[Asia Exclusive] Heo Baek-young, CEO of Bithumb: "Blockchain is the first indelible record discovered by humanity"

CEO Heo's View on the Present and Future of Blockchain
"Innovation Will Derive from Blockchain"

Heo Baek-young, CEO of Bithumb, is being interviewed by Asia Economy on the 12th. / Photo by Moon Ho-nam munonam@

Heo Baek-young, CEO of Bithumb, predicted that the blockchain ecosystem will continue to expand and be used in all areas. Above all, he foresaw that the value of blockchain would grow even more if a world where labor is not important arrives.

On the 12th, during an interview held at Bithumb headquarters in Gangnam-gu, Seoul, CEO Heo emphasized the growth potential of blockchain along with these remarks. He explained, "Blockchain is the first unforgeable record discovered by humanity," and added, "If there is information that we need to prove or store in the future, it will inevitably be done within the blockchain ecosystem."

CEO Heo said he felt this experience since his time working in the banking sector. He stated that the next stage of future finance is blockchain. He predicted that as a world approaches where artificial intelligence (AI) thinks on behalf of humans and machines replace labor, the value unrelated to basic necessities such as food, clothing, and shelter will increase. Blockchain, along with virtual currencies and non-fungible tokens (NFTs), serves as the vessel that holds that value.

Furthermore, he anticipated that innovation will continuously emerge from blockchain. He said that if one thinks about approaching the MZ generation (Millennials and Generation Z) by emphasizing convenience, like the U.S. securities trading application Robinhood, which gained great popularity last year, innovation can be achieved. CEO Heo stated, "Fintech is the place that takes on those concerns," and added, "Since virtual currency exchanges are not yet mature, I believe they can continue to show services that exceed expectations."

Among these, he also viewed the volatility, often cited as a drawback of virtual currencies, as a characteristic and even an advantage. He said, "There is no asset that only goes up," and advised, "You need to understand well the characteristic of 'high risk, high return' and trade accordingly." He also analyzed that unlike in 2017, many people now understand this characteristic, so it is increasingly recognized.

In the long term, he confidently stated that the development of blockchain and Bithumb could also lead to the advancement of humanity. He said, "A world where the virtual holds value is inevitable," and added, "Just as Samsung and Hyundai lead manufacturing, Bithumb will contribute to human progress."

◆About CEO Heo...

▲ Born in Seoul, 1976 ▲ Seoul Boseong High School ▲ Hongik University, Department of Mechanical Systems Engineering ▲ Worked at Korea Citibank and ING Securities ▲ In charge of business planning and compliance at Bithumb ▲ CEO of BTC Korea.com (Bithumb) from April 2018 to January 2019 ▲ Chairman of the Exchange Committee at Korea Blockchain Association ▲ Vice Chairman of Korea Blockchain Association ▲ CEO of Volt Trust ▲ Current CEO of Bithumb Korea