From Bitcoin Faith to Dollar Stablecoins: The Transformation and Future of the Blockchain Industry

As a pioneer and long-term participant in the blockchain industry, Du Jun's experience has almost spanned every key wave. From founding a trading platform in 2013, promoting the early adoption of Bitcoin in China; to creating an industry information platform, becoming the hub of information flow; and then, as an investor, accurately capturing multiple cyclical opportunities. With his keen judgment of technological trends and a long-term perspective on capital operations, he has created many classic cases in the industry.

Today, he has founded an incubator focused on the intersection of AI and cryptocurrency innovation, continuing to be active at the forefront of the industry—at the crossroads of the Bitcoin ecosystem, stablecoin transformation, and the AI wave, continuously exploring the boundaries of technology, and firmly optimistic about the rise of the Chinese in the global technology landscape.

In a deep conversation, Du Jun not only shared his in-depth analysis of the underlying logic of Blockchain but also publicly articulated for the first time why he views BitVM as a "key leap" in the Bitcoin ecosystem, predicting that 2026 will be the "year of programmable Bitcoin." When discussing the stablecoin sandbox in Hong Kong and the regulatory games in the United States, he demonstrated the calm judgment of a capital strategist.

The Golden Age of Chinese Technology

Du Jun believes that we are currently in an era full of opportunities, with Chinese people holding a global leading position in multiple cutting-edge technology fields, especially prominent in the Blockchain industry. The areas of exchanges and mining machine manufacturing are almost dominated by Chinese individuals, and many well-known public blockchain project founding teams and executives also have a substantial Chinese background. This influence has expanded from Blockchain to broader technology fields such as AI and semiconductors, forming a new "Chinese dividend".

The Positioning and Future of Public Chains

Du Jun believes that currently there are only four core public chains that have truly established themselves: Bitcoin, Ethereum, TRON, and Solana. Their advantages lie not only in the technology itself but also in their clear market positioning. He emphasizes that the core competitiveness of public chains lies in strategic positioning and a closed loop of real use cases, rather than conceptual stacking and quantity expansion. In the short term, he does not think there is a need for new public chains, at least not within the next five years, and even after five years, it may be difficult to see structural changes.

Bitcoin Ecosystem: From Sentiment to Programmable Future

Speaking about the Bitcoin ecosystem, Du Jun expressed that there are some sentiments involved. In the early days, the focus was primarily on promoting Bitcoin's immutability, traceability, and distributed characteristics, but there was little mention of programmability. After the emergence of Ethereum, the programmability and innovative potential of blockchain were emphasized. Now, technologies like BitVM are attempting to achieve decentralized minting and redemption, along with pooled mining verification, to create new asset applications in on-chain scenarios. Du Jun is optimistic about the programmability of the Bitcoin ecosystem, believing that this is not only a technological breakthrough but also a key to unlocking its immense liquidity.

The "Religion" of Bitcoin and the Debate on Decentralization

Du Jun compares Bitcoin to a "religion," emphasizing its unique cultural and faith attributes. He believes Bitcoin represents digital gold and is invaluable freedom, embodying fundamentalist culture and belief. Although its decentralized nature is questioned, Du Jun believes that in the short term, it will be difficult for other coins to replace Bitcoin's position.

Industry Changes: From Belief to Reality

Reflecting on the industry's development, Du Jun reflected on the transformation of blockchain technology from early conceptual promotion to its current application scenarios. He pointed out that stablecoins are an important breakthrough, demonstrating the promotion of economic efficiency by blockchain. However, he also criticized the current industry for lacking innovation, overly relying on speculative projects rather than creating actual value.

The Success and Future of Stablecoins

Regarding stablecoins, Du Jun believes that USD stablecoins have the greatest advantage in a free competitive market. He analyzed the reasons for USDT's success, stating that its wide range of application scenarios and high acceptance are key. For the future development of stablecoins, Du Jun emphasized the need for actual application scenarios to support it, rather than merely relying on speculative demand.

Overall, Du Jun's viewpoint reflects the transition of the blockchain industry from early idealism to practical applications. He calls for the industry to return to value creation, is optimistic about the technological breakthroughs in the Bitcoin ecosystem and the application prospects of stablecoins, while also emphasizing the opportunities for the rise of Chinese people in the global technology field.