Mercurity Fintech Holdings (NASDAQ: MFH) CEO Shi “Victor” Qiu Reflects on a Turbulent Month for Fintech.
Mercurity CEO Shi “Victor” Qiu reflected on recent events in an unofficial statement surrounding the turbulent month of March for the fintech sector:
“A few troubling news stories don’t define the value of an entire sector of the market; let alone an ever-growing and expanding sector which is the most vibrant and exciting we’ve seen in generations. A common fallacy of reasoning is to generalize from specifics. The weak mind reacts to every piece of news that occurs meaning opinions are constantly in flux; while the wise mind remains calm and always maintains a proper perspective.
During times of difficulty coupled with bad press, it may be easy for people to hop on the bandwagon and say that crypto is dead, blockchain is dead, fintech is dead, blockfi is dead, ‘Bitcoin will go to 0’, and so on. However, this is incredibly short sighted in my view. With almost ten years’ experience in this sector, I am considered an O.G. by crypto standards and I have seen many, many cycles, including a lot of challenges along the way – from the rowdiest of bulls, to bears hibernating so long we thought they’d never come out. However, the bulls always tire out and the bears eventually wake up from their nap.
My experience has taught me that the long view is always the proper view. The more our sector is in the news, the better – whether the sentiment is positive or we’re being attacked, doesn’t really matter. If we’re being attacked, that means we’re a formidable opponent and therefore, doing something right. If we’re being praised it means we’re also doing something right, so both are ‘good’ from my perspective. While it is true that the overall story is compiled of each day’s headlines, it is important to always remember that what is happening today may not be emblematic of the overall trend and that no movement is without its challenges along the way.
The biggest lesson I’ve learned is to never bet against the intelligence, ingenuity, and adaptability of the individuals in this space. As history reflects on these times, the names FTX, SVB and Signature Bank may not even make the footnotes and I do expect a few more names to add to the turbulence in the short term. However, this is the story of triumph; the transformation of the most important global systems in human history leading to empowered individuals and a better, more efficient network for the world. Patience, foresight and determination will be rewarded greatly, as they always are.”
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