[English Session] ビットコインエコシステムのナビゲート：このサイクルにおける機会の戦略的考察

■IVS2024 KYOTO/IVS Crypto2024 KYOTOについて
2024年7月4日から6日まで、伝統と革新が融合する京都で、IVS2024 KYOTOとIVS Crypto 2024 KYOTOを同時開催します。

IVS2024 KYOTOは、起業家、投資家、事業家、技術者、研究者、そしてスタートアップやオープンイノベーションに関心を持つすべての人々を対象としたカンファレンスです。資金調達や事業成長の機会を求める経営者や投資家、新しい事業アイデアに興味がある人々にとって、新しい未来を築くための貴重な機会を提供します。

IVS Crypto 2024 KYOTOは、クリプトとブロックチェーンに特化したカンファレンスです。この分野のパイオニアたちが、デジタル経済の進化とWeb3の可能性について深く掘り下げます。両カンファレンスは同じ場所で開催され、参加者は自由にどちらのイベントにも参加できます。

名称：IVS2024 KYOTO / IVS Crypto 2024 KYOTO
主催：IVS KYOTO実行委員会（Headline Japan/京都府/京都市）
日時：2024年7月4日（木）～7月6日（土）
会場：京都パルスプラザ他  

・チケットページ：https://www.ivs.events/tickets2024
・HP：https://www.ivs.events/
・X(Twitter)：https://twitter.com/IVS_Official

#IVS #IVS2024 #スタートアップ #起業 #経営 #ビジネス

サマリー

このエピソードでは、ビットコインエコシステムにおける戦略的な機会を専門家が探求しています。ビットコインエコシステムの進化と2023年以降の新たな技術や文化の変化について、機会と戦略が探られています。ビットコインエコシステムの進化によって、今後の機会やユーティリティのポテンシャルが広がっています。ビットコインエコシステムは、今後数年間で大きな成長を遂げる可能性があり、特に新たなレイヤーやdAppsが提供する利回りに注目が集まっています。ビットコインエコシステムとSolanaの連携によって、新たな機会やプロジェクトが生まれていることが語られています。ビットコインエコシステムにおける最大主義とアジアでのシットコイン文化の対比を通じて、リスクと革新についての洞察が提供されています。ビットコインエコシステムは一度限りのチャンスに直面しており、技術的な進展と資本市場の変化により、多くの人々が慎重になっています。ビットコインエコシステムのナビゲートを通じて、セキュリティや市場のボラティリティに対する戦略的な考察が行われています。

ビットコインエコシステムの探求

John Riggins

お待たせいたしました。ただいまより、IBSクリプトジャパンブロックチェンウィークサミットを開会いたします。

Kyle Ellicott

Ladies and gentlemen, madame et monsieur, we will begin the IBSクリプトジャパンブロックチェンウィークサミット.

My name is Clara. I will be your MC for today's stage.

Peter Teng

私、本日の司会進行を務めます。クララと申します。どうぞよろしくお願いいたします。

Kyle Ellicott

最初のセッションは、ビットコインエコシステムのナビゲート、このサイクルにおける機会の戦略的考察です。

John Riggins

本セッションでは、ビットコインエコシステムに関する専門家の方々をお招きしております。

それでは早速、登壇者の方々をご紹介いたします。

ピーター・テングさん、ジェフ・インさん、カイル・エリコットさん、コービー・フレイザーさん、そして本セッションのモデレーターを務めていただくのは、ジョン・ビギンさんです。

The first session is navigating Bitcoin ecosystem, a strategic look at opportunity and the cycle.

Kyle Ellicott

In this session, we have invited experts in the Bitcoin ecosystem.

Jeff Yin

Let me introduce the speakers.

Kyle Ellicott

ピーター・テング、ジェフ・イン、カイル・エリコット、コービー・フレイザー、

John Riggins

and the session will be moderated by ジョン・ビギンさん。

Jeff Yin

それではビギンさん、よろしくお願いいたします。

スピーカーの紹介

John Riggins

Good morning.

We are kicking things off with I think the right topic.

Because at least at Bitcoin Magazine and our fund UTXO, we see Bitcoin as the opportunity to cycle.

I know that everyone on stage is dedicating a lot of their time and energy into building this Bitcoin ecosystem now.

So let's jump into it.

First, if we could just get a quick introduction from each one of you,

and kind of an introduction of how your company fits in the Bitcoin ecosystem today.

