions by collecting likes in WeChat Moments, and WeChat groups were full of offers for Pro and Whale tickets at half or low prices. The conference was held right next to the WebX conference in Japan, so given the choice between the two, many attendees opted for the more prestigious WebX. The Bitcoin ecosystem wasn’t as hot as it was last year…

Therefore, it has almost become a consensus that this year’s Bitcoin Asia conference was deserted.

A side event unrelated to Bitcoin went viral The Bitcoin Asia conference took place at the Hong Kong Convention and Exhibition Center on August 28th, but many people had already arrived in Hong Kong on the morning of August 27th to attend the Hong Kong Blockchain Summit hosted by Newfire Technology. The forum featured representatives from Hong Kong regulators, academic experts, and mật mã industry participants, but the focus was not on Bitcoin. Instead, the audience focused on stablecoins, RWAs, listed crypto-to-equity companies, and Hong Kong’s crypto regulatory trends.

The Xinhuo Technology press conference was packed. Image source: Official photography

Meanwhile, Binance founder CZ, fresh off attending a WebX side event in Japan, arrived in Hong Kong that afternoon to speak at the Hong Kong Crypto Finance Forum hosted by the University of Hong Kong. At the forum, CZ’s presentation also focused on stablecoins, RWAs, and the future of Hong Kong’s crypto scene. Not only was the venue packed, but articles and video clips such as “CZ’s 7 Most Important Quotes at the Bitcoin Conference,” “CZ Scolds Hong Kong,” and “CZ Reveals Future Wealth Opportunities” went viral after the conference.

CZ at the Hong Kong Crypto Finance Forum. Image source: Wang Fugui, Hong Kong

Before Bitcoin Asia even began, everyone was already buzzing with excitement. In fact, CZ quietly arrived at Bitcoin Asia at noon on August 29th. His speech primarily thanked the Trump administration for its contributions to the crypto industry and declared that “Bitcoin will become the global reserve currency.” However, this speech received far less attention than his speech at the University of Hong Kong on August 27th. Some attendees even failed to notice CZ’s presence. This could be because CZ’s attendance wasn’t on the original agenda, or perhaps simply because Bitcoin Asia simply wasn’t on everyone’s radar…

On August 29, CZ was at BitcoinAsia

You can’t really blame attendees for not paying attention to Bitcoin Asia. Bitcoin’s status in people’s hearts is undisputed, like an old friend familiar to everyone, requiring no daily texts. Meanwhile, this year’s explosive growth in stablecoins, RWAs, and crypto-equities is like a new beauty, easily becoming a topic of conversation among strangers. A look at the event platform Luma revealed that side events featuring stablecoins, RWAs, DePIN, and crypto-equities were packed to capacity during the Bitcoin Asia conference.

For people in Hong Kong and most mainland China, Bitcoin Asia has become a reason to go out and get together rather than a purpose. “Today is Bitcoin Asia, let’s go out and talk about stablecoins.” It feels like a friend saying to you, “The weather is nice today, let’s go out for a picnic.”

Bitcoin Asia transforms into a peripherals hypermarket and Eric Trump meet-and-greet As a “merchandising harvester,” I have to stop and observe at every booth every time I attend a conference. There is a large peripheral booth right at the entrance of Bitcoin Asia, displaying handbags, T-shirts, books, etc. When I went over excitedly to get my hands on them, the staff told me, “It’s not free.”

This wasn’t the only booth generating revenue for the organizers. Next to the Unisat booth was a large crypto art area, serving as both a display area for Ordinals artworks and a shopping mall. Each exhibit contained a QR code, allowing users to participate in the auction. The highest bidder could take home a “physical copy” of the artwork on the spot, and the Ordinals artwork on the blockchain would be sent to the user’s address.

Skateboards for sale at Bitcoin Asia

” If it sells, the organizer and the artist will split the profits 40% and 60%,” the salesperson told me. If you stay in this area long enough, a staff member will come to explain the art and how to participate in the auction. While the salesperson was promoting “The Consensus” to me, I took the opportunity to ask about the commission the organizer would receive.

