Original Article Title: "Where Did Everyone Go at This Year's Bitcoin Asia?"

Original Article Author: Golem, Odaily Star Daily

“Only those without any resources need to buy a ticket.” The night before the Bitcoin Asia conference, at the "Ave.ai's Signature Chicken Hot Pot" dinner organized by Ave.ai, this sentence floated into my ears. Although it sounds a bit arrogant, it also reflects most people's attitude towards this year's Bitcoin Asia: indifference.

This attitude had been brewing for a while. In the days leading up to the conference, there were many project teams hosting like-for-ticket campaigns on social media, and various WeChat groups were selling Pro tickets and whale tickets at half price or discounted rates. The conference was scheduled close to Japan's WebX conference, and given the choice between the two, many attendees opted for the larger-scale WebX. The Bitcoin ecosystem's hype was not as strong as last year...

Therefore, the sparse attendance at this year's Bitcoin Asia conference has almost become a consensus.

Unrelated Side Events Steal the Spotlight

The Bitcoin Asia conference was held on August 28 at the Hong Kong Convention and Exhibition Centre, but many people had already arrived in Hong Kong on the morning of August 27 to attend the Hong Kong Blockchain Summit hosted by New Fire Technology. The summit featured representatives from Hong Kong regulators, academic experts, and industry participants, but the topics were unrelated to Bitcoin, focusing instead on stablecoins, RWAs, publicly traded crypto companies, and Hong Kong's crypto regulatory trends.

Full house at the New Fire Technology press conference, Image Source: Official Photography

Meanwhile, immediately after attending WebX in Japan, Binance founder CZ also arrived in Hong Kong in the afternoon to speak at the "Hong Kong Cryptocurrency Forum" hosted by the University of Hong Kong. At the event, CZ's content also revolved around stablecoins, RWAs, and the future of crypto in Hong Kong. Not only was the venue packed, but articles and video snippets such as "CZ's 7 Most Important Quotes at the Bitcoin Conference," "CZ Criticizes Hong Kong," and "CZ Reveals Future Wealth Opportunities" have gone viral on the internet.

CZ at the Hong Kong Cryptocurrency Forum, Image Source: Hong Kong Wang Fugui

Before Bitcoin Asia even began, everyone was already hyped. In fact, CZ quietly arrived at the Bitcoin Asia venue on August 29 noon to give a speech, mainly expressing gratitude to the Trump administration for its contribution to the crypto industry and shouting "Bitcoin will become the global reserve currency." However, this speech did not generate as much enthusiasm as the one on August 27 at HKU, and some attendees did not even notice CZ's presence. This may be because CZ's attendance was not originally on the agenda, or it may be because no one really paid attention to Bitcoin Asia...

On August 29, CZ at the BitcoinAsia venue

Not paying attention to Bitcoin Asia, attendees can't really be blamed. Bitcoin's unquestionable position in people's hearts is like an old friend everyone is familiar with, not needing daily messages to stay in touch; while this year's hot trends like stablecoins, RWA, and coin stocks, are like new acquaintances, more likely to become topics of conversation among strangers. Opening the event platform Luma, it was discovered that during the Bitcoin Asia conference, side events on stablecoins, RWA, DePIN, and coin stocks were packed.

For Hong Kong and most mainlanders, Bitcoin Asia has become a reason to go out and socialize rather than the main focus, "Today is Bitcoin Asia, let's go out and talk about stablecoins," this feeling is like a friend saying to you, "The weather is nice today, let's go out for a picnic."

Bitcoin Asia Turns into a Peripheral Marketplace and Eric Trump Meetup

As a "peripheral harvester," every time I attend a conference, I must linger at each booth to observe. As soon as I entered Bitcoin Asia, there was a large peripheral booth displaying tote bags, T-shirts, and books. When I eagerly went over to get my hands on them, I was told by the staff, "It's not free."

There is more than one booth where the organizers generate revenue. Next to the Unisat booth, there is a large cryptocurrency art area, which is both the Ordinals art exhibition area and the peripheral marketplace. Each exhibit has a QR code underneath, scanning it allows you to participate in the auction of that artwork. The highest bidder can take the physical version of the artwork on the spot, and the on-chain Ordinals artwork will also be sent to the user's address.