ピーター。

Peter Teng

Thank you, John.

Good morning, everybody. My name is Peter.

I'm a growth lead at Zeus Network.

How many of you guys have heard of Solana before?

Yeah, Solana.

It's an honor for me to be here with the ecosystem partners from Bitcoin.

For us at Zeus Network, we are a company and a project based on Solana using SVM,

and our vision is to bring Bitcoin onto Solana, you power by SVM.

So right now, we're working with a lot of ecosystem partners from BTC, Ruins and Ordinals.

These three categories will be marked as ZPL assets,

which will be transferable onto Solana in Q3.

So that's basically what Zeus Network is.

John Riggins

Thanks.

Kyle Ellicott

Jeff.

Jeff Yin

I'm the founder of Merlin Chain.

We are building an EVM compatible chain for Bitcoin.

We started building on Bitcoin Layer 1 for Ordinals, BRC20.

And now we have Ruins.

So we're trying to build a scaling solution for all these users who want to trade BRC20, Ruins, NFTs.

That's why we started Merlin.

We launched our mainnet in February.

We grew very fast from February to March to April.

Right now, we still have the most BRC20 and Ruins on the EVM solution.

I think the spot trading volume is over 1 billion.

The per trading volume on chain is over 1 billion right now.

And we would love to have all these builders coming from Ethereum ecosystems,

coming from Solana to build for Bitcoin.

To build all these native assets, narratives, DApps for Bitcoin.

And we want to make this ecosystem fun again.

Thank you.

John Riggins

Kyle.

Kyle Ellicott

Hi, everybody. I'm Kyle Alakai.

I run investor relations for the Stacks ecosystem

and also an advising partner to Bitcoin Frontier Fund

who has been investing in Bitcoin-based companies since 2021.

So I've had 3 years of investing in this space,

over 70 plus different companies globally.

And on the Stacks side, we are a Bitcoin Layer 2,

one of the earliest, one of the original core 4

that helped to define the industry

and why we are all sitting here today when it comes to programmability

and utility around Bitcoin as well.

Corbin.

Corbin Fraser

Hi, guys. My name is Corbin Fraser.

I'm the CEO of Bitcoin.com.

We are one of the largest self-custodial Bitcoin wallets in the ecosystem.

We have over 50 million wallets created within our app.

Largely Bitcoin, large majority, but we are multi-chains.

We support Ethereum, Polygon, many other EVM chains.

ビットコインエコシステムの初期段階

Corbin Fraser

And we are looking at where the ecosystem is going in terms of L2.

So it's great to be on this panel and learn some more.

John Riggins

Thanks.

First to kind of set the stage, Kyle, we'll come back to you.

Kind of with that investment experience

and working directly with a lot of the companies building today,

can you kind of set the stage with

where the kind of key pieces of the ecosystem are now

and kind of how the narrative around Bitcoin maybe has shifted this cycle?

Kyle Ellicott

Yeah. So I'll take us a step back in time

and break this into 3 eras.

So we had the pre-2023 era.

And that was the kickoff of Bitcoin back in 2008, 2009.

We had some significant upgrades known as Segwit and Taproot

that helped to early unlock technologies

and key pieces of the technical stack that we use today.

And we also had in about 2015,

the beginnings of L2s or side chains

and early networks built on top of Bitcoin Layer 1.

Each bringing different views of what potential could look like

when it came to Bitcoin utility.

That's Rootstock, Lightning, Liquid and then Stacks.

Each of those respectfully going into mainnet between 2017

all the way through 2021, including Stacks.

And again, saw early programmability,

saw the beginnings of DeFi

and also smart contracts when it came to Bitcoin

and the early dApps or decentralized application ecosystems,

DeFi, NFTs and even some of the very first domains,

web-based domains before we had ENS as well.

2023年の技術革新

Kyle Ellicott

Now, the next big era changed everything

and why all of us are here at this entire conference today.

And that was in 2023 with the release of Ordinals

and Inscriptions.

The first Ordinals and Inscriptions went live in December 2022,

but they didn't catch on until January 2023.

And this was huge because not only was it new

and innovative technology around Bitcoin,

but also reinvigorated the culture of Bitcoin.

Because pre-2023, we had seven years of development

around Ethereum and EVM ecosystems

that were bringing us the ability to see NFTs at scale,

real world assets at scale,

DeFi summer and the craze that could be around DeFi as well.

And all of a sudden, the excitement shifted over to Bitcoin.

