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"Bitcoin's potential as a reserve currency is clearer than ever."

Fund Manager Who Called End of Last Crypto Winter Remains Bullish

原文作者：Joanna Ossinger，Bloomberg

原文编译：0x22D、0x9F，律动 BlockBeats

Three Arrows Capital, founded by Su Zhu and Kyle Davies a decade ago, looked like a big gamble for the then 20-something derivatives traders, but it paid off. According to its website, its current investments include bitcoin, Ethereum, AVAX and SOL, as well as DeFi projects like Neon, investment funds like Multicoin Capital and P2E game Axie Infinity. According to Nansen, a blockchain data analytics company,Sanjian's blockchain assets are already worth close to $10 billion.(Su Zhu would only say that their assets are in"Billions of dollars」范围内，也没有透露基金回报的相关数据。）

Mr Zhu, who turned 35 in April, was born in China, moved to the US when he was six and became a Singapore citizen in 2016. He posted a tweet on December 21, 2018, which began a year-long campaignEncryption of winterCalled the bottom of the market:We will quickly rush out of the bottom, leaving other traditional investors trapped in fiat currency.」这是 Su Zhu 非常自豪的一件事，因为那时比特币价格约 3850 美元，今年 3 月底是 47000 美元。

In an interview with Bloomberg Markets in late February, Mr. Zhu discussed his career and investment philosophy.为便于阅读，采访经过浓缩和编辑。

彭博：你是如何进入金融领域的？

Su Zhu：我走的是一个非常典型的 pre-GFC（前全球金融危机）路线。我在哥伦比亚大学主修的是数学，然后去一家投资银行做了暑期实习，再后来成了一位全职分析师。2008 年，我在东京的瑞士信贷开始从事股票奇异衍生品交易，然后遇到了金融危机，我被解雇了。但我很幸运地在 Flow Traders 找到了一个初级交易员的职位，Flow Traders 是一家当时正寻求在新加坡扩张的荷兰 ETF 做市公司。在那里工作几年后，我去香港的一家投资银行工作了一年。最后，我和我高中以及大学的同学 Kyle Davies 共同创办了三箭资本，从事新兴市场外汇交易。我们当时只有 25 岁，在那时候创办自己的基金极为罕见，但我们看到外汇市场出现了很多市场结构的中断与改变——电子交易与语音交易、场内与场外交易。我们感受到，风险与回报都在那里。

彭博：是什么吸引你进入了 Crypto 领域？

Su Zhu: I got involved in Bitcoin in early 2013, and my activities focused on trading platforms in China, including various arbitrage trades. At the end of 2017, it was clear to me, just by looking at the talent and energy of the young people in this field,Crypto will follow the creation and destruction cycles of the early days of the Internet, and eventually lead to paradigm shifts in finance, technology, and culture.

彭博：你在三箭资本主要关注什么？

Su ZhuDerivatives trading has been a major source of revenue for us and will always be an important part of what we do, as well as tied to our venture investments. Crypto trading companies have performed well since 2018 because they have the resources to invest in good people in good and bad markets. We don't have any outside investors, which allows us to make very good decisions about market timing, which we then use to continuously reinvest in the entire ecosystem.Making sure we get revenue from volatility and keep investing in the team is my number one priority.

彭博：你认为哪些领域最有潜力？

Su Zhu:I believe in Amara's Law, which says that technology is overvalued in the short run and undervalued in the long runI think this is especially true in Crypto.Today, the most promising area may not even be considered a use case for Crypto.我很期待看到像 Avalanche 这样的可扩展 L1 公链能为用户和开发者们带来什么。当用户数达到数百万、数千万、数亿的量级后，我们甚至都无法想象可能出现怎样的网络效应和行为。人们今天使用的这些被认为属于 Web2 的大多数应用，都将被轻量、社区拥有的 Web3 技术打败。

I think we're entering a new era,thanThe potential of the Bitcoin to become a major reserve currency for ordinary people and countries is clearer than ever.It won't be a smooth ride, but for those who do, it can be an extraordinary one.

