OKEx CEO Jay Hao: Many People Will Lose Money In DeFi (Exclusive Interview)

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Cryptocurrency exchanges have become central pillars in the digital asset ecosystem, and OKEx stands as one of the most influential players in the space. With a rapidly expanding user base and consistent growth in trading volume, the platform continues to shape how global investors interact with blockchain technology. In an exclusive interview, OKEx CEO Jay Hao shared insights on market trends, the rise of decentralized finance (DeFi), Bitcoin’s long-term trajectory, and the broader implications of economic uncertainty fueled by global events like the pandemic.

From Semiconductors to Blockchain Leadership

Before leading one of the world’s top crypto exchanges, Jay Hao built a distinguished career across high-tech industries. With over two decades in the semiconductor sector—where precision and reliability are non-negotiable—he developed a mindset rooted in rigorous quality assurance.

“At OKEx, we are very rigorous about ensuring that we provide the most reliable and secure exchange services. From my experiences in semiconductors, I have zero tolerance for faulty trading product features. No matter how minor a new feature is, we run multi-levels of QA tests on it before the release.”

This engineering discipline carried over into his work in video streaming and entrepreneurship, where he learned to navigate complex organizational dynamics and strategic decision-making. These experiences laid the foundation for his transition into blockchain—a space he first encountered during Bitcoin’s earliest days.

“I found it extremely interesting and enjoyed watching its development from the early days when 10,000 bitcoins were used to pay for two pizzas.”

For Hao, joining OKEx was a natural evolution. His background in building high-tech products aligned perfectly with the innovation-driven nature of blockchain. He remains energized by the industry’s pace: “The fast-paced environment and the constant innovation we see daily—it’s truly inspiring.”

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Market Resilience Amid Global Uncertainty

The 2020 pandemic triggered widespread financial turmoil, and the crypto market was no exception. The infamous March sell-off saw Bitcoin plummet below $4,300, mirroring sharp declines across equities and even traditional safe-havens like gold.

However, Hao notes that recovery patterns revealed something significant: Bitcoin’s decoupling from traditional markets.

“No market was unaffected. But since then, the correlation between Bitcoin and the stock market is weakening again. We’ve seen very uncharacteristic volatility in equities while Bitcoin has remained flat, locked in a $9,000–$10,000 trading range for two months.”

While the long-term economic fallout from the pandemic remains uncertain—especially with risks of a second wave—the macro backdrop appears increasingly favorable for digital assets. Unprecedented levels of quantitative easing and fiscal stimulus are driving renewed interest in sound money alternatives.

Hao believes this environment accelerates structural shifts toward decentralized finance:

“The pandemic essentially accelerated a trend that was inevitable anyway. More people will turn to sound money and the chance to make returns through DeFi as their currencies weaken. They begin to understand money creation and policy better.”

The Rise—and Risks—of Decentralized Finance (DeFi)

DeFi has emerged as one of the most transformative movements in blockchain, offering open access to lending, borrowing, yield farming, and more—without intermediaries. OKEx has been actively involved in supporting this ecosystem’s growth.

“We have been watching the DeFi space with interest for a long time now and fully support its development.”

The exchange has taken concrete steps to contribute:

Despite the excitement, Hao issues a sobering warning:

“As with every altcoin season, many people will lose money, while others will win.”

He emphasizes that speculative bubbles are part of innovation cycles. However, even if the DeFi craze cools temporarily, it could benefit Bitcoin and Ethereum in the long run:

“If the DeFi bubble bursts, that will actually be good for BTC and ETH as they will see major capital inflows. And if the craze does fizzle out, it will only be short-term because the potential and promise of DeFi are simply too compelling to ignore.”

Why DeFi Matters Beyond Speculation

Beyond yield farming and token launches, DeFi’s real value lies in financial inclusion. Billions remain unbanked or underbanked globally. Decentralized protocols can offer transparent, permissionless access to savings, credit, insurance, and investment tools.

“We strongly believe that DeFi has the potential to achieve the goal of #FinanceAll.”

Interoperability will play a key role. Projects like Polkadot and upgrades like ETH 2.0 are paving the way for seamless cross-chain communication. Combined with scalable infrastructure like OKChain, these advancements could enable mainstream adoption of decentralized applications (DApps).

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Bitcoin’s Path to New All-Time Highs

Looking ahead five years, Hao envisions a world where blockchain operates invisibly beneath everyday digital interactions—much like the internet today.

“The ecosystem will have grown massively, and more and more innovative products and solutions will be in place that allow everyday people to use blockchain without realizing it.”

User experience will improve dramatically, removing current friction points that deter mainstream users. While multiple blockchains will thrive, DeFi will remain the central narrative.

As for Bitcoin’s price? Hao remains cautious about making bold predictions but expresses optimism:

“Anything is possible… it’s not impossible that we see a Bitcoin price at least testing its 2017 highs in the next 12–18 months.”

Even in worst-case scenarios—such as another global market crash—he expects any downturn to be temporary.

“If we see another March-like event, Bitcoin may face short-term pressure. But the price will recover quickly to its current values.”

His long-term outlook is undeniably bullish, driven by macroeconomic forces: inflation fears, currency devaluation, and increasing institutional adoption.

Frequently Asked Questions (FAQ)

Q: Why does Jay Hao compare crypto product development to semiconductor engineering?
A: Because both fields demand extreme precision and reliability. In semiconductors, even minor flaws can lead to system failure—similarly, in crypto exchanges, faulty trading features can cause significant financial loss. This mindset shapes OKEx’s strict QA processes.

Q: Is DeFi safe for average investors?
A: While DeFi offers high-yield opportunities, it also carries significant risks—including smart contract vulnerabilities, impermanent loss, and market volatility. Many inexperienced users may lose money during speculative phases.

Q: Will Bitcoin replace traditional banking?
A: Not entirely—but it is increasingly seen as digital gold and a hedge against inflation. Its role is more complementary than substitutive in the near term.

Q: What role does ETH 2.0 play in DeFi’s future?
A: ETH 2.0 aims to improve scalability, security, and sustainability of Ethereum—critical for supporting growing DeFi activity without network congestion or high gas fees.

Q: How is OKEx contributing to blockchain innovation?
A: Through OKChain development, ETH 2.0 validation participation, and user-focused products like C2C Loans that integrate DeFi benefits into centralized platforms.

Q: Can Bitcoin reach new all-time highs soon?
A: According to Jay Hao, yes—it’s plausible within 12 to 18 months due to macroeconomic trends and growing adoption, assuming no prolonged global financial crisis.

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