What was possible?

We have $1.5 trillion in Bitcoin utility.

What happens if this is unlocked?

What happens if we can forever store permanently

all different types of assets in some capacity

and have them on a forever chain?

This embarked a huge building culture in 2023,

開発者の盛り上がり

Kyle Ellicott

a lot which was private, behind the scenes.

And come 2024, which is the third era that's leading us to now,

we saw the boom of all that development.

We went from a TVL in Bitcoin

that we all participate in of about 300 million.

That represented about 0.1% of Bitcoin's entire market cap.

At the same time, Ethereum's TVL and their app ecosystem

was about 28%, right around $60-plus billion.

All of a sudden, in January 2024, that all changed.

And in six months, we saw the release of

not just the core four L2s publicly,

but over 80 different L2s in various networks.

The introduction of brand new consensus mechanisms

that were never once thought about in Bitcoin

beyond proof of work.

We saw the idea of token experiments,

not standards yet, but experiments from BRC and BRC-721,

so the same that we had in Ethereum in Bitcoin.

We saw the launch of RUNES.

We saw 12 other different experiments.

We also saw, again, this huge excitement in developers.

A ton of developers started entering into the Bitcoin ecosystem,

wanting to build.

ビットコインの機会の変化

Kyle Ellicott

We saw TVL start to rise.

Venture capital came in waves.

The amount of VCs that shifted from Ethereum or EVM base,

all of a sudden, Bitcoin was the spot

that they had to pay attention to.

And to come all the way to where we are today,

Bitcoin and BTC,

both the network and the asset,

are no longer boring.

They now have the open opportunity

to be utilized in some capacity.

And one plus trillion dollars

now has the potential to be unlocked

thanks to all of ours and everyone else's efforts.

Also the institutional demand

with over a dozen different ETFs launched globally.

And then lastly,

we had the fourth halving event,

which was very different

because of the launches with Bruins.

We also had Rootstocks upgrade,

Merlin, Bitlayer,

a number of others went mainnet

at that same time, plus or minus.

And then lastly,

that number I said in the end of the year,

of 2023,

$320 million of TVL.

Fast forward as of this morning,

that number is north

of $3.25 billion.

That's a 7X increase

in less than 7 months

in TVL

of all of our efforts

around the greater ecosystem,

which represents today

a quarter percent

of Bitcoin's total market cap.

And to close,

if we make that ratio similar

to Ethereum's TVL,

that opens up $184 billion

worth of potential

that lies ahead of us

in terms of applications

and ecosystem development.

And just a fraction of that

$1.2 trillion

or excuse me,

$1.5 trillion in utility available.

エコシステムの発展

John Riggins

Yeah, thanks.

That was really a great overview

and I think highlights

the potential moving forward

in addition to the steps

that have been important

getting us here.

One of those steps

in the third phase

Jeff, can you talk to that a little bit?

As someone who's building

one of these ecosystems yourself,

how is Merlin approaching

making Bitcoin more usable?

Where are you seeing the demand

from your users who hold Bitcoin?

Kyle Ellicott

Yeah.

Jeff Yin

I think, yeah, I agree.

Right now, Bitcoin is the third phase,

but to me, I think it's just a start.

It's the start of everything can be possible.

With Bitcoin, that's why

we start to love crypto.

It's because of Bitcoin.

I was a Web 2.0 guy way before this.

I didn't do anything in Web 3.0,

but last year,

when I saw All-in-All the first time,

I think, oh, this is huge

because right now we can put content on-chain

and we can issue assets from Bitcoin.

The Ethereum ecosystem

is not ecosystem yet

before they have ICO

with all these ERC-20 tokens.

The ability of issuing

all these tokens

and the users' ability

to do these kind of things on Ethereum.

That's why right now

we have all these Ethereum Layer 2s,

DeFi, dApps, all this kind of stuff.

So when Bitcoin has the ability

to issue all these assets,

no matter it's ERC-20, Ruins or NFT,

that gives the opportunity to users

and also to builders.

That's the reason we started to build for this.

Right now, if you look at Ethereum valuation

to ERC-20 valuation,

it's about 1 to 1.

Right now, if you look at Bitcoin,

it's like 1.2, 1.3 trillion dollars.

But if you look at Bitcoin-related assets

such as ERC-20 and Ruins,

I guess it's about 2 billion,

2 billion to 3 billion at most.

