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Bybit Predicts Livestream EP.1 The 2026 Dilemma - BTC or XAUT
Recorded: Feb. 25, 2026 Duration: 0:56:38Space Recording
Full Transcription
so and so forth, right?
And also I think for the users of Bybit,
you know, we're also available as collateral
for your trading and margin lending, right?
And so I think, you know,
it's been an exciting time in this space.
Lots of teams working on different things.
A lot of teams maturing as well.
I think for us really it's about working together
with more institutions like Bybit as well,
helping them on the backend with, you know,
our recently launched BufferPool,
just to manage Ethereum liquid staking,
redemptions and liquidity. So yeah, I mean, even though I'm crypto native from the start, it's here to represent Team Gold. So let's go. Let's go. Okay, so last we have another Ryan
from Team Tokenized Gold. So two Ryans from Team Gold.
Ryan, start your intro.
Ready for it.
Hello, hello, GMGM.
This is RC Ryan.
So yeah, really honored to be invited here.
A big fan of the Mento and Binance.
Sorry, Bybit.
Really great to join this debate.
I'm Ryan. i'm the founder of
incenter stop bot we are probably the best uh pulling market or prediction marketing platform
you can find out there and i'm also the co-president of zeroxu last year just like dave so
yeah really great to be here really look forward to you know after this really great debate i also
see jack jack is the president before us so there will be some kind
of oedipus complex here so i really look forward to challenge the previous president here yeah
but you know let's see this will be a really fun one uh i can't wait to you know fight with everyone
all the intellectuals here uh for like a super bit it's a very good debate thank you very much
okay thanks everyone so i already feel the passion but you know as i mentioned earlier for a super good debate. Thank you very much. OK, thanks, everyone.
So I already feel the passion.
But as I mentioned earlier, this is not just a debate,
but also a place for all the audience to join us and vote.
So MK, do you want to start about the voting mechanism
and also the surprise we have for today's debate?
Yeah, also just a slight comment
on just how fiery everything is
starting. Love the globalness of the debaters as well as just the different representations, right?
We are mainly basically OGs, but very different and interesting POVs here. So for everyone who's
watching, if you are on socials, on X, on YouTube, basically you can join the rest of us on the Bybit
live stream page. So those of you who want to take part in this,
then you have to come to the Bybit livestream page,
have a Bybit account.
But basically you can vote.
You can try and predict and guess which side is going to win
at the end of this one hour plus.
So is it going to be Team Goal or Team BTC?
So you can basically already put in your votes.
Or if you want, you could also wait till the end
after everybody has finished debating
to actually kind of put in like who you think will be really winning the debate who made the
strongest point for tonight but the point is that whichever team that's the majority of the votes
basically gets to share a prize pool of 500 you so um i would encourage everyone to pay pay close
attention see the dynamics and really cast your vote very wisely. So again, just a general reminder,
if you're on socials, feel free to chime in the comments.
But if you want to win the prize pool,
you will have to come to the Bybit livestream page
and basically sign up and then cast your vote there.
OK, I'm like already ready for the anticipation.
So you know it's 2026, right we have seen like gold hit the all-time
high and also like everyone talks about rwas at the same time we have also seen that btc is kind
of being a institutional vet so what will be the alpha in 2026 i'm very. So that's why we have this topic today. And let's start round one. So round
one, we will have four debaters, two from each team to actually discuss about the following
question. Has BTC or crypto lost its exclusive alpha or is gold the alpha? So right to the topic,
I will ask Christine from team BTC two stars. So yeah, show us what Team BTC is made of.
The floor is yours now, Christine.
So over to you.
Okay, thank you.
All right.
So I'm on Team Bitcoin because I believe in the intrinsic value of Bitcoin and the consensus Bitcoin has accumulated over the years.
So first, let's take a look at the intrinsic value so
the value of bitcoin come from scarcity it also has strong monetary properties such as permissionless
portable divisible right so like gold or any form of fiat bitcoin's value rests on collective belief, which is consensus. But the difference is
Bitcoin's consensus is decentralized and cryptographically secured. So that means it is
not dependent on a single government or institution. So in the past few years, we can see bitcoin has already adopted mainstream awareness and it already has
accumulated strong consensus so it is very unlikely that bitcoin's value is going to vanish in thin
years. Secondly, I want to employ the first principle and to take a look at the supply and demand so bitcoin has 21 million hard limits
and if you look at gold right which is basically has no limits so miners has already mined 95
of all bitcoins um but but the the supply for gold still remain underground and the global gold supplies continue to grow so i believe um
with the next bitcoin halving cycle coming it is even more difficult to my bitcoin so um my
conclusion is that basically bitcoin is the asset with decreasing supply and with increasing
consensus which means stronger demands so So the price will grow.
So that's my two cents on Bitcoin.
Okay.
Thank you, Christine.
And now we have Catherine from Team BTC to add on.
You have 50 seconds.
Yeah.
Before I made my point, I kind of just want to share with you guys the price action history between the two assets.
