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Anndy Lian: Why do you need to hire a Chief Bitcoin Officer?

Anndy Lian: Why do you need to hire a Chief Bitcoin Officer?

Dataquest India, India’s largest IT publication has published my piece on “Why do you need to hire a Chief Bitcoin Officer? in their June 2021 edition. In this article, I have talked about the importance of having a CBO and how it will help moving forward. 

 

Why do you need to hire a Chief Bitcoin Officer?

Bitcoin has drawn many naysayers since it hits us years ago. Some called it an online scam, while others call it fake money. This coin was created in January 2009 by the mysterious Satoshi Nakamoto.

The whitepaper illustrates a network that allows lower transaction fees compared to the traditional methods and unlike central bank-backed currencies, bitcoin is operated in a decentralized environment. The value of one bitcoin was $0 when it was first introduced in 2009 and when bitcoin first started trading from around $0.0008 to $0.08 per coin in July 2010. Today, it is more than $57,000.

Bitcoin has gone past the getting-to-know stage and right now I dare to say that more people know about bitcoin. It is often described as a cryptocurrency, a virtual currency, digital currency or a store of value. Depending on where you are located, you will see shops accepting cryptocurrency. With online payment service giant, PayPal allowing its customers to buy and sell bitcoin, this will truly open up to more usage.

PayPal is not the only publicly-traded company that is into the king of cryptocurrencies. Many other publicly traded firms have adopted bitcoin as a form of reserve asset and hold direct control over their bitcoin funds.

Top 6 Public Companies with the Biggest Bitcoin Portfolios

1) MicroStrategy Inc 91.579
2) Tesla, Inc 43,200
3) Square Inc 8,027
4) Marathon Digital Holdings 5,263
5) Coinbase Global, Inc 4,487
6) Galaxy Digital Holdings 4,000

Total: $9.05 trillion (BTC: $57,810)

Top 3 Private Companies with the Biggest Bitcoin Portfolios

1) MTGOX K.K 141,686
2) Block.one 140,000
The Tezos Foundation 24,808

Total: $17.72 trillion (BTC: $57,810)

Top 3 ETF like Funds with the Biggest Bitcoin Portfolios

1) Greyscale Bitcoin Trust 654,885
2) CoinShares/ XBT Provider 69,730
3) Ruffer Investment Company 45,000

Market cap $44.49 trillion (BTC: $57,810)

(Data contained from Bitcoin Treasuries.)

The list above excludes the recent banks such as Morgan Stanley and Goldman Sachs who are offering bitcoin to their wealth management clients. These companies together manage about trillions of dollars too. I have also excluded governments or government-linked entities that are holding bitcoin. For example, it is reported that Ukrainian officials are holding over $2.6 billion in bitcoin.

As you can see, the bigger corporations are putting bitcoins to their balance sheets. They need subject matter experts to advise them on how they should manage their bitcoin holdings. This is the reason why I have emphasized that companies should start to look at hiring their very own Chief Bitcoin Officer (CBO).

This role should be on the same level as the Chief Financial Officer but the CBO will look at the cryptocurrency side of things. It is also good that this key appointment holder has relevant experience dealing with the government on crypto regulations and understand finance or fund management. Handling bitcoin and other cryptocurrencies are not an easy task. You will need dedicated resources and expertise.

Regulatory risks
There are still isn’t a blanket approach for bitcoin for all governments. Though governments understand bitcoin, they do not embrace it all. Bitcoin is still seen as the rival to fiat currency. Creating Central Bank Digital Currencies or CBDC is one way to track the flow of money and possibly the flow of bitcoin.

For example, for U.S. taxpayers, it is known that anyone with more than $10,000 digital currency aboard needs to fill out the Report of Foreign Bank and Financial Accounts (FBAR). This rule could have changed and the everchanging rules may be a legal concern for many. When governments start to regulate, ban or restrict bitcoin, CBO will be the first to know and act accordingly.