So 1.3 trillion to 2 billion,

I think the potential is huge.

If we have more builders

like Merlin with ERC-20 tokens,

and right now there are going to be

ビットコインの成長の可能性

Jeff Yin

more and more other dApps

using Bitcoin standards

to launch their tokens.

So I think in the next five years

to six years,

probably we'll have 10 times,

even 100 times more values

into Bitcoin-related assets.

I think that's the first potential

we see there.

The second thing is

when you hold Ethereum

in the past five years,

you have all kinds of things

you can do with this.

You have native yield from the POS.

You can participate in DeFi,

and you can get high yields

by holding Ethereum.

But for the Bitcoin holders,

if you hold Bitcoin in your wallet,

you have one Bitcoin,

that's all.

After five years,

you still have one Bitcoin.

But right now when we see

all these layer tools,

all these dApps,

all these bridges,

DEX, PERP, Lending,

you can find yields for Bitcoin.

So right now I'm learning

if you participate in our POS,

you will have yield.

If you participate in other LRT solutions

such as Solve, Lombard, Lorenzo,

all these protocols give you yields

by holding Bitcoin.

So I think this will drive

more people, more users,

more institutions to hold Bitcoin

because then you can finally have yields.

So what is the better investment

than holding Bitcoin,

but also by having the yield?

So I do think there's lots of potential

on the retail side,

on the institution side,

on the builder side.

And right now we only see

very few builders, very few TVL.

And also the total value is very low.

So I think it's a start for everything

and everything can be possible

in the Bitcoin ecosystem.

John Riggins

All right.

ビットコインと他のエコシステムの連携

John Riggins

Peter, you're taking a slightly different approach here.

Can you talk a little bit about

the value for Bitcoin

and connecting with other ecosystems

and kind of where you see

Bitcoin sitting in Web3

moving forward more generally?

Peter Teng

Yeah, for sure.

Just like I think these two gentlemen

just mentioned,

Bitcoin is at a very unique stage

and this is the beginning

of a brand new era.

Just like Kyle said,

the culture there,

Bitcoin is fun again.

And coming from a Solana-based project,

the meme coin maniac

and just like Pump.fun

recently just reached

2 million daily volume

compared to the entire

Ethereum network.

So coming from Solana's side,

the culture is fun,

it's daring,

it's trying a lot of new things

and I think Solana ecosystem

itself is not really afraid

to fail at this point.

So from us,

Bitcoin is a platform

that can be used

in this way

where you can earn

native yield on Bitcoin.

So huge respect to

all the Bitcoin builders

like Merlin and Stacks.

These guys have been

putting years of work

to make Bitcoin

at this stage right now

and for us,

Zeus Network here,

they have a long term vision

where Bitcoin is a true

decentralized digital asset

and I think many of us here

believe that and this is a reason

why we're in crypto.

So touch basing on Solana here

is that Solana has a pretty robust

DeFi ecosystem already,

bottle landing protocols,

perp trading, meme coin, NFT,

all this user experience

is what really interests

a lot of new users

So from Zeus Network

since 2021

actually we have been building on Solana

on multiple different projects

but we see a huge potential

with Bitcoin moving forward

because of the L2s, the solutions,

the more utility and utilization

and essentially yield bearing.

