Dominica Partnership, Bear Market Opportunities, the Huobi Acquisition, and Chinese Crypto Policy – a Recap of the BLOOMBERG INTERVIEW with Justin Sun from October 13th, 2022

November 21, 2022

Dominica Partnership, Bear Market Opportunities, the Huobi Acquisition, and Chinese Crypto Policy – a Recap of the BLOOMBERG INTERVIEW with Justin Sun from October 13th, 2022

Emily Chang, former host of Bloomberg Technology, welcomed H.E. Justin Sun to the Bloomberg Crypto Report this afternoon. Sun, Founder of TRON and Permanent Ambassador from Grenada to the WTO, shared thoughts on Dominica, bear markets, Huobi, and Chinese crypto regulation. 

Chang started off by asking about the recent announcement that TRON will be the national blockchain of the Commonwealth of Dominica. 

“I believe this is a historic moment both for TRON and Dominica, since this is the first time a blockchain protocol has collaborated with a Caribbean government developing the new digital currency infrastructure for the nation,” Sun replied. 

TRON has been a widely used blockchain infrastructure for almost four years now. Today, there are 115 million users with the equivalent of $5 to $10 billion US dollars in transactions every day. This is the first time any blockchain has partnered with a sovereign government to be its designated blockchain. Sun noted that the agreement included granting approved status for everyday exchange of TRX, BTT, NFT, JST, USDD, and other TRON-based cryptocurrencies in Dominica commerce. 

Chang wondered whether Sun had learned any lessons from what was happening in El Salvador. They have struggled with mixed results since passing a bill approving Bitcoin’s use as legal tender in the country. 

“I think our move in Dominica is next level compared to the move by El Salvador. Their bill was only focused on Bitcoin. It’s a good choice for value storage. But in terms of payment, stablecoins, and web3 – all the new concepts – Bitcoin doesn’t provide it.” 

Sun went on to highlight the differences the TRON blockchain will provide compared to simply using Bitcoin as legal tender. “Smart contracts. Payments. Transaction speeds. Their own national token. Easy to develop on it. We will benefit the Dominica people with a more powerful blockchain and more web3 technology.”

Chang changed the subject. “Are you interested in or trying at all to invest in the distressed crypto assets coming up for sale? Like Celsius?”

“Yes, definitely. Today is a bear market. Bear markets are for buying. Instead of buying in the middle of hype, it’s a good time to buy when everyone wants out. With due diligence, you can understand good business models. TRON and myself – definitely we are ready for the good opportunities now.”

Chang pressed, “But what about Celsius?” 

Sun didn’t hesitate. “Yes. We have done some due diligence on them before. Whether we move forward on this opportunity is still pending.”

Chang then inquired about the About Capital acquisition of Huobi Global. “China has banned crypto. So, what do the new owners (based in Hong Kong) plan to do with Huobi?” 

Sun, who has now been with Huobi as a member of their Global Advisory Board for 5 days, said he is becoming familiar with the team and Huobi’s policies. He asserted, “We will adopt two major focuses,” which are (1) strengthening the HT token, the platform token of the Huobi exchange, and (2) the globalization of Huobi for its next stage of success. 

“Huobi was very famous in China before. We are moving forward with a full globalization plan, but also a plan to go back to China once they have a friendlier policy for cryptocurrency.”

Sun assured that, once again, Huobi would be one of the most competitive exchanges in the global market, when the time comes.

Chang then asked Sun whether he is an investor in Huobi. He is not, yet. But he has had HT tokens since day one, back in 2013, when Huobi was first founded. After pressing to know how many HT tokens he had, Sun answered Chang, “Tens of Millions, and some of it I already owned long before I became an advisor.”

Regarding Huobi, Sun declared he is definitely optimistic about China welcoming crypto again. 

“China is facing a big change in the next month or two. After the new leadership, we will see a lot of change in their economic policies and even for lots of industry policies, I think. I believe crypto and blockchain are definitely on the table.”

Sun is confident in more than just the future of crypto policies in China. In another recent interview, he expressed his belief that TRON will continue its climb toward the Top 10 of blockchain protocols and become the settlement blockchain of the future. With the moves TRON and he are making, positive outcomes certainly seem to lie ahead.