Summary
TLDR: The author’s predictions for the Year of the Tiger in China’s crypto industry were inaccurate. However, they predict that in the Year of the Dragon, Chinese communities will create new narratives, everything will go on-chain, and more crypto people will relocate abroad. These predictions are rooted in optimism about the community’s growth.
Key Points
1. Chinese communities will invent and export new degen narratives: The Chinese aunties have been influential in creating terminologies, narratives, and price movements in the crypto space. The Chinese community is expected to come up with original degen plays in 2024 that may be adopted by the wider crypto community.
2. Everything is going on-chain—even in China: Chinese exchanges are moving towards Web3 kingdoms, launching multi-chain wallets and partnering with projects like Polygon. Chinese builders are actively contributing to Ethereum development, particularly in zero-knowledge and account abstraction.
3. The flight of crypto people from the Middle Kingdom: Due to regulatory crackdowns in China, crypto founders and investors are seeking alternative locations like Singapore, Hong Kong, Thailand, and Dubai. A decentralized Chinese community abroad is expected to grow in influence and diversity, bridging the gap between East and West.