The Consensus

The Consensus artwork, comprised of 410 historically negative comments about Bitcoin from the financial, tech, and academic communities, was available for purchase at the event. Attendees could scan a QR code to purchase a physical copy, and upon payment, the corresponding Ordinals artwork would be sent to the payer’s address. “Trump’s negative comments about Bitcoin haven’t been sold yet. Would you consider it?” the salesperson continued to persuade me as I gradually retreated.

Besides the surrounding hypermarkets, Bitcoin Asia also hosted a meet-and-greet with Eric Trump, the second son of President Trump. Many people came to Bitcoin Asia specifically for Eric Trump; after all, the son of a US president is not someone you see every day.

Eric Trump was surrounded by a huge crowd when he took the stage

The organizers, once again, mastered marketing tactics. Before entering the free main venue, Eric was interviewed in the Whale area, where tickets cost $4,999. During Eric’s interview, the entrance to the Whale area was packed, with some audience members even resorting to “Ksitigarbha Di Ting” (listening to the truth) to hear Eric’s words.

“He’s bất chấpnitely not that popular in Europe and the United States,” a colleague who has been based in Europe and the United States for many years sighed when I passed the first-hand intelligence back to the company.

But Eric Trump’s speech was indeed very inflammatory. In just 20 minutes of conversation, Eric repeatedly shouted slogans such as “Bitcoin will reach 1 million US dollars in the future”, “The best time to buy Bitcoin is now”, “We are changing the modern banking industry”, etc., which aroused cheers from the audience.

Eric Trump’s meeting ended perfectly with Trump’s signature fight moves before and after entering and leaving the stage.

Eric “fight” at the Bitcoin Asia conference

Aside from Eric, the two-day Bitcoin Asia event seemed to offer few highlights. Perhaps to avoid conflict with Trump’s son, Eric Yip of the Hong Kong Securities and Futures Commission and Legislative Council member Johnny Ng, who had previously announced their attendance, withdrew from Bitcoin Asia. Without the presence of Hong Kong politicians, Bitcoin Asia instead regrouped for side events focused on topics like RWA and stablecoins.

” Bitcoin Asia was the least valuable event of the entire Bitcoin Asia event ,” a friend complained to me before leaving Hong Kong. Besides listening carefully to Eric’s speech, I spent most of my time at the venue taking photos of the organizers’ promotional models.

The inconspicuous Bitcoin ecosystem is still being built My colleagueTC, who attended the first Bitcoin Asia last year, also lamented, “Bitcoin Asia was the first industry conference I attended after returning to the cryptocurrency world. Although Bitcoin was only $60,000 at the time, the main venue and the side events surrounding the Bitcoin ecosystem were even more lively than this year. Bitcoin gaming consoles, NFT, inscriptions, mining machines, and more were all on display. This year, it took less than half an hour to walk through the main venue.”

Where has the Bitcoin ecosystem gone this year? They haven’t disappeared, they’ve just become less prominent.

UniSat’s booth at Bitcoin Asia remained prominent, located to the right of the entrance and the largest besides Metaplane. However, UniSat’s “arrogance” couldn’t mask the desolate atmosphere of the Bitcoin ecosystem at the conference. The project booths at the conference were primarily those of mining companies and Bitcoin reserve companies, with a variety of mining machines humming along. The Bitcoin conference had returned to the days of mining dominance.

A mining machine displayed by a manufacturer at Bitcoin Asia

Among the scattered booths of Bitcoin ecosystem projects, ODIN•FUN’s booth was the most eye-catching. On one side, two foreigners were actively promoting their merchandise, while on the other, a group of Chinese people were enthusiastically promoting their products. “We are the *** community, and we’re building the *** coin. My teacher is amazing! He’s made 200 million RMB in the Bitcoin ecosystem,” a woman from Yichang, Hubei, exclaimed with joy.

