It's important to note that this interview took place in February 2025, before the Bybit hack. While the timeliness is limited, the content can still provide insights into Bybit and Ben. The content does not represent Wu Shuo's views. Nancy: Before we begin, let's have a quick Q&A session. First, could you share something you consider your most fulfilling achievement so far? Something from your personal life or work is fine. Ben: I think I'm someone who frequently sets goals for myself and tries to achieve them. Something I'm particularly proud of recently happened early last year when I was having dinner with my employees, and we all set goals together. Most people set general goals like health or personal growth. I told them I wanted to be able to take off my shirt and show off my physique—I wanted to have a muscular build. Nobody believed me at the time, but from that moment on, I went to the gym three times a week. After a year, at the year-end party, I really did take off my shirt, and everyone laughed. For me, the sense of accomplishment wasn't in the result, but in sticking to a goal, executing it day after day, and ultimately achieving it. I've fully immersed myself in the fitness routine, working out several times a week. Fitness has not only improved my physique but also my overall mental state. Nancy: What do you think is your most attractive quality? Ben: Most people who meet me think I'm a very confident person. I believe confidence is crucial for career and anything else. Staying optimistic, daring to express yourself, and not limiting yourself are attitudes I've always adhered to. Nancy: That's an interesting question! If you woke up today and found yourself to be Satoshi Nakamoto, what would be your first words or actions? Ben: Haha, that's not what you'd imagine. I think if Satoshi Nakamoto's identity were discovered, it wouldn't be a good thing. The allure of Bitcoin lies in the mystery, even the "disappearance," of its founder, which is why many people believe in Bitcoin. You see, in this bull market, the biggest difference between Bitcoin's performance and Ethereum's is that Ethereum still has a core founder, while Bitcoin doesn't, making Bitcoin more decentralized and less affected by a single founder. Many people around the world have tried to uncover Satoshi Nakamoto's true identity, but most in the industry actually hope that this person will never be found. Nancy: If Satoshi Nakamoto were still alive and wanted to appear, would you let him? Ben: Of course not. Nancy: If you could control Bitcoin for an hour, what would you do? Ben: Control Bitcoin for an hour?To be honest, I have absolutely no desire to control Bitcoin. Many people might think that as the head of an exchange, I already have some degree of "control" over Bitcoin. But actually, many people's assumptions are wrong; exchanges don't manipulate the market arbitrarily. Moreover, the value of Bitcoin lies in its decentralization; if someone could control it, it would no longer be Bitcoin. Therefore, I won't do anything; I think controlling it for even an hour is completely meaningless. Nancy: Describe yourself when you're drunk in two sentences? Ben: When I'm drunk, I become very talkative. I drink a little almost every day, haha. Especially red wine, I quite like it. I'll have a small drink in the evening. After drinking, I become quite high-spirited and talkative. Nancy: If you could travel back to ancient times, what would you most want to do? Any era is fine to choose. Ben: I think if I could travel back in time, I would definitely go to an era full of heroes, like a period of war. I think every boy who reads ancient history books, or even martial arts novels like those by Jin Yong, has a sense of heroism. If I could go back to the Three Kingdoms period or the time of Liu Bang in the Han Dynasty, I hope I could become one of the great generals and leave a significant mark on history. This actually reflects what we do now. We hope that even when we're gone, what we've done will be remembered and have an impact. Nancy: If you didn't consider any external factors, where would you want to live your whole life? Ben: My question is, I would never want to stay in one place for my whole life, haha. If I were the kind of person who could settle down in one place for my entire life, I probably wouldn't be an entrepreneur. The essence of an entrepreneur is to enjoy experimentation and constantly seek new challenges. For example, in winter I might want to spend three months in Switzerland because I love skiing; in summer I might want to go to Hawaii because I love surfing. So, my choice of where to live is more based on my interests and hobbies than on being stuck in one place. Also, when you're under high pressure, you might want to find a place to relax, but if you actually stay there for a long time, you might get bored. Like many people who fantasize about a beach vacation when they're busy with work, but when they actually spend a week on the island, they still can't help but check their work progress. The day before the vacation ends, they can't wait to get back to their normal rhythm. Many people look forward to reuniting with their families before returning home for the Chinese New Year, but often start to want to leave after three days because it's too boring. Therefore, I prefer to choose a place to live based on different stages of life and my needs, rather than staying in one place for my