Exclusive interview with Fu Peng, Chief Economist of New Fire Group: Interpreting Bitcoin's asset properties, Hong Kong real estate market, and personal finance advice for ordinary people—Techub News dialogue transcript

Exclusive Interview with Fu Peng, Chief Economist of Xinhuo Group: Interpreting Bitcoin’s Asset Attributes, the Hong Kong Property Market, and Personal Finance Advice for Ordinary People—Techub News Conversation Record

Interviewer: Techub News (Hong Kong media)

Interviewee: Fu Peng (Chief Economist of Xinhuo Group)

Content compilation: Techub News

This interview focuses on Mr. Fu Peng and centers on key topics including defining Bitcoin’s asset attributes, the trend of the Hong Kong property market, and the development of digital assets, providing professional reference for the integration of traditional finance and the crypto sector. In the interview, Mr. Fu Peng clearly explains Bitcoin’s asset positioning, breaks down how it differs from AI assets and safe-haven assets, and also analyzes the support logic behind the Hong Kong property market as well as the role digital assets play in development. Mr. Fu Peng stated: 2026 is an important year for the integration of crypto assets and traditional finance under the FICC framework. Under the FICC framework + C, it is the “Crypto Year Zero.” This integration model will promote the compliant development of crypto assets, help bridge traditional finance with emerging sectors, and provide investors and practitioners with clear asset allocation directions and practical guidance.

Bitcoin’s Asset Attributes: Not “Digital Gold,” but Valuation-Related Assets Linked to AI

Techub News: You previously proposed including BTC in the FICC reference framework. Given the current global liquidity crunch, the rise of protectionism, and a decline in risk appetite, do you think Bitcoin is more like gold and a high-volatility asset, or is it a completely independent new type of safe-haven asset? As traditional FSC-related practitioners, we hope to find a definitive answer about its asset nature.

Fu Peng, Chief Economist of Xinhuo Technology: Over the past decade, the United States has been simultaneously advancing the definition and regulation of the crypto industry. The core goal is to clarify Bitcoin’s asset attributes—which is the key for investors to find an “asset anchor.” Around 2022, the U.S. crypto regulatory framework was basically in place, and Bitcoin’s attributes were also clarified: it is a commodity with a value-preservation function, or a tradable asset—this is the most certain answer.

Many people call it “digital gold,” but that description is not entirely accurate. Gold is also a commodity with a value-preservation function, and it has long exited payment scenarios. The definitions may look similar, but the underlying logic is completely different, so they cannot be treated as the same.

What’s even more worth attention is that over the past four or five years, Bitcoin has shown a very strong correlation with U.S. AI-type assets. Bitcoin’s very creation is closely related to this round of technological progress—data, algorithms, and computing power. However, it fundamentally differs from AI assets such as Nvidia. Nvidia, as a listed company, can create goods, value, and services, whereas Bitcoin’s payment function has been layered off and segregated by stablecoins. What remains at its core is tradability, the valuation layer, and the value-preservation function—essentially more like the “valuation component” among AI assets.

Around 2022, we conducted tests and found that whenever liquidity tightens and AI assets experience valuation compression, Bitcoin is affected in tandem, leading to sharp declines (such as the 2022 market and the drop in late October 2024). This also confirms our judgment of its attributes—precisely based on this clear framework, definitions, and model, traditional FSC funds began gradually to enter the crypto asset space.

Techub News: Do you personally hold Bitcoin?

Fu Peng, Chief Economist of Xinhuo Technology: Our positioning for it is “asset allocation,” not simply “holding.” This is completely different from the “faith-based holding” of crypto fundamentalists. To us, Bitcoin is a tool to hedge valuation volatility in U.S. AI assets and to capture excess valuation returns. In the context of the integration between FSC and crypto assets, it is an asset allocation category—two different concepts from what people normally mean by “holding.”

Capital Flows: The Core Difference Between Traditional Assets and Digital Assets Lies in “Valuation and Value”

Techub News: From last year to this year, traditional financial assets (U.S. stocks, gold, etc.) have outperformed native digital assets. How do you view this phenomenon? When will capital flow back into Bitcoin and other digital assets?

Fu Peng, Chief Economist of Xinhuo Technology: You can’t simply interpret capital flows as “either/or.” It’s not that capital won’t invest in traditional assets, and then it will flow into digital assets. The core lies in the differences in the underlying logic between the two categories of assets.

In U.S. stocks, AI-related stocks have both the valuation component and real value support (the enterprise creates value and provides services); whereas after regulatory clarification, the value component of Bitcoin has already been stripped away, leaving only the valuation layer and the value-preservation function. Therefore, when the market experiences valuation compression, AI stocks have their value component as support, while Bitcoin is directly affected by the valuation compression. This is the core reason for the difference in their performance, not a simple “choose one of two” scenario.