So over the last 10 years, BTC has been up for 22,000% over the last 10 years versus gold, which is about 300%.
So we're talking about a 200x and 3x.
And as for this year, the World Gold Council Outlook has given its prediction on gold for 2026 and is pricing at roughly 5% to 15%, depending on the macro scenario.
So do you call that alpha? I don't think so.
So now here's my point.
So I like to take a step back on how we see, look at the two assets.
And Bitcoin is a very new asset. It's younger than most of us here, at least younger than me.
It's a very emerging asset. So we can almost, we can see the entire history or trajectory of Bitcoin.
It started as a speculative asset. It moved on to a narrative asset, whereby it's given a narrative of digital gold.
And it then moved on to phase three, which is an institutional asset, whereby guys like MicroStrategy or Bitcoin ETS being issued and institution capital flown in.
And then it moved on to stage four, which is something I call the macro asset. Macro asset is an asset that
starts to correlate with the global liquidity cycle. And the asset most likely will end up
in the last stage, the fifth stage, where it becomes a reserve asset. Now, if I look at gold,
gold is pretty much in the past many, many years, it's been very, very stable right at the top, at the ultimate stage.
Whereas Bitcoin, if you really ask me, it kind of goes between stages three, four and five.
And it's very, very rapidly only really happens in the past three years.
in the past three years and that means that bitcoin is still evolving if bitcoin is still
And that means that Bitcoin is still evolving.
evolving where the gold ceiling has been capped that means that there's still an alpha here for
btc so in the short term go my outperform but if you expand your horizon over the next 10 years
and i believe that there's way more room for growth for bitcoin over gold so thank you
for growth for Bitcoin over gold. So thank you.
Wow. Okay. So thanks team BTC. And for team tokenized gold, do you have anything to share back?
So I will actually now invite Dave to share your insights with us.
Yeah, sure. You can hear me, right? Am I clear?
Cool, cool.
Like, very good sharing from
Team BTC,
especially Christine, a very respectful
teacher for me.
And the first thing I want to share is actually
for BTC, I'd argue
that the decentralization for capital
is seriously challenged this cycle.
A very nice example would
be like anyone know why bitcoin started drop since uh february 6 uh a recent movement that's because
the file in the absence files mention that bitcoin may be controlled by uh israel so like people
started worry about the true decentralization feature of Bitcoin and then started to sell off.
So that's the first point. Is BTC really decentralized since we know that more and more Wall Street institutions are coming to play?
And is it really a free and safe way for capital to move around?
OK, that's my first question. And the second one is I think the Pareto effect for BTC is too strong.
I used to be a firm believer of BTC, especially the entire mechanism. Until this cycle,
end of this cycle, I started to realize how influential the OGs are. I mean, at the very
start stage for BTC, these OGs, these miners and investors get really cheap chips for a very low capital.
So right now they accumulate, I mean, a lot of BTCs and post a great impact on the market.
So it's not actually a very good thing to say because as for gold,
we can consider gold as normally distributed across the
world uh you know uh so the price movement movement is steady and the effect is uh better
uh and the third thing i want to say that gold is recently become a consensus of risk heaven assets
especially in nowadays world uh we see that it's getting more and more turbulent and the geopolitical issues
happen every day. So gold can be seen as an alpha in today. Yeah.
All right. Thanks, Dave. And now we have Jonathan for seeing tokenized gold. So what's your point?
Thanks, Chuhan. So I think maybe you can just frame it this way, right? So I think
whenever Bitcoin first started or whenever any of us joined the market, the question
we asked was, will Bitcoin replace gold? And I think really now the question is slightly
different is how far has Bitcoin grown up and how fast will go learn to basically exist and go on chain.
And so I think the real, I mean, the easiest way to understand this is really that most
global capital right now doesn't like chaos or in general, not even right now, in general,
global capital just doesn't like chaos. So most of us and retail investors, maybe you can chase
volatility with
slightly smaller portions of our portfolio. But typically all your pension funds, SWFs, central
banks, it's really to survive uncertainty. And that's really how I see Bitcoin versus gold in
terms of alpha, is volatility. So you can argue that Bitcoin is a new asset, it can eventually
volatility, right? So you can argue that Bitcoin, okay, fine, is a new asset, it can eventually,
you know, start to get a bit more decentralized, but that's over a very, very long-term horizon
that maybe some of us may not have the patience to wait for, right? And so like Bitcoin right now
sits about 30 to 50% volatility, right? Gold maybe is closer to, you know, the low, little
tens. And then it sounds like, you know, there's not much of a difference, but it makes a lot of sense when it comes to larger forms of capital. And I think from this point, very
specifically other than just volatility is this. If let's say for example now gold can
do everything that Bitcoin does in terms of on-chain capability, being used 24-7 for collateral,
being able to be
utilized to borrow other assets, easily interchange between different wallets, different places, different people without having an intermediary, then that becomes a totally
different ballgame. Because now gold suddenly is a harder asset that has the same capabilities
as what Bitcoin touts to have over gold.