“Isn’t the dragon head of ODIN•FUN Odin Dog (ODINDOG)?” I took the opportunity to ask.

“It was, but now we’re focusing on developing this coin. I still have the Odin Dog,” the older woman said, then immediately opened her wallet to show me all her assets. This sincere and unpretentious gesture instantly touched me. I heard that Runes Asia 2025, held on August 27th, was also surrounded by such a group of simple, sincere, and happy people, and a warm feeling welled up in my heart.

While young people have withdrawn from Runeterra, the older generation continues to hold up the banner of the Runes Chinese community.

Uncles and aunts at Runes Asia 2025. Image source: Event official

Does the Bitcoin ecosystem still make sense? But Babylon wasn’t so lucky. At the Bitcoin Night event on the afternoon of August 28th, when Babylon Labs CTO Fisher took the stage to introduce Babylon’s latest product—a trustless BTC vault—only a few people were scattered around the stage, with some standing in the back row, not even intending to take a seat. A staff member told me that Babylon was primarily looking to invite BTCFi builders, but despite over 800 people registering for Luma, only 20 to 30 showed up that afternoon.

It is really sad that Babylon, the leader of BTCFi, the pioneer of Bitcoin re-staking ecosystem, and with an online valuation of over US$800 million, has such a deserted offline event in Hong Kong.

Bitcoin Night event hosted by Babylon Labs

If the Babylon event’s dwindling venue was attributed to its distance from the main Bitcoin Asia venue, then the Bitcoin Summit, held at the same venue on August 29th, offered no other reason. While crowds gathered at Bitcoin Asia on August 29th to cheer on Trump’s second son, Eric, for his slogan, “Bitcoin will reach $1 million in the future,” the adjacent Bitcoin Summit venue was eerily silent, with only a few industry professionals milling about in the hallways.

Bitcoin Summit event

Today, the whole world is accepting and storing Bitcoin. A group of people in suits who like to play golf are gradually taking over Bitcoin, but the Bitcoin ecosystem is becoming increasingly unpopular and niche. No one dares to shout the slogan “The Bitcoin ecosystem is a $100 billion market.” The only remaining Bitcoin ecosystem followers are still focused on speculation.

This feeling of disparity made me feel lost again. Does the Bitcoin ecosystem still have meaning? I also posed this question to the Bitcoin ecosystem builders I met at the event.

“Given Bitcoin’s long history, the Bitcoin ecosystem is indeed insignificant,” UniSat founder Lorenzo told me. “But it’s not completely insignificant. Perhaps it still needs another five to ten years of growth before the Bitcoin ecosystem can bring greater added value, just like gold has its industrial and jewelry uses.” Lorenzo also gave a speech at Bitcoin Asia. Although the audience was small, he was still very passionate.

Lorenzo announced at Bitcoin Asia that UniHexa will be publicly launched in Q4.

The founder of DotSwap was more forthright in his response to this question. ” Centralized exchanges trade approximately $30 billion worth of Bitcoin daily, and UniSwap’s on-chain DEX accounts for 1% of that, or $300 million. This level of trading volume is enough to create a significant market space. Furthermore, Bitcoin still holds over 60% of the crypto market share, representing the majority of the market’s liquidity. If we want to provide liquidity for other ecosystems, we should focus on Bitcoin first .” DotSwap doesn’t label itself as a Bitcoin ecosystem company, but rather that the Bitcoin ecosystem is their first batch of seed users. “Our technology and products can certainly be expanded to serve other ecosystems in the future.”

The humble Bitcoin ecosystem is still being quietly developed by some. “Building high walls and storing up abundant food” is a common strategy among Bitcoin ecosystem projects at this stage. While they don’t deny that these are difficult times, they haven’t given up yet either.

This reminds me of a marathon. Spectators usually only gather at the finish line to celebrate the finishers, but few people capture the sweat, hardship and struggle along the way.

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