Bitcoin Asia Booth Selling Skateboards

「If they get sold, the organizer and the artist should split the proceeds 60-40」, the salesperson told me. If you stay in this area long enough, staff will come to introduce the artwork and explain how to participate in the auction. As the salesperson was pitching "The Consensus" to me, I took the opportunity to ask about the kickback the organizer would receive.

The Consensus

The Consensus piece is composed of 410 historical negative comments about Bitcoin from figures in the finance, tech, and academic fields. Attendees can scan a QR code to purchase a physical copy on-site, and upon payment, the corresponding Ordinals artwork will be sent to the buyer's address. "Donald Trump's recent negative comment about Bitcoin hasn't been bought yet. Are you considering it?" As I gradually stepped backward, the salesperson was still trying hard to persuade me.

In addition to the bustling booths, Bitcoin Asia also hosted a meet-and-greet with Eric Trump, attracting many attendees who came specifically to see Eric Trump at Bitcoin Asia. After all, being the son of a living former U.S. President is not something we can casually encounter in our daily lives.

Eric Trump's Appearance Drew a Massive Crowd

The organizers still understood the art of marketing well. Before entering the free main venue, Eric was scheduled to be interviewed in the whale area, with tickets to the whale area priced at $4,999 each. During Eric's interview, the entrance to the whale area was packed, with some audience members creating a wall of separation just to hear clearly what Eric was saying.

「He's definitely not this popular in Europe and America」, when I relayed firsthand information back to the company, a colleague who has been based in Europe and America for many years lamented.

However, Eric Trump's speech was indeed very provocative. In a short 20-minute dialogue, Eric repeatedly shouted slogans such as "Bitcoin will reach $1 million per coin in the future," "The best time to buy Bitcoin is now," and "We are changing the modern banking industry," which drew cheers from the audience.

Moreover, both at the entrance and exit, Eric Trump paired his appearance with the signature fighting pose of Trump, bringing his meeting to a perfect close.

Eric "fighting" at the Bitcoin Asia conference

Other than Eric, the two-day Bitcoin Asia event seemed to lack any exciting moments. Perhaps to avoid association with a Trump family member, Eric Yip from the Hong Kong Securities and Futures Commission and Legislative Council Member Johnny Ng, who had previously announced their participation, also withdrew from Bitcoin Asia at the last minute. Without the presence of Hong Kong officials at Bitcoin Asia, they instead regrouped at side events focusing on topics such as RWA and stablecoins.

"Bitcoin Asia was the least prestigious event during this Bitcoin Asia period," a friend commented to me before leaving Hong Kong. Apart from listening carefully to Eric's speech, most of my time at the venue was spent taking photos of the promotional models hired by the organizers.

The Unsung Bitcoin Ecosystem Continues to Be Developed

A colleague, TC, who attended last year's first Bitcoin Asia conference, also reflected, "Bitcoin Asia was the first industry summit I attended after returning to the cryptocurrency circle. Even though Bitcoin was only $60,000 at the time, both the main venue and the side events of the Bitcoin ecosystem were livelier than this year. There were Bitcoin arcade machines, NFTs, inscriptions, mining rigs, and more diverse activities. This year, walking through the main venue took less than half an hour."

Where did the Bitcoin ecosystem go this year? They have not disappeared; they are just no longer prominent.

The UniSat booth at Bitcoin Asia remains very conspicuous, located on the right side after entering, being the largest project booth after metaplane. However, UniSat's "dominance" still cannot conceal the desolation of the entire Bitcoin ecosystem at the venue. The project booths at the venue are mainly dominated by mining companies and Bitcoin reserve companies, with various types of mining rigs buzzing on-site, marking the return of the Bitcoin conference to the era when mining held sway.