And then the question to ask yourself is this, if let's say both of them can technically
do the same thing, then which one really is the asset that you want to have?
One that has been trusted over decades or one that is currently still relatively new,
could potentially go higher, but still quite untested generally on a larger scale.
Okay thank you Jonathan. You know the fun fact is I had an answer of the same question myself but
right now I think after hearing everyone's debate I'm gonna switch my mind. So yeah thank you
everyone and also I want to remind all the audience that we have a live voting so you can choose your choice and also answer the BTC or gold to be your choice in 2026.
And I think right now we already have some results coming. So could we see what's happening right now with the live voting?
Oh, actually, now a lot of people are just BTC.
So, okay, I think it's the turn-
No pressure, right?
No pressure for everybody else on Team Tether Gold.
Wow.
Yeah.
They just have to chime in now.
Yeah.
Okay, so I think, well, we have like 400 people voted already.
So I think now the pressure goes to Team Tokenites Gold
for round two.
And yeah, I will actually turn this to MK.
So do you want to start round two for another round
of debate with four other amazing debaters?
So I cannot hear what they will share.
So yeah, let's start.
So thank you to Christine and Chris-Kathryn,
as well as Dave and John.
Very strong starting points.
We're going to invite them off the stage first.
I mean, basically just a quick summary in case you guys have been like, you know, just tune in.
We had some people basically talking about just the rapid trajectory of VTC and the kind of alpha that's performing.
And we also have a very strong argument about the kind of historical performance and stability that gold and now tokenized actually have very fair points when we are asking the
question of alpha but let's also attack this question from a different perspective fundamentally
everybody we are voting for are you going to be holding on to btc or tether gold throughout
2026 right so another consideration or another dimension to think about is that right now,
should people buy physical Go or on-chain Go, like say, UT,
or BTC, right?
So if this is the moment that you should be going in,
which one would you go for?
We will be having a slightly different format.
I'm going to basically have team BTC and then team
organized Go, then team BTC, then team organized Go,
because I kind of want to see some drama more, right?
So, okay, we are going to basically invite our four debaters
for this round first on stage.
So Ryan Chi from Insiders.bot, Ryan Chen from DJFT,
and on Team BTC, we have Tristan as well as Jack.
Okay, so the time starts for 90 seconds.
We are starting from Ryan from Insiders.bot.
Over to you.
Wait, just to clarify the round two here, just like I'm standing on like we should do
on-chain gold instead of physical gold, right?
Actually, I would prefer if we talk about on-chain gold, XKUT versus BTC.
So that is the main topic.
Oh, okay.
So the round two is like the same topic as strong one.
We are still debating and we're going to push this forward for Team T-Gong.
Alright, alright.
I think we should see something for tokenized gold instead of using tokenized BDC.
We can continue the question from round one.
Yeah, let's continue.
Okay, that makes sense.
Alright, alright.
So, okay, let me start.
So, of course, I think the major thing here is that is about the
consensus i think uh in wrong one we talk a lot about like which is the real alpha like which one
creates more wealth effect but i feel like at this point especially under global uncertainties that
is not the only thing it's about which one can drive higher utility and bring real institutional
onboarding towards web3 and that is a more longer term things right like evidently of course we're
seeing institutions going into btc right now but i think more severe issue is that you are still
asking why are you going to btc and of course consensus is a good explanation we're here because
we agree with the explanation but for the majority it's a hard explanation to actually agree with
and tokenized goal evidently provides a stronger explanation uh towards like why should
we go on train and people can naturally accept buying gold it's a long lasting consensus that
have been there for thousands of years uh and as asset wise is therefore also a more secure asset
for anyone to purchase and being on trade give it all the benefits that bitcoin has
and when we talk about bitcoin right like uh one thing we're hearing these days
is that people are asking what is the next big narrative for bitcoin right like people are still
saying that what is the narrative for bitcoin and we don't see this kind of question happens on gold
people don't ask what's the narrative of gold so that's consistent because it's there it's not
strong enough and i think tokenized gold at RWA therefore provides a much more worthy reason
for any institutions or any normies to onboard the web3.
And I think that is more important for today's stage as we're going towards the
mass adoption for everyone.
Yep, thank you.
Oh, starting with the institutional angle.
Okay, good start, I would say.
Okay. And then now we have team BTC.
Over to you, Tristan. I can see you are raring to go.
90 seconds.
Yes. Hello. Some very interesting points from everyone.
I think if you start to look at the difference between gold and BTC,
Christine kind of spoke through the hard cap in terms of 21 million total supply.
Gold doesn't necessarily have that. I think the supply grows at, you know, one to two percent.
And then you look at the volatility side of things and BTC is maybe 50 percent and gold is 10 to 14 trillion dollar assets.
So you'd expect lower volatility of a higher asset.
But I think the thing for me that I like to look at is what are the intermediaries when you buy gold?
So if you're thinking about the kind of physical nature of it, you kind of deal with dealers and then the storage and then there's insurance and there's vaults and you just add more intermediaries and you continue
to stack up into intermediaries whether that's tokenized gold or actual gold particularly with
tokenized gold you add maybe one or two other layers of intermediaries and essentially what
you do is you put your trust in other people.