entire life.Nancy: Describe a sentence to your ten-year-younger self. Ben: Buy Bitcoin, hahaha. Nancy: Concise and powerful, hahaha! And what about a sentence to your future self ten years from now? Ben: My future self ten years from now… I hope that when I look back, I have no regrets, and that at that moment, I will clearly know my ultimate positioning and value. My current struggle and entrepreneurial endeavors are to test how high I can reach. I want that in ten years, when I'm around 50, I will clearly know where my core value lies and in which field I can truly create the greatest influence. Nancy: For Bybit, would you summarize its core philosophy in one sentence? Ben: Actually, we've always focused on the most basic things. Bybit's core philosophy can be summarized in three sentences: Listen, Care, Improve — listen to the voice of users, care about user needs, and continuously improve products. Our goal has always been to create products that users truly love, and this is the starting point for all our decisions. Nancy: After the relaxed quick Q&A session, I'd like to talk about some industry-related topics. Trump can be considered the first president to publicly support cryptocurrency. What do you think of his performance in this regard? If you had to give him a score, what would it be? Ben: I think Trump did have a positive impact on the crypto industry. After all, the US has a significant influence on the entire industry. What makes Trump different is that he sees crypto as part of a financial revolution. He even personally launched Memecoin, and regardless of his motives, at least his administration was more open to crypto in terms of policy. As for international exchanges like Bybit, we certainly hope that the US regulatory environment will become more friendly, making it easier for international companies to apply for compliance licenses, but currently, it will take time to observe these changes. Nancy: As CEO, what differences do you see between Asian or Greater China users and users in other regions in terms of operations and management? Ben: This actually involves users' investment preferences. Users in Greater China are very quick to grasp the latest market trends and are the fastest to accept new things globally. I think this is probably the most astute investment group in the entire industry. Chinese people are very sensitive to market data and like to chase the latest hot topics, especially newly listed tokens and spot markets. In contrast, users in Europe and America pay more attention to mainstream cryptocurrencies (such as BTC and ETH), their trading style is more conservative, and their capital size is also larger.Of course, European and American users will gradually be influenced by market trends, but it is usually Chinese traders who are the first to seize opportunities. Nancy: So it can be said that European and American traders are more inclined towards the secondary market and stable investments, while Chinese traders are more inclined to capture short-term trends, right? Ben: Yes, European and American investors usually focus more on long-term value investing, while Chinese traders react faster to short-term market trends and are often able to seize market trends first. Nancy: In the interviews, we heard many industry leaders or KOLs say that if you want to enter the crypto industry, you must allocate most of your funds to Bitcoin. Do you agree with this view? Or should investment strategies be determined based on the amount of capital? If I am a crypto industry novice with limited funds, what do you think the ideal position allocation should be? Ben: There is no single answer to this question because everyone's investment goals and risk tolerance are different. If your goal is to get rich quickly and hope to multiply your money several times in a week, or even obtain extreme returns, then Bitcoin is definitely not your choice, because Bitcoin's volatility is relatively small, and it is unlikely to bring such returns in a short period of time. However, if you are a long-term investor, looking at a timeframe of 5 years or even longer, Bitcoin's returns are among the most stable and highest quality in the industry. Historical data also proves this. However, many novice investors are reluctant to listen to relatively safe advice like "hold Bitcoin long-term." Everyone wants to "make a fortune with a small investment," until they are severely punished by the market, wiped out, liquidated, and exploited, before truly understanding the importance of risk control. Therefore, my advice is: don't be too aggressive, and don't treat investing like gambling. If you really want to speculate, be prepared to lose all your capital. In other words, if you enter the market to "gamble," then you must accept the possibility of losing everything. Most importantly, you need to be clear about your purpose in entering this industry: is it for long-term wealth accumulation or for short-term speculation? That's the key. Nancy: So your core point is—before investing, you must first take responsibility for your own understanding and decisions; no one forces you to buy a particular asset. Ben: That's right, investing is your own choice, and whether you make money or lose money, you ultimately have to bear the consequences yourself. Therefore, when the market is bad, don't shift the blame to exchanges, project teams, or other people. You need to do your own research instead of