ビットコインとSolanaの融合

Peter Teng

So hence the reason

we think Solana is an answer

and why don't we try

to bring Bitcoin liquidity onto Solana

and see how this will really

propel the entire space forward

because we believe that

the ecosystem is multi-chain

or interoperable in the future

and we should let the market

let the user really decide

which one is easy to use

So I think from the culture aspect

Solana is pretty welcoming

and from our own experience

with the community

is that we have a good mixture

of Bitcoin ecosystem partners

and community including

Ethereum and Ethereum

and there's a lot of projects

that are reaching out to us

wanting to build a hybrid community

Bitcoin and Solana

just because of the culture

is already so embedded in Solana

that anything is possible

and I think having fun

is also quite important

in terms of for retail

So I think for Solana right now

we're also at a very

I would say a new era

to surpass Ethereum

and I don't think it will be possible

without the locality

coming from Bitcoin ecosystem

So I think Solana

and Bitcoin ecosystem

we work hand in hand

and hence the reason why

we're very excited to be here

and we're working very closely

with a lot of strong Bitcoin partners

including Stacks

actually Monique Stacks

the co-founder here

and we have a lot of energy builders

from years ago

pushing, propelling

and trying to make things work

through the entire years

regardless of bull and bear

but just like we said

there is a lot of opportunities

and for us mainly

we are currently in our test net

and we're in discussion

with a lot of miners

who are interested in tapping

their position into Solana

and leverage the position

and participate

by providing liquidity

or utilize a Bitcoin position

in Solana

So there's a few use cases

for Bitcoin positions

on Solana

and one of the reasons

or one of the utilizations

is for Ordinal

So we all know that Ordinal

is very hot

and I think there's a lot of

interest in Bitcoin

because of Ordinal as well

because of the art aspect

So for ZPL, for our

programming library

one bottleneck we can solve

is that we can mint on Solana

and then do the reveal

onto Ordinal

So this will prevent

a lot of, for example

transaction times or potential sniping

So there's a few use cases

already that is being built

So Solana is our start

and this is what Zooms Network is doing

We're going live in Q3

so it's quite exciting for us

to be working with these guys

and moving forward

with Zooms Network

for Runes and Ordinal

is also possible

and we're working closely

with a project called Ordinal X-Tribe

and there are hybrid projects

between Solana and Bitcoin as well

where they're also envisioning

a lot of sense

So there's quite a few builder projects

that is, I would say, taking this time

in this era where

there's huge possibilities

between the potential of Bitcoin

and all these 1.3 trillion assets

How will these assets move

which layers are going into

and what does these liquidity really want

So I think it will be interesting

moving forward for us

Zooms Network and Solana

to see what are the potential

John Riggins

Thanks Peter

Corbin, let's come to you

So we're here in Kyoto

Obviously this whole industry

is just totally global at this point

But there does still sometimes

ビットコインとシットコインの対比

John Riggins

seem to be a little bit of a disconnect

maybe between the East and the West

in terms of kind of where the energy

is focused and kind of a knowledge gap

Can you talk a little bit about that

from your perspective

Corbin Fraser

from one of these OG companies

itself at Bitcoin.com

One thing I observe, at least in North America

there's a high amount of Bitcoin maximalism

whereas in Asia

there's the polar opposite

where it's a high amount of shit-coinery

and the balance between those two

is like polar opposites

You've got extreme shit-coinery in Asia

where everything goes

and then you've got a lot of die-hard maxis

that kind of promote a Bitcoin-only future

primarily originating from North America

out of Vancouver

coastal regions in the US

I think probably some advice

I would suggest to those people

within the Bitcoin maximalist side of stuff

on the North American side

keeping an open mind on some of the innovations

that are happening

not everything is shit-coinery

There is a myriad of layers

of quality

in terms of what's happening

outside of the Bitcoin ecosystem

Things on Ethereum have been proven

to not be a scam

Things like Aave, lending-borrowing protocols

a lot of high-value volume transfer

occurring on Ethereum and layer 2s

I think if the Bitcoin maximalists

who are kind of more pushing

for a unified BTC-only world

can take some of the good ideas

from all of the innovation

and high openness society

that we see within the Asia crypto space

then we'll probably have a better result

at the end of the day

But from my perspective

there is still this

I'm still a bit of a wet blanket

extreme optimism of Bitcoin layer 2s

I see there being value there

but I also think that

there's a lot of great numbers

huge numbers and huge potential

We see the market cap of Bitcoin

but what we see at least

within the wallet ecosystem

is that a lot of the Bitcoin wallet users

aren't quite ready to make that leap

from saying I'm willing to do something risky

with my Bitcoin

A lot of the people that are holding their Bitcoin

have taken this position

from say financial tomfoolery

that's occurring in traditional financial markets

So when you have people that have been

investing and holding Bitcoin

to escape a high-risk scenario

they're less likely to go invest

in further high-risk scenarios

within the DeFi ecosystem

and that includes things like Bitcoin layer 2s

and Bitcoin yield and all these other things

So on one hand I'm optimistic

that we can get there

I'm bullish that we need people

to keep building this

and the sad reality is

the best Bitcoin layer 2 right now

is in Ethereum layer 2s

So there's a high bar to hit

We need to see Bitcoin layer 2 interoperability

We need to see an easy, proven, safe model

for Bitcoin holders to deposit yield

in a non-custodial fashion

where they're not going to risk their funds

and have an FTX solution

at the end of the day where they become a creditor

So lots of work to do

and I'm excited to see all these guys building

but there is a lot of things

going on to, you know

it's not all bullish

there's been a lot of brain drain

on the Bitcoin ecosystem

that moved into Ethereum

and for sure in the last year or two

things have gotten fun again

Bitcoin's fun again

and we're trying to bring people back

but it is a bit of a whipsaw

ビットコインと資本市場のチャンス

Corbin Fraser

when it comes to like getting people back

there's a little bit of a barrier of friction

to say hey we're fun again

and we swear it's going to be okay

it's not going to happen, will it?

