Tree News Invited to “Future Night” in Singapore
TREE NEWS reports: On October 6, HTX DAO’s “FUTURE NIGHT” was held in Singapore. Tree News was invited to attend the event and, as a partner listed on the event poster, joined industry participants on site in focusing on the evolution of the digital economy and future wealth.
The event was themed “Finding the Wealth Code of the Future.” During the event, Justin Sun shared via video his judgments on wealth concepts, digital finance, and AI development over the next decade. He extended the discussion from short-term market fluctuations to longer-term questions: as assets, payments, and production activities gradually enter digital networks, how should people understand the holding, flow, and creation of wealth?
In Tree News’s view, what deserves further discussion in this address is its attempt to bring together several industry threads that are usually told separately: stablecoins carry value transfer, asset tokenization changes how rights are recorded and circulated, and AI may change the process of task execution and income creation. Whether the three can truly connect determines how far the related narrative is from the real economy.
Below, we first publish the provided video transcript in full, followed by Tree News’s independent interpretation.
Full Text of Justin Sun’s Video Address
Editor’s note: The following fully preserves the content of the provided transcript, segmented by meaning and with subheadings added; the subheadings are added by the editor and are not part of the original remarks.
The Market Is Repricing the Future
Everyone, we’re very happy—once again in Singapore with HTX DAO friends for Future Night. Many of you here are old friends who have been with HTX for many years. The market has indeed been interesting lately. The U.S. 10-year Treasury yield has risen to its highest level since 2007. By the old logic, risk assets should be struggling, but Bitcoin has instead returned above $80,000.
The macro is not as good as everyone imagines, and the market is not as bad as everyone imagines. What exactly is the market trading? I think what it’s really trading is many people’s repricing of the future world. In 2017, everyone was still arguing every day about whether Bitcoin was a bubble and what blockchain was even for. Today, Bitcoin has spot ETFs, stablecoins have a regulatory framework, and traditional financial institutions are studying how to move assets on-chain.
A Decade of Cognitive Change: Digital Assets and Traditional Finance Moving Toward Connection
The biggest cognitive changes for me over this decade are two. First, ten years ago I saw crypto as a new kind of asset. Today I increasingly feel that its truly important aspect is that it makes us rethink how we should hold and use wealth in a world that is changing faster and faster. Second, twenty years ago many people thought crypto was here to disrupt traditional finance; today I believe more strongly that the two will become ever more deeply connected. What is really happening is not one destroying the other, but the underlying infrastructure of global finance being rebooted.
What I most hope to help accomplish today is actually very simple: to let anyone in the world, with just a phone, save and transfer value at low cost and in a timely way, as easily as sending a message. Today, on-chain USDT has reached over $90 billion. Many users come from places where banking services are inconvenient and cross-border remittances are expensive. They use it to receive salaries, do cross-border trade, and send money to family.
The internet brought the cost of transmitting information down to almost zero, and blockchain will bring down the cost of transmitting value as well. This is the fundamental reason I have long been bullish.
Uncertainty Becomes the Norm, and Views on Wealth Need Re-examination
Over the past few decades, many people’s views on wealth were built on a relatively stable world: stable jobs, real estate, savings, long-term economic growth, and relatively stable rules. But over the next decade, uncertainty will become the norm. First, money is no longer cheap. Debt in major economies is at high levels, and many wealth logics driven by low-cost capital need to be re-examined. People will care more and more about the long-term purchasing power of the assets they hold.
Second, technological change is getting faster and faster. The decades-long landscape of an industry may be rewritten in just a few years. Third, geopolitics, energy, and supply chains—issues ordinary people did not need to consider in the past—are increasingly directly affecting everyone’s wealth. What AI changes is how wealth is created; what crypto and digital finance change is how wealth is held and flows.
Stack the two together, and wealth creation will be faster, and wealth divergence will also be faster. So the single-asset belief of “buy and hold forever” and the idea that “money in savings is safe” will be challenged more and more.
Optionality, Mobility, and Real Productivity
Conversely, I particularly value three things: optionality, mobility, and real productivity. First, optionality. When the market is truly cheap, do you have money to buy? When a new industry emerges, do you have capital to participate? Many people miss opportunities not because they cannot understand them, but because by the time the opportunity arrives, they no longer have optionality. So the first thing in wealth management is not maximizing returns, but not easily letting yourself lose your options.
