Introducing Vugar Usi Zade, the Chief Operations Officer at Bitget, the cryptocurrency exchange and Web3 company. With a career spanning over 15 years as a management and communications expert, Vugar brings a wealth of experience and expertise to his role.
Vugar’s impressive career journey includes significant contributions to Fortune 500 companies and fast-paced startups. Before joining Bitget, he served as the Chief Marketing Officer at Beincrypto and the Head of Marketing at SONY. He has also held senior positions at renowned companies like Facebook, Danone, and Carlsberg.
As a seasoned management consultant, Vugar worked as a Senior Manager at Bain and Company, where he focused on Private Equity Ventures. He holds master’s and post-graduate degrees from Harvard University and the University of Oxford and is a published author and researcher.
What is the difference between the rise in the crypto markets this year and two years back? How is this market shift different? How do you view this rise? Will it still be called a crypto bubble because crypto markets are volatile?
Crypto markets are indeed volatile and cyclical. If we look back at 2016 and 2017, the market had similarities to the dot-com boom, when the industry was new, and everyone was eager for the next big thing, not wanting to miss out. In 2022, during the pandemic, we saw a boom in digital technologies, digital ads, and crypto due to increased online time. Governments’ incentive checks and increased disposable income led to a retail-driven market surge.
In contrast, this current rise is driven by institutions rather than retail investors. The ETF approval in January brought in major players like BlackRock and Fidelity. This institutional focus on Bitcoin is stabilising its price and reducing rapid spikes. I predict Bitcoin will reach 100000 this year, but its rise will be stable.
How do you see this trend affecting other cryptocurrencies, especially with the focus on Bitcoin?
This run is institution-driven, unlike previous retail-driven runs. Institutions hold long-term and even buy during bear markets to generate interest in ETFs. They are focused on Bitcoin, which behaves independently of other coins. Ethereum might follow suit if ETF approvals come through, but the market will no longer be led solely by Bitcoin. Instead, the altcoin market must attract more venture capital and retail interest to grow.
What are the top trends in the MENA region regarding crypto adoption?
Thanks to its policy framework, especially in the Abu Dhabi Global Market (ADGM), the MENA region is becoming an entrepreneurial hub. The region will likely see growth in tech and industry solutions rather than retail or P2P crypto users. Many entrepreneurs are setting up in the region due to its friendly
environment, easy hiring, and talent acquisition.
However, crypto penetration remains lower than in Europe, the US, and Southeast Asia. Growth will likely come from industry solutions rather than consumer-focused adoption.
Which GCC country is adopting crypto the fastest, and why? How do you see this trend transforming?
Adoption differs based on circumstances. In Morocco and Algeria, people turn to crypto as an alternative for saving wealth or accessing foreign exchange due to limited access to banking systems. In contrast, people in Saudi Arabia and the UAE treat crypto as an investment vehicle or portfolio diversification tool.
The liberal economy in UAE doesn’t necessitate crypto as an alternative to the financial system but rather as an alternative investment vehicle. In North African countries, limited access to banking and foreign exchange forces people to adopt crypto. Additionally, remittances from foreign workers also play a role, as crypto offers cheaper, faster cross-border transactions.
Currently, there is a strong reliance on centralised systems. When will the shift to decentralisation happen, or will it take longer due to regulation?
Centralisation and control are necessary before reaching true decentralisation, especially when dealing with retail and people’s money. Establishing ground rules prevents the Wild West scenario.
Centralised exchanges have been crucial for easily onboarding users, while decentralised systems remain complex for average users. Centralisation facilitates faster, safer transactions between institutions. Even with eventual full decentralisation, centralised exchanges will facilitate transactions for businesses and institutions. Regulation, like Europe’s limit on anonymous transactions over $3,000, balances anonymity with usability.
What is the evolution of Web3 in the region, especially with AI at a turning point? What are the plans for blockchain technology?
Blockchain and AI influence each other, securing AI-generated data and facilitating decentralised infrastructures. Blockchain enables users to monetise surplus resources, like selling extra solar power or renting out electric chargers. Bitget invests iBitget4Youth and Bitget4Her; each of them has a $10 million commitment
The focus is on nurturing professionals in tech and law, compliance, marketing, and accounting, showing a commitment to long-term industry growth rather than short-term gains.