And I think in Web3 we've kind of learned,
is it good to trust people sometimes, right?
And ETFs are a version of trust.
You are trusting another entity,
but they only represent about 8% AUM versus do we trust technology
and do we want sovereignty and do we want to verify for ourselves?
And I think those are important questions to answer for yourself.
So I'll just get a little bit away from what's the alpha for this year in terms of what's going to go up in price.
The macro is terrible. You've got Trump doing crazy things from a tariff point of view.
It makes sense that people want to risk off a little bit. That's normal.
From a liquidity cycle point of view that's also quite healthy but then what you need to look at is well what intermediaries
am i comfortable with what kind of sovereignty am i happy with and what do i then also think
you know on the longer term has a higher chance to to gain market share and i think that's where
btc is very appealing you know in the last 10 years you can look at some of the price but if
you just look at last cycle to i guess this, this cycle, if we call this a cycle,
you know, it did double in price. And so from that point of view, it was an asset that, you know,
appreciated, but obfuscate the price out of it, look at the intermediaries, understand what you're
comfortable with and understand, you know, the kind of parameters around, I can verify on chain
or I can verify and
trust that someone is doing what they say they're doing are they actually going to be true to that
word is the gold definitely in the vault is the actual amount of resource available to be mined
per year potentially so for me BTC wins if you take away price and you look at sovereignty and ownership.
And gold still has its place.
It's an incredible asset.
But I think the real alpha is backing BTC over the next five to 10 years.
Thank you, Tristan.
Gentle landing, but very hard question around the philosophy of actually and the true spirit
of what you're doing on blockchain, right?
Okay, setting up more
more pressure on ryan over to you for team tetelgo yeah thanks uh i i also heard like capturing from
uh team bdc mentioned like some major financial institution i was just looking at look looking at
the report right uh some major institution like gp morgan, they say the gold can go to 6,000 or even 7,000 in the year of 2026.
And yeah, in crypto, people always think those 20, 30% price up is a small piece, right?
We always talk about three times, four times, or even 10 times.
20% is a small piece. But we need to think about expected return. For me, if you consider
which asset to allocate, I need to not only think about the potential of the growth, but
also think about the possibility of the price. For me, under such current market condition, politically it's a lot of uncertainty, US
dollar is going to be recurring in the year after 2026, so definitely people will seek
for safe haven.
Then if you go to, I think there's some misunderstanding of the Westry ecosystem.
People always think, people around me know BTC.
If we think about safe haven, we are definitely by BTC. But if you go to the street, you just
ask a grandpa, grandma, you ask him on this such kind of market, what do you want to buy? If you
want to seek for safe haven, they will definitely choose gold because they don't know BTC. And you also think who has the largest money.
So far, Bitcoin is only $2 trillion.
The price even dropped.
It's maybe around $1.5 trillion right now.
But those major institutions like UBS, which we are working with, they're managing trillion
level of assets.
Most of assets are located outside of Web3.
It's still in Web2. And those money, I don't think they will come into Bitcoin within such
a short period of time. Because at the moment, we still see the big BTC, the core developer,
they're still working on some new VIPs. There's still some development, which means the infrastructure is not stable.
It's not perfect yet.
And for those big institutions, if they want to really allocate money into a certain asset,
they need to make sure the infrastructure has some certainty.
And gold has been here for thousands of years.
They definitely choose gold instead of choosing BTC.
Maybe they will allocate, let's say, 1% or 2% to Bitcoin, but the majority of the money
will go through those traditional assets because of the trust, because of the consensus.
And also answer the question, if gold only goes up 20%, why do you think it's alpha?
Since it comes to why we tokenize gold.
We have a thesis like when we build RWE, the first use case of RWE will always be accessibility.
People who cannot buy those money market funds or tokenized Web2 assets, once they have tokenized, I mean, Web2 asset. Once they have tokenized the stock,
tokenized market for on-chain,
then some people in developing countries,
they can easily use the wallet,
buy some, they get some USDC, USDTs,
and they can access to those traditional assets.
The first stage always goes to those
who don't have the accessibility before.
And those guys, like some people in the developing country, once they hold a stable coin, you
ask them what kind of asset to buy.
If they want to have a safe haven, then they definitely go to tokenized gold because those
people in developing countries, they don't understand what's Bitcoin.
To be fair to team BTC, we have to cut off Ryan's very strong arguments. But to summarize,
I think very strong points around the psychology and accessibility. I think this was actually a
very good throwback. Okay, Ryan will have to save the remaining pointers
for his last 60 seconds in round three.
Thank you, Ryan.
And for the last, the turn over to Jack,
over to Team BTC.
Yeah, so I'm in the Team BTC.
So the main reason that I sent BTC
that is 1BTC is that one BTC is equal to one BTC.
So I will give two points on this.
First of all, you can buy BTC and put it in your own wallet as you want.
So it's very easy that you are sure about the BTC is in your hand.
