Bill Hsu – My Path from Stocks to Startups and Web2 to Web3

Bill Hsu, Analyst (徐懿 / 分析師)

Bill is an Analyst covering cryptocurrencies. Prior to joining AppWorks in 2023, Bill was an analyst at Kronos Research’s venture capital arm, where he explored blockchain technologies that can create value for platforms, brands, and products. Before falling into the crypto rabbit hole, he had four years of experience in global tech stock research and investment, focusing on healthcare technology, fintech, software, and internet industries. Bill received his Master’s in Finance from National Taiwan University. Outside of work, he is a science fiction enthusiast and a dreamer, who aspires to travel to space on a nuclear fusion-powered rocket, live on Mars, and pay for everything with crypto. He even hopes to one day freeze himself to await the arrival of the AI singularity.

(English Below) 如果要用兩個關鍵字來形容我自己的話,應該就是好奇心與科技宅吧!喜歡看科幻小說與電影,最愛〈三體〉小說與〈黑鏡〉影集,夢想是搭乘使用核融合技術作為動力的火箭去太空旅行,在火星上用加密貨幣生活,若有機會,希望可以讓自己進入冷凍冬眠,等待 AI 奇點到來時再甦醒。


為了持續吸收科技資訊,我訂閱了周欽華的《科技島讀》,從 2017 年創刊一直看到了 2021 年的最後一篇文章,伴隨了我在國際股市的投資歷程。除了科技趨勢,《科技島讀》最特別的,是探討科技與人的互動關係,他在最後一篇文章說到:「不確定一直浸泡在科技中,是否反而忘了作為人的意義。」


這時候可以先插播一下我是怎麼接觸 Crypto 的。回到 2017 年 ICO 熱潮,當時 FOMO 投了一些比特幣與以太幣,泡沫破掉之後,2019 年開始接觸中心化交易所放貸,一開始只是尋求更高的收益率,但也開始思考這些收益從哪裡來?對於除去中間人帶來的價值有初步了解。2020 年接觸 DeFi,深入研究國家、貨幣、金融之間關係,開始慢慢著迷於去中心化與網路國家的概念。

到了 2021 年,許多不同產業的大公司,或是站在科技圈頂點的大佬們像是 Elon Mask、Jack Dorsey、Jensen Huang、Mark Zuckerberg 都在探索區塊鏈科技,深感許多產業會因為區塊鏈科技而被顛覆,又得知 AppWorks 開出 Crypto Native 分析師的職缺,想說時機終於來了,是該勇敢去尋找一份自己有熱情、又能創造影響力的工作了。


Hi, I’m Bill, and I work as a web3 analyst at AppWorks.

If I had to describe myself in two traits, they would be curiosity and tech geek. I love reading sci-fi novels and movies, and my favorites are “The Three-Body Problem” and “Black Mirror.” My dream is to travel to space on a rocket powered by fusion technology, live on Mars using cryptocurrency, and, if given the chance, enter cryogenic hibernation to wait for the AI singularity to arrive.

Knowing that I had an interest in both technology and investment, I joined an MA program and landed a job in public equities, focusing on technology stocks.

I’ve always felt that investing is like standing at the front of a train and watching where it’s heading. It allows you to stay up-to-date with the latest trends in technology and capitalize on that knowledge through investing. If your predictions are correct, the market rewards you. Similar to standing at the front of a train, you will encounter both exciting and discouraging things. Investing is also similar in that your investments can bring great joy or disappointment. However, the train doesn’t stop and the market won’t wait for you, so you must continually improve your knowledge and skills to better adapt to changes.

In order to keep up with the latest technological advancements, I subscribed to Michael Chou’s “Daodu Tech.” which accompanied me on my stock investing journey from its launch in 2017 to its final article in 2021. What sets Daodu Tech apart is its exploration of the relationship between technology and humanity. In his last article, Michael pondered:

“He was uncertain whether being constantly immersed in technology had caused him to forget the meaning of being human.”

These words resonated with me and made me wonder about the purpose of my work and how it can have a positive impact on society. Although I attempt to persuade myself that enabling capital to be more efficient and seeking out undervalued assets is a crucial impetus for technological advancement, in reality, most of the time I am just following the market and price movement. The desire to do something more impactful was always hidden in my heart.

Now, it’s a good time to talk about how I fell into the crypto rabbit hole and why I decided to join the crypto industry.

In 2017, during the peak of the ICO craze, I invested in Bitcoin and Ether due to FOMO. After the bubble burst, in 2019, I ventured into centralized exchange lending, seeking higher yields. It was during this time that I began to contemplate the source of these returns and develop an initial understanding of the value proposition of disintermediation. In 2020, I delved deeper into the world of DeFi, researching the relationship between countries, currencies, and finance, which sparked my fascination with the concepts of decentralization and the network state.

During my last year in international stock investing, I noticed that many leading figures in the tech industry such as Elon Musk, Jack Dorsey, Jensen Huang, and Mark Zuckerberg were exploring the technology of blockchain. At the same time, I came across a job opening for a Crypto VC, which seemed like the perfect opportunity for me to find a job that aligned with my passion and allowed me to make an impact.

At a venture capital firm, I am still investing, but now I have the opportunity to stand in a more forward position, witnessing how those who build the rails are paving the way forward. My goal is not only to predict the train’s direction but to provide support to those who are at the forefront. Even if all I can do is cheer them on, I will work diligently from my position to gain a better vantage point, eager to see and help guide the entrepreneurial landscape towards greater success.