Bitcoin Asia Live Demonstration of Mining Machines by a Vendor

Among the sporadic Bitcoin ecosystem project booths, ODIN•FUN's booth was the most eye-catching. On one side of the booth, two foreign friends were actively promoting merchandise, while on the other side, a group of Chinese people were actively spreading the word, "We are from the *** community, we are building *** coin, my teacher is amazing, he earned 200 million RMB in the Bitcoin ecosystem," a lady from Yichang, Hubei, said excitedly while dancing.

"Isn't ODIN•FUN's flagship project OdinDog (ODINDOG)?" I seized the opportunity to ask.

"It was before, but now we are mainly focused on building this coin, although I still have some OdinDog," the lady replied before opening her wallet on the spot to show me her entire assets. This sincere and simple gesture instantly touched me. It is said that the Runes Asia 2025 event held on August 27 was also surrounded by such a group of simple, sincere, and joyful individuals, and a warm feeling rose in my heart.

While the younger generation has already retreated from the Rune battlefield, the older generation continues to uphold the banner of the Chinese Runes community.

Uncles and aunties at the Runes Asia 2025 event, Image Source: Official Event

Does the Bitcoin Ecosystem Still Matter?

But Babylon was not so lucky. During the Bitcoin Night event held on the afternoon of August 28, when Babylon Labs' CTO Fisher was on stage introducing Babylon's latest product—trustless BTC vault, only a few people were scattered around the venue, and some people in the back row had no intention of taking seats. One staff member told me that Babylon mainly wanted to invite some BTCFi builders, but although there were over 800 sign-ups on Luma, only twenty to thirty people showed up in the afternoon.

The leader of BTCFi, the pioneer of Bitcoin's rehypothecation ecosystem, and the Babylon with a valuation of over 800 million USD, appeared so empty at the offline event in Hong Kong, which is truly regrettable.

Bitcoin Night event hosted by Babylon Labs

If the Babylon event was sparsely attended due to its distance from the Bitcoin Asia main venue, then there was no excuse for the Bitcoin Summit held at the same venue as Bitcoin Asia on August 29. On August 29, as people gathered at Bitcoin Asia cheering for Eric, Trump's second son, proclaiming that "the future of Bitcoin will reach $1 million," the adjacent Bitcoin Summit venue was eerily quiet, with only a few industry practitioners walking back and forth in the hallway.

Bitcoin Summit event venue

Today, the whole world is embracing and hodling Bitcoin. A group of suit-wearing, golf-loving individuals is gradually taking over Bitcoin. However, the Bitcoin ecosystem has become increasingly neglected and niche, with no one daring to shout, "The Bitcoin ecosystem is a hundred billion dollar market." The remaining enthusiasts of the Bitcoin ecosystem are still focused on speculation.

This stark contrast couldn't help but make me feel lost again. Does the Bitcoin ecosystem still hold meaning? I posed this question to the Bitcoin ecosystem builders I met at the event.

"For the long-standing Bitcoin, the Bitcoin ecosystem is indeed insignificant," said Lorenzo, founder of UniSat, to me, "but it is not entirely irrelevant. Perhaps it still needs 5 to 10 years of growth. The Bitcoin ecosystem will bring some better added value to Bitcoin, 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 passionate.

Lorenzo announces the public launch of UniHexa in Q4 at Bitcoin Asia

In response to this question, the founder of DotSwap's answer was more straightforward, "Centralized exchanges handle around $30 billion in Bitcoin transactions daily. The on-chain DEX like UniSwap can capture 1% of this, i.e., $300 million. Such a transaction volume is enough to create a decent market space. Moreover, Bitcoin's crypto market share is still above 60%, dominating the crypto market's primary liquidity. If we want to do liquidity for other ecosystems, it should also be born for Bitcoin first." DotSwap does not claim to be a Bitcoin ecosystem company, but Bitcoin ecosystem was their first batch of seed users, "Our technology and products can fully expand to serve other ecosystems in the future."

The unassuming Bitcoin ecosystem still has people quietly building. The current common strategy among Bitcoin ecosystem projects is "build high walls, accumulate grain," acknowledging the current challenging times but not deciding to give up.

This reminds me of a marathon race, where spectators usually only gather at the finish line to celebrate the finishers, paying little attention to the sweat, hardship, and struggle along the way.

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