Against the Backdrop of Reverse Globalization: Bitcoin’s Allocation Logic and Who It Fits

Techub News: With reverse globalization gaining momentum, nationalism and protectionism rising, what value does Bitcoin have for sovereign funds and for the balance sheets of listed companies? Who is suitable for allocating to Bitcoin, who is not recommended, and how should the allocation ratio be handled?

Fu Peng: There is no fixed “allocation advice,” because the underlying logic of asset allocation always depends on how you understand this kind of asset. No asset is “always worth allocating to.” For example, in the 20-year period from 1981 to 2001, gold’s investment returns were negative, and no one can endure losses for 20 years.

At the current stage, under the backdrop of reverse globalization, the mainstream portfolio logic is “keeping one foot in both boats.” On the left hand, hold assets that represent “a future for humanity” (technology-related assets such as AI, data, and computing power). On the right hand, hold assets that “may not have a future for humanity” (gold). Bitcoin does not belong to the latter. Fundamentally, it is an asset brought by technological progress, and it is fundamentally consistent with tech companies such as Nvidia, Samsung, SK Hynix, and TSMC. It belongs to the category of “assets with a future for humanity,” not to the traditional sense of a safe-haven asset.

Many people’s understanding of crypto assets is still stuck at the “faith-based fundamentalist” stage. But over the past five or six years, the attributes of crypto assets have already changed—from relying on faith in the early stage to relying on models later on. As compliance regulation and application scenarios become clearer, Bitcoin’s pricing logic and valuation models have gradually taken shape. This is also the core prerequisite for Wall Street to truly move into the crypto field.

Hong Kong Property Market: Capital Returning + Population Inflow Bring New Opportunities to the Luxury Housing Market

Techub News: In recent times, both Hong Kong property prices and rents have rebounded. But Zhou Wenfa has recently sold a property for 7 million Hong Kong dollars. How do you view the current trend of Hong Kong’s property market?

Fu Peng, Chief Economist of Xinhuo Technology: To judge the Hong Kong property market, there are three key signals: first, the number of IPOs at the Hong Kong Stock Exchange over the past one-plus years—after many IPO proceeds are cashed out, money will settle in Hong Kong; second, the number of new mainland students added to Hong Kong universities—dormitory accommodations are already in short supply, reflecting a continuous influx of high-caliber talent; third, after Singapore tightens financial regulation and taxation, a large amount of capital returns from Singapore to Hong Kong.

There are limited areas in which Hong Kong can be invested. These returned capital and the influx of population will inevitably drive demand in the luxury housing market. However, against the backdrop of reverse globalization worldwide, capital choices are increasing in selectivity. Hong Kong’s advantage lies in its role as a connecting point between Eastern and Western cultures—between conservatism and efficiency—allowing it to benefit on both ends. This is an important support for the long-term stability of its property market.

Hong Kong’s Role in the Global Digital Asset Arena: The “Connecting Point” Between East and West

Techub News: The Hong Kong government is actively promoting digital assets such as Bitcoin. What role do you think Hong Kong plays in the global digital asset market?

Fu Peng, Chief Economist of Xinhuo Technology: Hong Kong’s core role is to “connect East and West,” sitting between the efficiency of the West and the conservatism of the East. The U.S. regulatory logic for crypto assets is “no prohibition unless explicitly stated.” It does not extinguish innovation and efficiency, and it also keeps up with fair compliance. Meanwhile, in Asia, people are generally more conservative toward new technologies and new applications; they are used to observing first and then following. Behind this are differences in cultural values between East and West.

Hong Kong happens to be in between these two. It will neither push innovation as quickly as the West nor be overly conservative as in Mainland China. It is a “connecting point” in the global digital asset space, and it is also an important “experimental field.”

Personal Finance Advice for Ordinary People: The Core of Bitcoin Is “Tradability,” Not Mere Store of Value

Techub News: Provide some personal finance advice for office workers at large today, especially regarding choices between crypto assets and traditional assets.

Fu Peng, Chief Economist of Xinhuo Technology: First, it is necessary to make it clear that for ordinary people, Bitcoin’s core attribute is “a tradable asset with a value-preservation function,” which is not fundamentally different from trading commodities or crude oil. Its “tradability” is the key point, and you should not overemphasize its store-of-value function.

In fact, many assets have value-preservation functions. For example, if a company’s stock is repurchased and canceled on a large scale, it can also achieve value preservation, and it is not only gold and Bitcoin. For ordinary people’s personal finance, the core is to understand the underlying logic of assets—not to blindly follow trends.

In this interview, Fu Peng clearly defines Bitcoin’s asset attributes, dissects its core differences from AI assets and gold, and at the same time analyzes the key support factors of the Hong Kong property market and the role positioning of digital assets, providing investors and ordinary people with a reference that is both professional and practical. At the end of the interview, both sides take a group photo, and the conversation comes to a successful conclusion.