But in the tokenized gold, you buy a ticker called XAOT, or you buy some PA, Sg, something like that,
and nothing is in your hands.
So you're not sure if there really,
say, a kilo of gold there.
So maybe there's nothing, and you got the air,
but just a ticker, right?
So first of all, 1BTC equals to 1BTC is that you can ensure
that you are actually holding a BTC,
not something that you're not sure about it.
And the second thing is you can buy and hold the BTC and save it at any
time and change. So I think the price of BTC in the exchanges are roughly the same.
So like today is 65, I think,
and every exchange is roughly the same price,
but it's different.
You see that I buy a gold on chain
and it's called XEN. it's a price of gold today but it's
it will be not nothing it will be not the same as the price of the gold price in our store maybe next to our stores.
I cannot exchange the XAOT to buy a real piece of gold in the gold store.
a real piece of gold in the gold store.
So the main idea is that the value of BTC is
is roughly the same at all exchanges,
but the value of gold is different somewhere else.
the fellow of gold different somewhere else. So I think it's the main difference between the BTC
and the XCUT. So yeah, so I think the BTC, because I can store it and see it and the serial and the value, it is roughly the same.
So yeah, that's my point.
Thank you, Jack.
Interesting pointers being raised for Team BTC and also just a very interesting point
about how actually the price of BTC is a lot more consistent probably because it's mid-stream
availability more so than T we'll go for now. Okay, and I think just to have to say, I think for round two we have gone quite
a few different dimensions. Hopefully that provided everybody with more perspectives to think about
your final poll decision, which is to hold BTC or hold XAUT for 2026. I actually love that we
ran more of the retail perspective and psychology and institutional side, as well as just building on from round one, which
is basically the alpha narrative that we were exploring as well.
I guess we're going to hit into round three.
So I'm going to hand the baton over to Shu Han
while I thank all our strong debaters for round two.
Thank you, gents.
All right, we're going to have everybody on stage now.
So it's a three for all.
OK, over to you, Chuhan.
CHUHAN GHADUAN- Yeah, so now we
have round three where we invite everyone
to make your final arguments.
So everyone, we will have 45 seconds
for your final argument.
And I will invite Catherine from Team BTC to start first.
OK, over to you, Catherine.
CATHERINE BATCHANI- OK, I know
that I don't have much time, but this is my
last attempt to attack on Team Gold, especially on tokenized gold. Because if you really think about
it, a tokenized gold is a token that's governed by a smart contract, which is being issued by
an entity where the custody is maybe a gold ball somewhere you don't know um and it has a legal
claim that do you have a legal claim of the underlying gold i mean i have the five i have
mentioned five layers here and each layers could fail independently and that is not a very good design for an asset. And in addition to that,
the tokenized goal that you have now, do you actually have contractual claim or is it a direct
title? A lot of people don't understand the difference, but that is actually very important
when it comes to, for btc you always know
that you can self-custody your your bitcoin and it's very easy and even if you have the underlying
even if you own the underlying gold there are legal structure that could restrict you on obtaining
that gold because it depends on jurisdiction and last but not least I want to talk about is redemption risk. There are, if you want to directly redeem Tether Gold, the minimum redemption threshold is about $2 million.
That is not something that you and I easily have.
Whereas in Bitcoin, you can slice it in the smallest unit.
I don't really hold $2 million worth of Bitcoin.
And that has never become a difficulty for me.
And especially when it comes to tokenized gold,
if there is a market stress,
the redemption can be suspended as well.
So there are many disadvantages of gold over BTC.
So that's my last argument.
Wow. Okay.
I'll go over to Charleston.
Do you have anything to respond back?
You guys, can you hear me?
Yes.
Okay, great. Yeah. So I think that that's a really, really great argument, right? And
I think a lot of that, you know, it's just, in my opinion, more of a matter of, you know,
how mature tokenized gold in itself is.
I mean, it's the same argument on the other side that we've made with Bitcoin as well.
But it's just that in this point in time, for, let's say for example, Tetrago, or any other future tokenized gold,
it's just a matter of if the institutions decide to come on chain, then the you know, the liquidity and, you know, I guess,
in a sense, retention is still an issue, but more so should probably be solved in a quicker
manner than, let's say, for example, institutions trusting Bitcoin the same way as gold, right?
So I think that's a fair point in itself.
But I think, you know, same as the first point I made, right?
Gold itself represents the kind of predictability
that investors care about.
And totally that Bitcoin still represents innovation
and it's still an important experiment.
But right now, the fact that gold can move on chain
and do everything that Bitcoin can do,
then that in itself makes it a much more lucrative asset to be held
in that point of view where Bitcoin and gold are directly competing with each other for
the same kind of use case.
Okay, now I'll over to Jack from the team BTC is that BTC is still developing.
So we have the Bitcoin instructions, we have something like BTC layer 2 or many other new stuff, but the Go is, I think it's overdated so that we cannot see anything
new from Go.
So the BTC stands for the tech, stands for the future.