Security risks
CBO needs to look at security risks. Hackers often target bitcoin wallets and exchanges. As we all know, bitcoin transactions are permanent and irreversible, there are no third party to retrieve your loss coins. Putting your bitcoin with the centralized exchanges are the closest to how you keep your money in a bank but bear in mind that there are cases where exchanges got hacked and millions of dollars were wiped out overnight.

Cryptocurrency exchanges are constantly improving their security measures but this does not mean that it is 100% safe putting your coins in one single basket. There are other instances where the founder of the exchange got arrested by the police and withdrawals were stopped for weeks. So, if your company has a big holding of bitcoin, it is important to place them in the right wallets catered to the investment strategies and with the right set of security features.

Market risks
Bitcoin’s price can fluctuate a few thousand dollars each day in today’s context. It is volatile. The unexpected changes in the market sentiments can lead to sharp and sudden price movements. It is also subjected to the high volume of buying and selling on exchanges and movements by bitcoin whales. Bitcoin has also fallen more than 80% in 2014 in a single day.

CBO needs to be ready for such fluctuations. He or she has to look at the latest market news, who are the latest institutional investors, at what price they came in at, when is the next halving, is there a new fork etc. Take hard forking for instance. When it occurs, the market may experience sizable price volatility around this event and we may see suspended trading or ununiformed prices or price differences in various exchanges.

If you are into bitcoin and your company bought a sizable amount of bitcoin, these are some of the things you need to take note of. The job of a CBO is not easy and it is a specialized role.

When I posted this on Twitter, I have people coming to me asking if this is applicable for SMEs? My reply to them is that if your SME is forward-looking, you should also start to look at this as well. You may not be hiring a Chief Bitcoin Officer, because of it price. So maybe a Chief Litecoin Officer or a Chief Crypto Officer.

So hire your Chief Bitcoin Officer today.

 

Author: Anndy Lian

You can download the magazine at this link. 

Or at https://www.dqindia.com/why-do-you-need-to-hire-a-chief-bitcoin-officer/

 

Anndy Lian is an early blockchain adopter and experienced serial blockchain entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030” and currently the Advisory Board Member of Hyundai DAC Technology. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. He also played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

www.anndy.com
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Keynote speech by Anndy Lian: Understand DeFi to Build Regulatory Frameworks Around it

Keynote speech by Anndy Lian: Understand DeFi to Build Regulatory Frameworks Around it

Decentralized Finance (DeFi) is still in rapid growth. According to a report from CoinGecko, the industry has reached a $100 billion capitalization and over one million users. Global DeFi Investment Summit, 2-3 June 2021, Dubai brought experts globally together. Anndy Lian, Advisory Board Member to Hyundai DAC and also Chief Digital Advisor to Mongolian Productivity Organization gave a keynote presentation titled “Understand DeFi to Build Regulatory Frameworks Around it”.

Anndy walked the audiences through the challenges of DeFi tokens. “In 2019, we were all experimenting. Then in 2020, we wonder if DeFi tokens have real value. But in 2021 onwards, we should look closely at them if they can survive the bear plunges, then survive the financial crisis and then a global crisis. This is a real test. This test is not for DeFi, it is for NFT, IDOs and the whole cryptocurrency space.”

Lian highlighted that the decentralized governance of DeFi services poses operational challenges and if often not well understood in the exposures in financial risks and compliance issues. DeFi’s landscape is ever-changing and it is tough for the traditional finance industry to keep up. The governments are also playing catch up.

“Regulators understand that it is hard to regulate DeFi DAPPS built on a fully public and decentralised blockchain and they do not trust “code is law” thesis, wherein law represents a set of rules that are written and enforced through immutable code as there are possibilities of errors and frauds. I have suggested to the governments to encourage participants in the DeFi Industry to have co-operative models to assume governance and liability of operating the platform. This also provides some guidance and protection to DeFi application users or investors. This is maybe an unpopular opinion to some but this could be one way to co-exist.” Anndy Lian said.

At the end of the keynote speech, he urges the regulators to take this time to shape expectations by working with the right parties, while taking enforcement action against bad actors.