Second, mobility. Today people, businesses, and information are globalized, but the flow of value is still slow and expensive. Houses cannot move, equity liquidity is restricted, cash has exchange-rate and credit issues, and digital assets add a new option to the world.
Third, productivity. Wealth ultimately flows to places that can improve production efficiency. The Industrial Revolution was machines and electricity; the internet era was chips and software; today it is AI, computing power, energy, and digital finance.
Cash, Gold, Stocks, and Digital Assets Each Play Their Role
With this framework, looking again at cash, gold, stocks, BTC, and digital assets, they are not about one replacing another, but each playing its role. The value of cash is not yield, but optionality—it is ammunition—but holding a large amount for the long term will slowly erode purchasing power. Gold is a consensus of thousands of years; it hedges credit risk and extreme situations. In recent years, central banks of various countries have continued to increase holdings; it is more like ballast.
Stocks are ownership of productivity. Over the next decade, a large part of the value created by AI will be reflected in corporate profits. BTC is a scarce asset of the digital age, with the scarcity of gold and the mobility of the internet, but it is highly volatile and should be part of an allocation, not the whole. Stablecoins are the cash of the digital world. Other digital assets vary enormously; the key is whether they have real users and revenue.
Frankly speaking, most projects today may not still be around ten years from now.
Judging Long-Term Holding: Demand, Scarcity, and Crossing Cycles
To judge whether an asset is worth holding long term, I mainly look at four points: Is it scarce enough? Does it have real demand? Are consensus and liquidity growing stronger? Will it still be there in the worst case? Preserving value is about protecting purchasing power; appreciation is about participating in productivity growth. Long-term accumulation relies on time and compounding; the biggest fear is being forced out midway. People who truly keep wealth are often not those who seized many opportunities, but those who did not make fatal mistakes.
So my own asset approach has always been relatively simple. First, no matter what happens tomorrow, I have enough liquidity and will not be forced to sell things I truly favor. Second, a portion of assets is for crossing cycles and does not require opening the phone every day. Third, I must set aside a portion of capital to participate in the growth of the next decade.
The Increment of the Next Decade: AI, Stablecoins, RWA, Energy, and Computing Power
The truly large wealth increments over the next decade, I believe, will come from several directions: AI, stablecoins and global payment infrastructure, RWA asset tokenization, and energy and computing power. Stablecoins will move from being a tool of the crypto world to part of global payments and clearing. Traditional assets such as bonds, funds, and gold will increasingly go on-chain, with 24/7 trading and global reach. And the end of AI is computing power; the end of computing power is energy.
The Key Test for AI: Whether It Can Enter Real Production Processes
These directions share one thing in common: they all make something faster, cheaper, and easier to scale—and most are infrastructure. Among them, what I spend the most time on is AI. How do AI agents pay? When will the machine economy arrive? I have spoken about these many times before. Now I focus more on another question: can AI ultimately become real productivity?
If a technology is only something everyone talks about a lot every day, it can generate market moves. But a technology that can truly change the wealth landscape must enter production processes, help companies lower costs, enable ordinary people to do what they could not do before, and ultimately form new income.
From Token Throughput to Productivity
The changes we see on BAI make me increasingly interested in this point. BAI has been online for more than five months, with over 2.8 million users, and daily token throughput has exceeded 1.5 trillion. But frankly, what interests me most is not 1 trillion or 1.5 trillion. Because tokens themselves are not wealth. What is truly worth looking at is whether these tokens have become productivity, and whether developers are actually calling models to build products.
So I prefer to treat BAI as an observation window, to get us as close as possible to the front line of AI truly entering economic activity.
When AI Starts Working, What Kind of Financial Infrastructure Does It Need?
And when AI is no longer just chatting but truly starts working, it needs identity, accounts, and the ability to transact independently. This is also the direction BAI is exploring: giving AI agents truly usable financial infrastructure. By then, stablecoins will not only be used by people; AI will also use them. Investing and starting a business share one thing: you do not necessarily have to predict the endgame earlier than everyone else, but you must get as close as possible to where change is happening. The closer you are to change, the faster you can correct them.
After Seeing the Right Direction, You Must Also Avoid Being Forced Out Midway
The mistake ordinary people are most likely to make is using short-term money to do long-term things, entering when things are hottest, exiting when things are most panicked, or betting everything on one judgment. Leverage itself is not original sin, but it magnifies both judgment errors and timing errors at the same time. A correct direction plus excessive leverage may still be liquidated before reaching the finish line.