So I think it will be much more popular later, especially in the area of AI, that we are aiming for the energy, the computing power so that bitcoin should be the energy value of the future. So I think BTC will
be much more popular later. Okay, so RC, Ryan, how do you want to respond back to Jack?
see ryan how do you want to respond back to jack
sorry it's fine uh i think we have a really really a lot of great arguments uh just now but i think
a lot of points made by the btc team is that for tokenized gold it is not custodial it's not owned
by you but let's not forget the fact that one of the most important use case of crypto right now, namely stable coins, are not owned by U2.
They are packed by bonds.
They are packed by actual Fed, owned by Coinbase or by the tester.
So I think evidently we have to say that not being able to custodial is sometimes not something to blame, but instead it creates value.
is sometimes not something to blame, but instead it creates value.
And as far as I noticed, for a lot of BTC ETF or BTC stocks,
the reason that they have premium compared to just directly holding BTC
is that by a company holding BTC, it provides massive value to the regulators,
to the ETF purchaser, and that's why the premium actually happens.
So I would say first, one point that the BTC team was talking about in terms of custodial
is not as required.
I would say custodial sometimes add value and that is an important value in today's
world.
And second thing is that I would say that, of course, Bitcoin has more potential, Bitcoin
has more alpha, like it's a venture asset, but that's the nature of all venture asset we
think about more about mass adoption and the value in the future and that is what
on boards user and we believe gold is what on board's users thank you
all right so now over to christine from team btc for your argument
yeah i want to reinforce my argument from a trader's perspective so i know most of you
guys are traders right so you will see that most the trading alpha come from information asymmetry
that means when everyone believes that the gold is stable and valuable and only like us or only
a small group of people think bitcoin is valuable there's definitely
offered for trading and i also wanted to attack the the argument ryan made just so far he said
that right now the institution only want to allocate two percent of their money into bitcoin
but we have to imagine a day when the institutions are willing to invest 50%,
or not even 50%, like 30% of their total assets into Bitcoin,
what the price of Bitcoin will be on that day.
So we have, as Twitters, we have to think future, not think past.
So that's my perspective.
And I got people to ask me, like, Bitcoin is so expensive right now.
What does the future growth of Bitcoin coming from?
So I guess the answer is pretty simple.
It will come from both institutions and it will come from retail customers.
So you can see right now, BlackRock, MicroStrategy, they all hold billions in terms of Bitcoin value.
But in the future, let's imagine like more and more countries, individuals and institutions, like even your grandmother and your grandpa start to accept Bitcoin as the way to store their value.
That is the time when Bitcoin has reached its peak time so um i think the long
term ceases for bitcoin remain intact uh it is a decentralized secure and global accessible assets
so we as investors and as traders we need to think in the future, not in the past.
And I think gold is the past and Bitcoin is the future.
That's my argument.
Well, that's a very strong conclusion.
But I really want to hear what Ryan Chen will respond to Christine's point.
So Ryan, over to you.
Yeah, actually, from a trader perspective, you cannot only believe one thing.
Like you cannot say you believe Bitcoin, so you put all your positions into Bitcoin.
This is too risky for a trader. I think I'm not a trader, but I learned some trading strategies.
Like we need to calculate the FB return line, right? If I think like gold price kind of goes
to 7,000, 6,000 at the end of the year.
I think it's high trend, maybe more than 80%.
Then it comes to how we make this 20% even more.
That is coming to why we need to tokenize gold.
I think in traditional market, if you buy a gold,
you can just only buy and hold.
But once we have tokenized gold,
you can go to some lending protocol like Merfo or B,
you can do a leverage strategy, make you 20%,
goes to 50% or even more, make it an alpha.
So it's possible.
So when it comes to, and also ask the answer,
also Catherine's question,
since the tokenized gold may have like five layers,
but actually we see a lot of institutions
coming.
Like as mentioned, we are working with the major Asia bank to help them tokenize the
gold.
Then once this happens, by the way, this bank has a gold vault in Singapore, which is tier
one financial jurisdictions, and it's safeguarded with fully full insurers covered.
In this case, I think people will trust those assets
and tokenized gold can build more use cases, even have wider adoption compared to Bitcoin and other
kind of assets. Okay, so next we have Tristan from Team BTC to respond back.
Lucky last.
I think there's been some really good points today, to be honest. And it's a bit of a to an extent tokenized gold versus BTC.
And I think it's nice that BTC can be in that conversation
because certainly when I entered Web3 10 years ago, I wasn't thinking that BTC
would be compared to gold or tokenized.
And then I guess so from kind of what
the team spoke through christine spoke about scarcity but also trading and volatility for
traders is actually what you want uh to be honest whether the price goes up or down if you you know
ride the wave and you swing trade then you can actually make quite a bit so the more volatile
an asset the better it is to an extent for trading versus long-term holding and catherine
talked a lot about trajectory in different stages,
and then that redemption function, I think, is...
I didn't know that too much a lot, right?
So that's a kind of barrier.
Jack made some practical points around ownership and structure,
and then there's some discussion that we had around intermediaries.