Global DeFi Investment Summit is a 2-day Program being curated based on guidelines from industry experts, with a target of about 200+ delegates. The goal of this event is to connect global investors and DeFi experts in this space including emerging start-ups – with regional business and leaders from across key industry verticals. This event has also featured other keynote speakers like Justin Sun, Founder at TRON and Tim Draper, Founder at Draper Associates & DFJ.

Video:

Anndy Lian is an early blockchain adopter and experienced serial blockchain entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030” and currently the Advisory Board Member of Hyundai DAC Technology. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. He also played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

www.anndy.com
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Anndy Lian Warns all: “If you are on high leverage, avoid liquidation.”

Anndy Lian Warns all: “If you are on high leverage, avoid liquidation.”

Elon Musk’s tweets have once again sent bitcoin on crazy times. He is playing games in the digital assets space. It is certainly alarming that a one-word tweet from the world’s richest man can make waves in the bitcoin space. Bitcoin has fallen below $43k because of this.

Although Elon Musk has clarified that his company, Tesla has not sold any bitcoin after the earlier suggested the opposite but the damages have already been done.

This is not the first time Musk is doing this. How much do we need to believe him? After all, I remember Elon also mentioned talking to Dogecoin developer, I wonder who he spoke to. Nothing much has been changed on Github for $doge for a long while.

Thanks, Jarosław Adamowski for citing my comments on Twitter to this article.  Around 6 hours before this message, I wrote this to warn some of my opportunist friends who are putting on high leverages to be careful when they thought they bought the dip. Some of them got burnt out from the dip.

“I urge all to be careful when buying cryptocurrencies. Do not be greedy and act on comments that are irresponsible, be it from Elon or some other ‘gurus’. It is your money and it is your life. Exercise with caution.” commented Anndy Lian.

 

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Fundstrat’s Tom Lee Boosts Bitcoin Target 25% Despite Musk’s Criticism

Tesla’s recent declaration it would no longer be accepting bitcoin (BTC), paired with bearish statements by its CEO Elon Musk, have done little to shake the certainty of investment research firm Fundstrat Global Advisors. The New York-based advisory business has increased bitcoin’s price target for 2021 to USD 125,000, up 25%.

“I don’t think it’s going to get people negative on bitcoin, but it is going to get people to focus on the problems that are being created by digital assets,” Tom Lee, Managing Partner of Fundstrat, told Business Insider. “It is probably better to view it as a call to action for the bitcoin industry to focus on renewables or more efficient ways to provide proof of work.”

Some of his previous forecasts were either too bullish or too bearish.

In either case, according to him, it was possible Musk was influenced by people within his organization.

“Many people come to Tesla because it’s ESG-friendly,” Lee said, making a reference to the environmental, social, and governance criteria screened by some investors. “I think some of these same people might’ve just questioned, well, if you want to accept a digital currency … maybe it shouldn’t be bitcoin”.

Tesla said last week that they are “concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transaction especially coal, which was the worst emissions of any fuel.” A day before, Reuters reported that Tesla is seeking to enter the multi-billion dollar US renewable credit market, hoping to profit from the Biden administration’s march toward new zero-emission goals.

Also, per Business Insider, Lee said he’s undeterred by bitcoin’s waning market dominance, or the percentage of the total market capitalization, which currently fluctuates around 40%, according to various data providers. It was around 70% in the beginning of this year.

“Bitcoin dominance will actually grow during a bear market,” Lee was quoted as saying.

In its April analysis, Fundstrat estimated that bitcoin’s price target for this year was USD 100,000.

One of the factors behind Fundstrat’s forecast was that corporations would be entering the crypto market in a bigger way in 2021.

“We think this is starting to happen more and will be one new source for capital flows into the crypto economy,” the company said. “Even if Facebook didn’t buy bitcoin, corporates are coming, and it may not be reflected in earnings announcements yet.”

Jack Dorsey-led Square confirmed that their BTC strategy hasn’t changed and they are “deeply committed to this community, including working towards a greener future through our Bitcoin Clean Energy Initiative.” The company said it continues to assess their bitcoin investment “on an ongoing basis.” In February, Square said they spent USD 170m on BTC.