I have seen too many people in this industry who saw the right direction but could not wait until the day the results came out. So my advice is very plain: separate emergency money, money for crossing cycles, and money for participating in growth; only invest in what you understand; proceed in batches; do not trade frequently. In digital assets, safeguarding assets itself is part of the return.
Crypto is a market with very obvious cycles, but the long-term trend is precisely realized through cycle after cycle.
Advice for Young People: Invest in Yourself, Stay Close to Value Flow
To young people, I want to say: invest in yourself, learn early to work with AI, make mistakes while you can afford to lose, and let time stand on your side. For any claim of guaranteed profit, ask one more question—including claims from me. If over the next decade you could focus on only one trend, I would choose the free flow of value in the digital world. AI starts working, assets start going on-chain, stablecoins go global.
In the end, it all comes back to this question. Ten years from now, I hope what we do today can let more ordinary people, no matter where they live, equally access good financial services. If one day everyone transfers money with stablecoins and manages wealth with on-chain assets as naturally as sending a message—so natural that no one specifically mentions the word blockchain anymore—that is when this industry will have truly succeeded.
The World Ten Years Later, Where Do You Stand Today?
Finally, let me leave everyone with a question: if the world ten years from now truly arrives in the direction you believe in, where do you stand today? Thinking this through is far more important than predicting the next K-line. Thank you. Okay, okay everyone.
Tree News In-Depth Interpretation
From Price Discussion to Usage Discussion, the Industry Needs to Change Its Yardstick
The first half of the address discusses wealth and assets, while the second half gradually turns to payments, productivity, and AI agents. Tree News believes this shift raises a question more worthy of continuous tracking: what exactly supports the long-term value of digital assets?
Prices can reflect market expectations, but they cannot alone prove that a technology has entered economic activity. Whether a network has people continuously using it, whether a service has people willing to pay for it, and whether a transaction saves time and is easier to complete than the original method—these kinds of evidence are closer to the application itself.
Therefore, when observing a project, one cannot look only at user growth, transaction scale, or discussion heat at a certain stage; one must also ask where the growth comes from: is it a one-time attempt attracted by subsidies, or will users still repeatedly use it without incentives? Does revenue come from external customers, or mainly rely on internal ecosystem circulation?
This is also our entry point for understanding Justin Sun’s emphasis in the video on “real users and revenue.” It can become a set of observation standards, but whether a specific project meets the standards still needs to be verified one by one. A direction being recognized and a project having already established a sustainable business model are two different judgments.
The Opportunity for Stablecoins Depends on Whether a Real Payment Can Be Completed End to End
The video connects stablecoins with salaries, remittances, and cross-border trade. What these scenarios share is that users first need to complete a payment; technology is only the path to completing it.
From Tree News’s perspective, measuring the stablecoin payment experience cannot only calculate the time and fees required for on-chain transfers. How the payer obtains stablecoins, whether the recipient can convert them into locally usable funds, and how service providers handle identity verification and abnormal transactions all affect the cost and usability of the entire payment.
If on-chain transfers are fast, but conversion, withdrawal, or dispute handling remain difficult, the efficiency improvement users feel will be discounted. What is truly worth attention is the complete process from payment to receipt, and then to actual use of funds.
At the same time, the payment function of stablecoins still depends on their reserves, redemption arrangements, and service networks. Federal Reserve research points out that the connection between stablecoin growth and the financial system may bring efficiency gains, but may also transmit stability risks such as runs. Reference: Federal Reserve, “Stablecoins in 2025: Developments and Financial Stability Implications”
Therefore, Tree News pays more attention to practices that can demonstrate real payment use cases, continuous usage, and complete service costs. This information explains the issue better than disclosing on-chain transfer scale alone.
The Core of RWA Is Whether On-Chain Records and Off-Chain Rights Correspond
In his address, Justin Sun talked about putting assets such as bonds, funds, and gold on-chain, and envisioned more continuous and broader ways of trading and reaching users. The appeal of this direction is intuitive: if asset records, trading, and settlement can be more closely connected, friction in the original processes has a chance to be reduced.
But in Tree News’s view, after “going on-chain,” the first thing that needs to be explained is what the token actually represents.