But I think the biggest thing for me is really just looking
at the trust side of things.
In the tokenized gold version, you're really trusting that XAET, Tether in this example,
actually does have that physical gold that does actually sit there.
And sure, there are large entities, there are insurance and there are regulations and there
are vaults.
But what we have access to that vault, we can actually physically see the gold that is
there. We actually can verify it.
And I think that's probably the challenge that you have in terms of growth and adoption.
Gold is an asset that's been around for a long, long time.
You know, tens of thousands of years.
Bitcoin is fairly nascent and new.
And how quick it's catching up shows you where the perception and the market is.
The market is moving towards digital as the first and most important area and the gold narrative for bitcoin
it kind of faded a little bit but it's not going anywhere it's only going to get stronger so
gold has its place and that won't change but the market cap for bitcoin will overtake gold
in the next five to ten years. That's a certainty.
All right. So, Leslie, we have Dave from Team Tokenites go to make your final argument.
Yeah, sure, sure. I mean, everyone's making a fantastic speech. And as I'm the last one to speak, I really think it's a game about time window and your own portfolio weights.
If you're going to ask me why we should buy the next month, I wish you're going to buy
BTC, buying a beer, right? So it's considered to buy gold. But if you're asking me why we
should buy the next 10 years, it's a totally different story. So the first thing is time
window and under different times, we always speak different things. And the thing is saying
is your own portfolio weights.
I mean, for example, for some investors from mainland China,
they really have limited investing instruments.
Like they don't have access to US stock market
and they have very poor saving rates for their own banks
and the real estate market is just horrible.
So yeah, buy some Bitcoin, that's fine.
But another example would be Tether,
the company who issued USDT. This bunch of people just pat their head and realize, oh, we just bought
too much Bitcoins and we want some gold. I mean, wise choice. So we are talking about Alpha today
and the concept of Alpha coming from the portfolio management. And if you go through all these tedious
matrices and compute all these coefficients, you can come out with your own portfolio management. And if you go through all these tedious metrics and compute all these coefficients,
you can come out with your own portfolio weights.
And I don't think it's contradictory.
Like if you have enough money,
go buy some gold and buy some Bitcoin.
It's fine for me.
Yeah, so that's my point.
Thanks.
Okay, okay.
Now we have everyone actually justify the point point and now we can move to the next
part.
We want to invite everyone, like audience who are watching this livestream to vote.
Actually I will turn the voting result to the screen because I really want to show like
after the debate what's the result right now.
So yeah. show like after the debate what's the result right now so yeah okay um I think I'll also over to MK
to uh say something while we are waiting for the result coming yeah actually I think we should
give everybody a last chance to make their final decisions maybe we can hold off first for about 60
seconds last last processing, last voting first.
For all of you on social, actually, we welcome you to leave your comments and chime in.
I think it was quite an exercise in, I felt myself critically think very intensively,
you know, like there was new data being dropped in and then new perspectives.
I was like, wow, that's a lot, right?
So then, but for those of you who are already on the MyBit livestream page, feel free to
just cast your vote.
We are going to be wrapping up and closing off the voting, and then we're going to be reviewing the results, right?
And in the meantime, maybe I will also just pause here first and also check in with Chuhan.
Were there some favorite moments of the stream that you felt was very interesting for you?
Okay, so I want to say that I think it it's ryan chen from um the gft made a point like if
we ask our grandparents which asset they will buy they will likely choose uh gold i feel the same
because right now if i ask a lot of my friends uh give them the choice no matter which industry
they are working at i think more people will choose uh to invest
in gold so um just giving this perspective i think it might have more chance to win the mass adoption
and also i really like uh rc's point about the institutional angle because more banks and more
institutions if they want to enter web 3 they choose choose to make gold like on-chain. They invest in tokenized gold first.
So I guess with those two points and all the argument from team tokenized gold,
personally, I think I will choose tokenized gold as my choice.
So MK, what do you think?
Do you have your favorite moment and which would you choose to invest in 2026?
I see.
Are you saying that because you are right on top of Team BTC
just so conveniently?
Team Tether goes so conveniently and I'm on top of Team BTC
and then you are taking sides.
But okay, I mean, I have to make a point about what I appreciated
about Team Tether, BTC's kind of team strategy,
I know the team barely had time to strategize together,
but what I really appreciated was the teamwork
and the referencing and the points of attack, right?
I think in the spirit of debating,
I actually really liked that everyone kind of listened
to what each other said and then like, you know,
design pointers to kind of reply to someone else.
I appreciated that basically we were dropping basic data
from BTC's growth.
We were also able to say that from a trader's perspective,
what really makes sense.
And then we also able to say, going
back to the fundamental issue of why we are even
in crypto or blockchain is the issue of trust.
It was a specific moment for me to ask ourselves,
who are we trusting even with BTC or Tether Go?
Go has established itself to be very trustable or trustworthy
in a certain sense.
But this debate today was very interesting,
that when we went back and forth, is
that whoever was actually really behind BTC or behind Tether Go,
we are still asking the same question.
