The blockchain technology has been constantly enriching and developing since it was raised in 2008. After the blockchain bubble burst 2018, the industry is also rebuilding and returning to growth.

In terms of policies, the relevant regulatory policies of the governments of China, Hong Kong, Singapore and other places are gradually coming. Commercially, Wall Street giant JPMorgan Chase will launch its own cryptocurrency JPM Coin to improve settlement efficiency. It is worth noting that its CEO Jamie Dimon once said in 2015 that “Bitcoin will not survive”, and reiterated in 2017 that Bitcoin was a fraud, any employees who involved in cryptocurrency speculation would be fired. In the field of media, the report on Bitcoin by official Chinese media CCTV has been converted from “The Blockchain Token Bubble Accumulation keep away from Misappropriating Game” in 2018 into “Bitcoin can be Bought in French Tobacco Stores” in 2019. The bitcoin price, as wind vane, which is the most concerned about in the industry, has also risen sharply from the long-term sideways from around $3,500 to more than $3,900, bringing a long-lost breakthrough.

In fact, the industry's dark winter brought cheap valuation. As the saying goes, " The river becomes warm in spring duck prophet". As the upstream of the industrial chain, the exploration and layout of the financial circle in the blockchain field has been more frequent recently. A piece of news caught my attention. American company Securitize and C Block Capital announced the conclusion of a strategic partnership. C Block Capital will be channeling digital securities offering projects originating from the Greater China Region onto Securitize’s platform for the issuance and management of digital securities. Securitize is a compliance platform and protocol company that conducts digital securities issuance and management based on blockchain. Its CEO said that it will establish the world's first debt issuance platform using blockchain technology in 2019; C Block Capital's vision is to become Asia's leading alternative investment management platform, connecting China with the world's demand for traditional capital and digital markets. Both the United States and Hong Kong have regulatory policies for blockchains and are at the forefront of token offerings. It is believed that the cooperation between the “investment banks” of the two blockchain industries in the two places will bring more professional services to the investment and financing of the blockchain.

As the saying goes, “Without destruction there can be no construction”, the author holds the belief that there are three reasons for the recovery of blockchain economy. Firstly, the regulation of supervision. With the rapid iteration and continuous improvement of the supervision and technology of various countries, the use of digital currency for illegal money laundering has nowhere to hide. The governments of various countries have made clear what can’t be done so that the regular players of the industry would like to enter the market. There have been successful cases of STO under the regulatory policies of REG A, REG D and other regulatory policies in the United States. Secondly, the increasing popularity of the digital currency sector. Some pension funds and other institutions are pursuing long-term investment income, emphasizing the decentralization of risks, and focusing on the asset allocation of funds. It is necessary to allocate alternative assets represented by digital currency. It is an appropriate admission timing. Thirdly, the diversification of financial instruments that configure digital currencies. Both the largest option exchange in the United States, Cboe, and the world's largest futures exchange, CME, have bitcoin futures. The emergence of these derivatives has facilitated investors’ hedging and hedging risks.

Of course, just as the major institutional clients approved by the regulatory body can use JPM Coin, the industry recovery is accompanied by “Vacating cage to change bird”: more institutional investors, fewer retail investors; more experienced investors, less "Aunt" and "Leek". The adjustment of investor structure and the recovery of the industry interact as both cause and effect and become the prerequisite and beginning of healthy development.