Bitget CEO Gracy Chen: Appreciates the Mathematical Beauty of the Bitcoin White Paper
Bitget CEO Gracy Chen shared on social platform X that she "occasionally re-reads the Bitcoin white paper to appreciate the mathematical beauty behind it". Although this post did not involve specific business announcements or market events, it was released against the backdrop of her recent intensive discussions on industry strategy and institutional cooperation.
The white paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System", authored by Satoshi Nakamoto, was published on October 31, 2008, and is only 9 pages long. Its core contribution is the proposal of a mechanism to solve the "double spending" problem without relying on a trusted third party—by timestamping transactions through a peer-to-peer network and forming a continuously extending, tamper-resistant longest chain using a proof-of-work-based hash chain. The paper also introduced the Merkle tree structure to save storage space and provided a mathematical derivation showing that the probability of an attacker successfully tampering with the chain decreases exponentially with the number of confirmed blocks (based on a Poisson distribution model).
Just a day before posting this, on September 3, Chen publicly stated that she is in communication with several Wall Street institutions, including BlackRock, to explore distribution cooperation in the Asian market. She mentioned, "I am communicating with all the Wall Street giants to understand their demands and possible cooperation methods," and revealed, "We maintain very close communication with BlackRock regarding distribution in the Asian market." BlackRock currently manages approximately $15.3 trillion in client assets and estimates that if only 1% of the assets in Asia are allocated to cryptocurrencies, with an estimated total household wealth of about $108 trillion in the region, the potential inflow could reach nearly $2 trillion.
Founded in 2018, Bitget currently has about 125 million registered users globally, with approximately half concentrated in East Asia and Southeast Asia. According to its Q1 2026 data, 52% of users hold both cryptocurrencies and traditional stock assets. The company also owns the Bitget Wallet business, acquired through the purchase of BitKeep in March 2023. By June 2025, the trading volume of blockchain-based cryptocurrencies in Asia is expected to grow by 69% year-on-year, the highest growth rate globally, which is an important background for Bitget's recent emphasis on the strategic value of the Asian market.
Bitget has historically been involved in regulatory and security controversies. In 2021, Singapore's financial regulator suspended its operations due to its misleading marketing activities related to the "ARMY" token associated with the Korean boy band BTS. Its wallet product BitKeep was hacked in October and December 2022, resulting in losses of approximately $1 million and $8 million, respectively (the latter figure disclosed by blockchain security firm PeckShield). The platform has also received regulatory warnings from the Australian Securities and Investments Commission (ASIC), the German Federal Financial Supervisory Authority (BaFin), and the French Financial Markets Authority (AMF).
From an industry communication perspective, the public expression of admiration for the Bitcoin white paper by cryptocurrency executives is essentially a common narrative reinforcement behavior within the industry. In a sector that heavily relies on community trust and ideological alignment, returning to the "Satoshi original text" helps exchange executives convey signals of "staying true to the original intention" and "technological faith" to the community and potential partners. Such statements do not directly generate capital flow but complement Chen's recent intensive release of information on institutional cooperation and market expansion, serving the company's public relations narrative of seeking a balance between gaining the trust of traditional financial institutions and recognition from the crypto community.
Source: Public Information
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During Chen's tenure at Bitget, the historical behavior path shows that the company has been oscillating between "traditional compliance narrative" and "crypto fundamentalism sentiment"—on one hand, the company has faced penalties from Singapore regulators for marketing controversies like the ARMY token and has had its wallet products hacked twice, exposing compliance and security risks left over from its early stage of rapid growth; on the other hand, the company has been continuously shaping a mainstream image through a series of branding actions such as sponsoring Juventus, having Messi as a spokesperson, and regional cooperation in La Liga. This public expression of admiration for the Bitcoin white paper continues this historical communication strategy of "packaging technological faith" alongside "institutional transformation".
The path of mobilizing funds and resources clearly points to the Asian market—nearly half of Bitget's 125 million registered users are concentrated in East Asia and Southeast Asia, combined with the region's cryptocurrency trading volume growth rate of 69%, the highest in the world. The company is clearly directing resources to solidify its position in the Asian market, including negotiating distribution cooperation with Wall Street giants like BlackRock, which manages $15.3 trillion. The underlying capital logic is clear—BlackRock estimates that even if only 1% of Asian household wealth is allocated to crypto assets, the potential inflow could reach nearly $2 trillion. This means Bitget is positioning itself as a distribution channel for traditional asset management giants entering the Asian crypto market, in exchange for institutional capital flow and brand endorsement.
A comparable industry phenomenon is that many cryptocurrency exchange executives, while seeking institutional and compliance transformation, continue to maintain a dual-track strategy by publicly praising Satoshi's original text and emphasizing "technological faith" to sustain recognition from the crypto-native community. This is similar to the communication logic of traditional financial institution executives who, while pursuing regulatory compliance, still need to emphasize the "customer-first" value in public settings. In terms of industry positioning, Bitget is currently in a transformation phase from relying on marketing and endorsements for growth to seeking long-term growth through institutional capital distribution channels. This public statement is, to some extent, a typical "dual consideration" public relations operation during this transformation process.
This essentially reflects a structural tension within the cryptocurrency exchange industry—as traditional financial institutions (like BlackRock) accelerate their entry into the crypto asset distribution field, the role of exchange platforms is gradually shifting from "builders of independent ecosystems" to "channels for traditional capital entering the crypto world". This role shift requires exchange executives to communicate with two completely different audiences: emphasizing compliance, data, and channel value (such as in negotiations with BlackRock) when addressing institutional investors, while continuously proving to the crypto-native community that they have not deviated from the founding principles of "decentralization" and "mathematical trust". This tension exists because the user base of cryptocurrency exchanges spans two completely different groups: "ideologically driven early adopters" and "yield-seeking institutional capital". Any narrative deficiency on one side could undermine its trust foundation on the other side.
ABAB News · Cognitive Law
- Faith is for the community to see, channels are for institutions to discuss.
- The closer to Wall Street, the more one needs to publicly look back at Satoshi.
- The moat of exchanges is half technology and half narrative.