Bitget is now the fifth largest cryptocurrency exchange in the world, and Jamie Elkaleh paints a picture of the growing excitement in crypto markets generally. He is keen to use education as we enter the next bull run to keep people safe.
“There is a general feeling of excitement, especially around Bitcoin, and there is an anticipation of more all-time-highs. It is different from the last bull run with many other elements creating more fuss including the green lighting of Bitcoin ETFs and possibly Ethereum ETFs following,” says Elkaleh.
There are approximately 1500 crypto millionaires being created every day through trading, and Elkaleh sees this increasing. One possible way to earn money is to invest in projects through their token and rather than viewing token events as scammy, Elkaleh sees the blockchain providing huge transparency in project funding.
“Any organization that wants to fundraise through selling tokens can use transparency as a feature and it doesn’t really matter what they call them – ICOs or token events – these are ways to engage with a community and raise money in a transparent fashion. The difference between 2021 and this bull market is that sums are smaller. Before they might have raised in double or even triple digits, now it’s smaller, single digit raises, so $4 million not $40.
Airdrop
Airdrops serve a very different purpose. Mostly, airdrops act as a marketing tactic.
“Projects can give away tokens but if they are clever, they can create more excitement than simply a value. Here is $10 worth of tokens but if you share a link, or get friends to login, you can earn more. It’s a network effect and if people come and look at the project they might just stay for a bit.”
While airdrops are free, they do need a ‘bang’ to make them worthwhile according to Elkaleh. “It’s important to be a high-quality project so when people get their free tokens and check out the project – they go ‘wow I didn’t realise crypto projects could serve real world uses’ that’s when everyone wins.”