Meanwhile, according to Justin Chuh, Senior Trader at digital asset investment manager Wave Financial, “gravity and volatility” in the crypto market still exists.

“When combining fundamentals such as positive net inflows of BTC to exchanges, mixed with the previously mentioned technicals of lower high and lower low, we can ignore what large egos and influencers say, and see that a pullback was bound to happen. But we have to accept that those voices chirping around on social media aren’t helping and can actually make moves. This is healthy, but I think we all wish this didn’t happen,” he said in an emailed comment.

At 11:23 UTC, BTC trades at USD 44,610 and is down by 9% in a day and 23% in a week.
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Other insights:

Anndy Lian is an early blockchain adopter and experienced serial blockchain entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030” and currently the Advisory Board Member of Hyundai DAC Technology. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. He also played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

www.anndy.com
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Anndy Lian, Intergovernmental Blockchain Expert talks about “Crypto Investments” with Former CNBC Reporter

Cryptocurrencies are here to stay. These digital assets are going to be a permanent feature of banks and asset managers’ investment portfolios in time to come. Newer terms such as DeFI (Decentralised Finance) is also changing the investment landscape by relying on a central authority to distribute the loans, etc. Blockchain technology has provided the technical workings for cryptocurrencies. While it looks promising there is also the risk of trading cryptocurrencies. It is volatile and susceptible to technical glitches, human error or hacking.

Anndy Lian, an inter-governmental blockchain advisor and entrepreneur will explain what is cryptocurrencies and insights into this new market. This show is hosted by Rajeev Aggarwal, a former stock market reports at CNBC.

“Understand crypto before putting your money in. You need to study their business model, revenue streams, team members and the underlying technology. If you believe in what the project is doing and you understand the risk, then you go for it. Always exercise with caution.” Anndy Lian commented.

Anndy Lian also commented that community support is another important factor for a cryptocurrency to work. Anndy mentioned this offline to Blockcast.cc reporter that meme coins are really popular, projects like DOGECOIN and SHIBA INU are gaining good traction. PANCAKE and SAFEMOON for instance are trending consistently for a long while. He emphasised that spotting the trends is one important factor in investing.

“Invest in multiple baskets. Do not put all your eggs in one basket” is the message Anndy is trying to convey. The importance of diversification is more glaring when it comes to crypto investment. By spreading out your options between “Top 5 coins”, “Active Trading Coins” and “Rising Stars” for example, you can decrease your financial risk.

00:00:00 Introduction
00:01:03 Bitcoin as an investment
00:03:09 Valuing Bitcoin
00:07:51 Price target for bitcoin
00:09:20 Bitcoin vs Ethereum
00:12:37 Ethereum utility
00:14:55 Doge Intro
00:17:28 Doge as an investment
00:19:58 Which coin to consider
00:23:41 NFT Intro
00:24:45 NFT as an investment
00:28:42 Million dollar Crypto portfolio

About Anndy Lian:
Anndy Lian is an all-rounded business strategist with more than 15 years of experience in Asia. He has provided advisory across a variety of industries for local, international and public listed companies. He is an early blockchain adopter and experienced serial blockchain entrepreneur who is known for his work in the government sector.

Currently, he is appointed as the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group where he looks after the governance and compliance aspects of the business. Anndy is also part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, helping the province to grow using blockchain technologies.

He is the Chairman (Singapore) for Korea eSports Industry Association (KeIA) where he is actively promoting eSports to go mainstream and adopt cryptocurrencies.

He also played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

For more updates, visit www.anndy.com

 

 

 

Disclaimer: The information is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice or recommendation of any sort offered or endorsed.

Anndy Lian is an early blockchain adopter and experienced serial blockchain entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030” and currently the Advisory Board Member of Hyundai DAC Technology. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. He also played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

www.anndy.com
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Will Facebook’s Mark Zuckerberg Kill or Save Bitcoin (The Goat)? Anndy Lian thinks “We might really see a pro-longed bull run.”

Will Facebook’s Mark Zuckerberg Kill or Save Bitcoin (The Goat)? Anndy Lian thinks “We might really see a pro-longed bull run.”