彭博：关于 Crypto 最糟糕的事是什么？

Su Zhu:Tribalism and fierce competition among crypto communities.奥地利经济学家路德维希·冯·米塞斯预言了私人货币和技术的公开竞争，现在我们看到这种情况以一种高风险方式上演。尽管如此，当人们在这些资产中拥有很高比例的净资产时，紧张局势的加剧无可避免。而且在某种程度上，它也显示了社区的弹性，以及人们真正愿意为之奋斗的是什么。

彭博：你经常提及历史和哲学，这些话题如何对你的工作施加影响？

Su Zhu：要真正理解 Crypto，你必须理解它是对什么的回应，以及它是朝向什么的运动。对我来说，Crypto 代表了几个融合的趋势：

Move away from centralized control and toward decentralized decision-making.

Move away from closed platforms with closed sources and towards open source discussions.

Move away from institutional ownership and towards individual ownership.

Move away from regulated assets and towards anonymous assets that are sovereign.

Move away from crony capitalism and towards collective capitalism.

Move away from platforms that steal value from creators and fans, and toward creators sharing value with fans.

I'm a liberal, butI am also a voluntarist. That means I don't want everyone to agree with the way I think, I just want to help bring about that worldThere is a freedom-centered system in it。在以后的时间里，任何人都可以以他们认为合适的方式参与到这个系统。

The advent of the Internet was the first big victory for individuals, followed by the development of open source peer-to-peer encryption in the 1990s.当时，个人端到端加密技术的存在是如此令人震惊，以至于美国官方试图将其传播视作非法出口军用级技术。

Since then, we've learned that,These are inalienable human rights that we have always had. Technology makes them possible"Is as natural as handing someone cash or simply having a conversation in the physical world. I call the idea of Crypto"Technology for recovering lost land"Because it isA key step in reclaiming important areas that individuals have long abandoned.

彭博：你最自豪的投资是什么，与之相反的又是什么？

Su Zhu: Invest in Deribit, the leading crypto options trading platform, during bear markets. Invest in L1 during bear markets like Avalanche, Solana, Polkadot, especially through the otc market. All of this felt very contrarian at the time, but it was clear,Working the other way around, supporting hard-working, technology-oriented teams pays off.

I don't think there's anything I'm not proud of. Even in the loss-making projects, the important thing is that they were tried and the founders tried. People often look at things that fail and try to draw some broader conclusions without realizing the probabilistic and unknowable nature of all things.For example, our best venture to date was Axie Infinity, which was undersubscribed in the seed round to the point where people thought they were making a donation.我看到的最混乱的投资项目可能是 Facebook 的 Libra，每个人都为它设立了 SPV（特殊目的实体），认为它将成为 Crypto 的未来。（Facebook，即现在的 Meta Platforms，计划用一个名为 Libra 的 Crypto 计划彻底改变全球金融，后来改名为 Diem，但它从未起步。所有的资产都在今年年初卖给了 Silvergate Capital）。

彭博：在历史或哲学方面，你最佩服哪个人？

Su Zhu: If you look at people like Singapore's late founding Prime Minister Lee Kuan Yew, he wanted to achieve incredible futurism by separating Singapore from Malaysia. In essence, Singapore was the first capital of entrepreneurship. It must navigate the multiple challenges of nation-building in a dangerous geopolitical environment: security, energy, economics and culture. I see a lot of similarities with crypto community building.You have to believe in the community and the collective will to actThe power of"And the importance of unbroken transparency and honesty to win the battle of ideas.

彭博：你对未来有什么打算？三箭呢？

Su Zhu:I want to support the development of holistic systems thinking where I can.我认为这与我们社会对未来主义的思考有重要的相似之处——许多技术听起来是未来主义的，但实际上是倒退的，而许多看似笨拙的技术实际上是强有力的赋能人类的创新。

I am a big supporter of nature-based, grass-roots solutions to key agricultural problems and look forward to having a greater impact in this regard. My investment in this aspect is an extension of the same spirit and concept I invested in Crypto. Nature-based food systems, or eco-agriculture, allow us to decentralize access to nutritious food and clean water. They free us from dependence on global supply chains. If we build alternatives to farming at the community level, then people can choose to participate in this more localized parallel food system.Community-supported market gardens, especially in cities, expand our freedom. They would be another big win for the individual, as they would give us more control over our health and nutrition, while regenerating the planet.

As for three Arrows, we're going to continue to do what we do best, which isInvest in crypto assets and support crypto builders and communities over the long term。