Does it correspond to asset ownership, a claim on income, or the right to use a certain service? Who is responsible for safekeeping the underlying assets, who maintains holder records, and how are defaults handled? These questions determine whether on-chain records can be recognized and enforced in reality.
Technology allowing round-the-clock transfer does not mean the market always has sufficient liquidity, nor does it mean the underlying asset can be redeemed at any time. Trading hours, market depth, and rights fulfillment need to be examined separately.
The Bank for International Settlements’ research on tokenization regards the integration of assets, funds, and related processes as a potential source of efficiency, and emphasizes the importance of the foundations of financial trust. This provides a useful perspective for understanding RWA: value comes not only from assets having digital certificates, but also from whether trading and settlement processes are reliably improved. Reference: BIS, “The next-generation monetary and financial system”
For the media, when reporting on RWA, it is necessary to clearly explain the underlying assets, rights structure, and actual operations. These are the foundation for readers to understand a project.
The Financial Capabilities of AI Agents Should Start with Clearly Authorized Tasks
In the video, Justin Sun connects AI starting to work with identity, accounts, and transaction capabilities. This provides a concrete entry point for the relationship between AI and digital finance.
For example, an agent that organizes materials for an enterprise may need to purchase data, call paid models, or use cloud computing services. As long as a task includes external resource calls, issues of budget, payment, credentials, and verification arise.
However, having a callable wallet does not automatically mean AI has become an economic entity that can independently bear rights and obligations. Practical applications still need to clarify: who authorizes it to use funds, to whom it is allowed to pay, what the limit is, which actions must be confirmed by humans, and how to stop subsequent operations.
Tree News believes that a more easily verifiable starting point is to have an agent complete a specific task under a limited budget, clear permissions, and auditable records. How is the task completion rate, does it reduce manual processing time, are there erroneous payments, and can it accurately deliver results—all of these can be observed and compared.
If these links work, payment infrastructure may have a chance to move from conceptual support to actual demand. This also explains why the combination of AI and stablecoins is worth studying starting from business processes, rather than making judgments merely based on the overlap of two hot fields.
After Token Throughput, We Need to See Productivity Evidence
In the passage involving BAI, Justin Sun gives data such as user scale and daily token throughput, while emphasizing whether calls are truly used to develop products. The project name and data here follow the provided transcript; this article has not independently verified them, nor does it treat them as evidence that the project’s operating performance has been proven.
What is more analytically valuable in this passage is the measurement method it proposes: computing resources being consumed does not equal economic value having been generated.
A model call may complete an effective task, or it may be repeated attempts, error correction, or handling problems that could have been solved more simply. Call volume indicates the degree of system activity, while productivity needs to be judged by task completion, delivery quality, manual review input, and customers’ willingness to pay.
The next layer of data Tree News hopes to see is comparable business results: how much time is needed to complete the same task, how unit task costs change, whether users continue to pay, and whether the business can operate long term after deducting computing power, subsidies, and service costs.
These indicators can help the industry distinguish “AI is being heavily used” from “AI creates sustainable value,” and also make truly effective products easier to see.
Judgments About Long-Term Trends Also Need to Withstand the Test of Time and Reality
The video repeatedly discusses liquidity, optionality, and avoiding early exit due to leverage and maturity mismatches of funds. What Tree News focuses on more here is the methodological significance: a long-term judgment needs an implementation path that can withstand real-world changes.
This also applies to entrepreneurship and project building. A direction may have potential, but customer adoption speed, the pace of cost decline, rule changes, and delivery capacity may all differ from initial expectations. Continuous verification and preserving room for adjustment are important conditions for turning trend judgments into actual results.
Therefore, when presenting industry views, the media should also provide questions that can test those views. Have stablecoins entered continuously occurring payment scenarios? Has asset tokenization made rights and processes clearer? Have AI agents completed valuable tasks within controllable permissions? These questions are more helpful for understanding change than directly equating a certain track with certain returns.
Starting from On-Site Exchange, Continuously Observing Real Changes
Invited to attend HTX DAO’s “Future Night,” Tree News hopes to extend on-site exchange into continuous observation. Changes in future wealth will ultimately be reflected in specific products, real transactions, and user behavior.
When more people can complete value transfer with lower friction, when digital rights can be clearly verified and fulfilled, and when AI’s execution capability forms measurable business results, the trends discussed in the address will have trackable real-world progress. Tree News will continue to follow these developments and also record the unresolved issues among them.