I wouldn't take sides per se, but I
did think that both teams are very well argued. I did appreciate the BTTC team's way of just structuring their attacks against that goal.
I thought it was interesting to not just fight for BTTC, but to actually also challenge some of the fundamental points of that.
So that was very fun for me.
I found it very educational, by the way.
So I'm actually going to also just give a shout out to all our eight speakers who came on today and prepped and really engaged with us on a very intellectual one hour that was
thank you so much yeah and on that note i guess yes over to you chuhan yeah i i want to highlight
another point that we have made this series this type of engaging live stream just because we want
to we not only want to educate everyone,
but we want people to listen to each other
and then participate and also be part of the live stream
to maybe like participate in the voting part.
So yeah, I'm very excited to have all eight debaters today.
It's a very engaging and fun conversation I have so far. So I really want
to thank you everyone. And for the round three, the part structure that I really like just because
we have like team rotates. So the next person kind of just doing like a rebuttal on the previous
person's point. So I really like that. And it just makes the argument stronger.
OK, so now I think we have all the numbers saying,
I just heard we have over 900 people vote for the result
today.
So I want to see if we have the result ready to show
on the screen.
So yeah.
OK, just a little bit more time.
So actually, I have to say that because this is the first time
we are doing live voting.
So previously on previous Bybit live streams,
for those of you who've been with us for a while,
you will know that actually there's a bit of a time delay.
But for us, actually, we are pushing technology and the team
to do something that's a bit more live and intense.
And I think that's the part.
And also, I have to say, I'm very happy to see that there was 900 people who voted.
And hopefully even more social debating.
Because actually, we discussed this over lunch today.
And it was ferocious.
Like, it was a very interesting topic.
At this point, it's a bit bearish, right?
But it's actually worth thinking about.
It's, I think, what you call a unifying unifying topic like where people can rally around this and debate
a lot so so that was actually very entertaining yeah yeah um actually because this is about like
prediction market right so i want to ask mk do you know where do you want to guess uh which team will win today uh i i would actually feel like team btc has a has has more
angles attacking that i felt more convinced by also i think it helped that btc is nearly low
for everyone to want to buy in potentially so i feel like that's a buying energy around btc already
whereas for tetto or for gold in general i feel like we's a buying energy around bpc already whereas for that or for gold in general
i feel like we are taking profits okay not financial advice to anyone and any not not
not from our speakers and not from us mental viral or by it no financial advice so personally
i think i will still uh stick with a team tokenized goal so i cannot wait for the final result. So let's see.
I will wait for the final result to come in so everyone knows.
I'm really sure we are trusting our live stream team out.
So maybe this is the time where we can give everybody
a short open air time for everyone.
I actually think a lot of you guys are doing great work,
either on RWAs or all around basically the space right now.
So if anyone feels free wants to basically
share what to look out for from your project or your team in 2026 feel free to unmute and do a
little bit of advertising or sharing or teasing ah noana then i'm gonna see something okay okay
i will start okay okay go for it go for it yes yes we're going to build the
production market super app we're going to help everyone make money in production markets so
if you're on this live stream you want to trade markets like polymarket or calci and you want a
fast platform with like pretty good ui uh we're going to live on me never so it's just like stay
tuned for our twitter thank you very much thanks for mental and bybit for this uh really great stage uh uh bybit
is the best platform that i traded futures on uh always a big fan always supported thank you very
much oh nice rapid fire oh oh okay i'm okay make the right prediction. So OK, Team BTC has over 600 votes.
Wow.
Congratulations, Team BTC.
So MK, do you have anything else to share with us today?
MK KURII- Actually, again, thank you, everyone, speakers,
as well as to all the viewers, for joining us
on our first experiment with a prediction livestream.
I think it was very entertaining and fun. And we can't wait to iterate and have more versions. Again, I know it's not
financial advice but I did think it's actually time for us to have more of us come together and
share different perspectives, right? I think the interesting thing about BTC is that everyone
probably from the OGs is like, yeah, it's been, it's a baby that's grown a lot. I think tokenized
goal interestingly gives some people who some people who missed the first boat
a chance to kind of be on it again.
So there's a sense of like,
this is something new, but something not too new.
So I'm personally excited for this kind of development
in the market.
And so again, thank you everyone for staying true
throughout the whole live stream with us.
And thank you, Chuhan, for really orchestrating
such a fun live stream.
I'm going to leave
the last closing statements
to Chuhan to wrap up.
Yeah, I just really excited
for all the debates
that we're going to have
in the future
because we will run
this type of live stream
throughout the year.
Yeah, I'm also very happy today
because we made
a very successful experiment
and I think everyone made a very successful experiment and i think everyone made
a very good argument i personally learned a lot so um i will i will say thank you to everyone and
also i want to say like even though i'm not seeing like the audience but i want to thank the audience
who voted for uh the pool and also who listening to the live stream so yeah um we hope to see you soon um
again so yeah thank you so much gmg and everyone thank you guys thanks thank you bye guys Thank you.