Kyle Ellicott

We don't know, it could

Can I touch on something real quick?

So you made a very good point

that I think needs to be re-emphasized

Corbyn is, yes

some are moving, some are still hesitant

because of what we've seen

in the Ethereum and other ecosystems

and Bitcoin's unique to this

we have one chance

one chance

if anything bad goes on

we lose

we lose a billion dollars

in a week

this game is over

with the amount of institutional involvement

the amount of venture funds

the amount of individuals and holders

that have this capital for a variety of reasons

we have one chance to get this right

and the technical stack

from above the L1

in terms of Bitcoin

we don't fully know

what is all necessary yet

to turn on

this active

1.5 trillion dollar economy

overnight

there's still a lot to be learned

as Jeff mentioned

we're in the beginning stages of a lot of this

which is exciting

and there's a lot of people as Corbyn mentioned

that are hesitant

and they should be

because that capital does not sit in the way

that it had in other ecosystems

for a variety of reasons and uses

in many cases

this is institutional funds

hedge funds, venture funds

this is big money

we have one chance

so we have to take it slow

we have to take it at a pace

to make sure

whether it's a layer 2

it's a side chain

it's an L3 subnet

it doesn't matter what that stack will look like

as it's completed

we just need to take it slow

and make sure that we do it right

as Jeff noted in the few years

turns on overnight

because we've never seen that before

not here in Web3 globally

we've never seen that kind of capital market

turn on overnight

that we all want to be ready

so that those that are willing to start playing

feel safe and confident to enter that space

and that we as the developers

the builders, the investors

pushing that forward

John Riggins

feel confident that it's ready

to handle it as well

Bitcoin as an ecosystem is unique here

Jeff, I want to let you comment on that also

as someone who's

Jeff Yin

I think the reason

I think right now is a start

if you look at Ethereum

we have OP rollups, ZK rollups

and it took them like 5 to 6 years

so when it comes to Bitcoin

which is more

legit assets

I think it would take more than 5 to 6 years

so I think first we should have the patience here

and also I think

we as a founder, as a builder

we are more like spirited

build fast, break things

and we actually don't break things

but we try to make it safe

we have the bridge

over 15 billion dollars

Bitcoin in and out

in just like 2 months

so we try to make everything safe

but because we don't have smart contracts

on Bitcoin Layer 1

so right now everybody looks like a sidechain

we need like NPC solutions

next month we have like Babylon

coming along with self-custodial

with you know

you don't have to give your private key

or your asset to a third party

this kind of thing

so I think everything is evolving

so every month, every quarter

we will see some new builders

with new crazy ideas

with the OP cat, with the Bit VM

so I think just be patient, have some faith

probably in 7 years

ビットコインのセキュリティと市場のボラティリティ

John Riggins

we will have some real Bitcoin Layer 2s

in 7 years

we only have about 30 seconds left

so Peter, I'll give you the last word

you know

kind of coming from that

Solana move fast and break things life

give us a final word on

how Bitcoin can kind of take advantage

of some of these other networks to innovate a little bit

Peter Teng

yeah, I think first of all

it's security

I think security

is one of the biggest concerns

for all of us builders

and for retail as well

but I think

this space does move really fast

and a lot of times, timing is really important

but let's not forget

market is volatile, you know

there's ups and downs

and I see many of you guys could be retails

and maybe your portfolio is down a little bit

but you know, during the summer time

the next couple of months

maybe just sit back and relax

and really take some time off the screen

I think it's also quite important

in this cycle

so judging from experience

there's times that are bad

but don't get shaken out in the market

I think picking the right projects

and sticking with them long term

will usually result in a rewarding situation

so I think that would be my last word

John Riggins

All right, good advice across the board

Thanks everyone

ありがとうございました

皆様、大きな拍手をお送りください

この後は

11時45分より

日本におけるNFTビジネス新潮流

Kyle Ellicott

新たな可能性を下げる

を開始いたします

John Riggins

セッション開始のお時間まで

今しばらくお待ちください