Thanks for capturing my comments on Twitter. Personally, I think this post from Mark Zuckerberg, CEO of Facebook is a hint to us that he is open to having bitcoin on the balance sheet. As for ditching his stocks, well that would not happen. If he joins Twitter, Square, PayPal, Tesla and all in accumulating bitcoins with his $20 billion of cash, we might really see a pro-longed bull run.

 

Will Facebook’s Mark Zuckerberg Kill or Save Bitcoin (The Goat)?

Perhaps tired of the likes of Elon Musk and Mark Cuban dominating the crypto press, Facebook supremo Mark Zuckerberg has emerged from the shadows with a headline-grabbing move of his own – naming his new pet goat after the world’s biggest cryptoasset: bitcoin (BTC).

Bitcoin the Goat has become the talk of the net after Zuckerberg posted a photo of the animal frolicking in what appeared to be a hay-lined barn, with a playmate named Max, on his Facebook page.

Will Facebook's Mark Zuckerberg Kill or Save Bitcoin (The Goat)? 102
Source: facebook.com

The BTC community has been debating the significance of the goat and its moniker. On Twitter, Madelon Vos, a Dutch columnist and bitcoiner, indulged in some wordplay, quipping that the secret message behind the naming was that Bitcoin Max(imalists) are GOATs (greatest of all time). In fact, a number of other Bitcoin fans also very similar puns – a welcome distraction, perhaps, to the token’s somewhat erratic slide below the USD 55,000 mark in recent hours.

Crypto advisor and investor Anndy Lian was another to jump on the Bitcoin Maxi joke bandwagon, but also asked if the choice of name indicated that Zuckerberg was prepared to abandon stock investment in favor of a crypto portfolio.

Another crypto enthusiast, the CEO and co-founder of CoinCorner Danny Scott, asked if Zukerberg’s Bitcoin love meant that he had fallen out of love with Libra, his firm’s stablecoin project now known as Diem.

Among the mirth and excitement, a few sober souls clamored to make themselves heard. Bitcoin trader and crypto tweeter @BitBitCrypto appealed for reason, writing:

“Zuckerberg knows about bitcoin and it’s not on Facebook’s balance sheet yet. Instead, he named his goat Bitcoin. Guys? I’m not sure this is a market buy signal.”

But such voices of reason were not to be given much airtime today, with Francis Pouliot, the CEO and Founder of Bull Bitcoin, replying jestfully:

“Why would [Zuckerberg] want to put it on Facebook’s balance sheet instead of suppressing the price long enough to stash up like an emperor?”

The timing of Zuckerberg’s post suggests that he may have been paying close attention to Cryptonews.com, which late last month outlined three compelling reasons why his firm should take up a position in bitcoin.

But there was a macabre twist to all this goat-themed fun – as posters with good memories recalled the bizarre tale of how Zuckerberg once killed a goat he owned…and then served it up to the Twitter boss Jack Dorsey.

Back in 2019, Rolling Stone carried an interview with Dorsey, where the latter explained that Zuckerberg had killed a goat that he had raised “probably with a stun gun and a knife,” before sending it to be butchered.

“Evidently in Palo Alto, there’s a rule or regulation that you can have six livestock on any lot of land, so he had six goats at the time,” Dorsey was quoted as saying.

The meat from the slain goat was then put in the oven, but didn’t quite come out as planned.

Dorsey continued:

“We go in the dining room. He puts the goat down. It was cold. That was memorable. I don’t know if it went back in the oven. I just ate my salad.”

Will Zuck kill Bitcoin? Will he eat it for lunch? Or will Bitcoin The Cryptocurrency appear on the balance sheet of Facebook? Stay tuned to Cryptonews.com to find out!

 

Original Source: https://cryptonews.com/news/will-facebook-s-mark-zuckerberg-kill-or-save-bitcoin-the-goa-10252.htm

 

Anndy Lian is an early blockchain adopter and experienced serial blockchain entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030” and currently the Advisory Board Member of Hyundai DAC Technology. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. He also played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

www.anndy.com
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