having a victim mentality and complaining about market unfairness or being taken advantage of when you lose money.Of course, scams do exist in the industry, such as projects promising "guaranteed profits" and "fixed returns," and these people should be cracked down on. But if you knowingly speculate despite the risks, you must be responsible for your actions. If you don't want to take high risks, the safest way is to hold Bitcoin long-term. Nancy: In the crypto industry, the market is non-stop, 24/7, 365 days a year. You have to manage the company, learn new knowledge, and also exercise and surf. How do you balance all these things? How do you manage your time? Ben: Actually, no matter how busy I am, the core is setting priorities. At different stages, I adjust my time allocation according to the company's goals. For example, one of my priorities this year is applying for compliance licenses in various countries, so I will spend a lot of time in different regions communicating with regulatory agencies and license holders to ensure Bybit's compliance in the global market. In addition, there are some key industry events and summits that I must attend, which is also part of my schedule. Although there are new developments in the crypto industry every day, this does not mean that I have to put all my energy into market news, but rather focus on what is really important. In terms of company management, my primary focus is on the product. Almost all new products launched by Bybit go through my review and decision-making process because product experience is crucial and directly impacts users. I consider: Is this product smooth enough? Can it create trading opportunities for users? These are my daily priorities. Besides that, I also set aside time to keep an eye on industry trends, such as new technologies and models, and assess whether it's worth investing resources in. This process usually involves brainstorming with the team to discuss industry trends and opportunities. Nancy: So, your core point is—in any industry, the key is setting priorities, not being led astray by trivial matters. Ben: Yes, just like when you create content, you consider the priority of different topics, deciding which content is more worthwhile to create and which can be put on hold. There's never enough time, so you must be clear about what's most important. Nancy: We've talked so much, and I've noticed that your core logic is—taking responsibility for your own understanding and accepting your own decisions. At the same time, you have a very optimistic and cheerful personality. So, how do you release stress when you're under pressure? Ben: I have a few ways to de-stress. First, drinking, hahaha. Second, exercising; I think physical exercise is very important for mental and physical health. Third, I really enjoy ice tub baths and do them almost every day; they are especially helpful in relieving mental stress.Nancy: Haha, so can you still work out the day after drinking? I like to have a little drink myself, but if I drink too much, it's really hard to get up and exercise the next day. Ben: That means you drank too much! A little is fine, but don't overdo it. I'm from Northeast China, so I naturally have a high alcohol tolerance, hahaha. Nancy: So you prefer red wine? Ben: Yes, I basically only drink red wine, not white wine. Red wine isn't too strong, and I don't feel too bad the next day. [Wu Shuo]
The interview highlights Ben Wu’s emphasis on user-centricity, community engagement, and continuous improvement, which are core values that Bybit has successfully embedded into its platform. Ben’s approach to setting goals and executing them, as well as his willingness to adapt and learn, demonstrates a strong entrepreneurial mindset. His comments on the importance of taking responsibility for one’s own understanding and decisions reflect a mature and pragmatic approach to risk management. The discussion on market trends and investment strategies underscores the complexity and nuance of the cryptocurrency market, where careful consideration and informed decision-making are essential.
The timing of the interview, in February 2025, before the Bybit hack, adds a layer of complexity to the discussion. While Ben’s responses do not directly address the hack, they do highlight the importance of robust security measures and user protection, which are crucial for the long-term sustainability of cryptocurrency exchanges. The emphasis on decentralization, particularly in the context of Bitcoin’s market performance, reinforces the importance of understanding the fundamental principles of cryptocurrencies and their underlying technology.
The interview also offers valuable insights into Ben’s personal characteristics, including his confidence, optimism, and resilience. These traits are essential for leaders in the cryptocurrency industry, where uncertainty, volatility, and rapid change are inherent. Ben’s ability to balance multiple priorities, manage his time effectively, and maintain a healthy work-life balance is a testament to his strong leadership and self-awareness.
Overall, this interview provides a comprehensive and nuanced understanding of Bybit’s leadership philosophy, market approach, and cultural values. It offers valuable insights for investors, entrepreneurs, and individuals interested in the cryptocurrency space, highlighting the importance of user-centricity, continuous improvement, and prudent risk management.