Ben Gelfand, CEO of Bluesky Digital Assets Corp., talks to us About Everything Crypto
Digital asset ecosystems before now existed in theory. In recent times, these new organizations have become the norm rather than the exception.
A perfect example of one of such organizations is Bluesky Digital Assets Corp. As a digital asset company, Bluesky Digital Assets Corp. has proved to many within and outside the cryptocurrency space it is not just a cryptocurrency mining company with its ecosystem approach.
With more than promising Q1 results, and new partnerships (especially with companies like Pandaminer), Bluesky Digital Assets Corp. is one-of-a-kind within the cryptospace!
E-Crypto News caught up with Ben Gelfand, CEO of Bluesky Digital Assets Corp. Here is what he had to say.
Congratulations on a great Q1 performance! What’s next for Bluesky Digital Assets?
Investors can read many Q1 2021 announcements that were released and understand that Bluesky Digital Assets is scaling our current mining and developing blockchain applications. As CEO, I am laser-focused on near-term results and I believe that this year we will deploy more mining through hardware upgrades.
I believe that we have several more milestones to hit in 2021 on the software side and we will achieve those. We’re proud to be recognized by Pandaminer as a partner because it reinforces our ability to growth.
What exactly are BlueSky Digital Assets’ activities?
Bluesky Digital Assets mines digital currencies and develops blockchain applications and software. It is necessary to understand what makes our business model different than the competition. Unlike other companies in the digital currency and space, we do more than mining.
We are an integrated blockchain company that is constantly developing multiple revenue streams centered around blockchain, decentralized finance, stable coins, fintech solutions, and artificial intelligence. This multi-faceted approach means that we focus on revenue streams that are scalable for long-term growth.
What are the components of the BlueSky Digital Assets’ ecosystem?
Mining, data analysis as it pertains to mining, and blockchain applications.
How did you get involved with cryptocurrencies, their underlying technologies, and digital assets?
I noticed the liquidity and fungability of Bitcoin during the Cypriot debt crisis and understood it was going to be a growing new industry, so I got involved.
Also, when digital currencies like Bitcoin were born, I understood that this was a fintech solution for high fees and regulations that cut out several middlemen and redundant regulations.
The digital currencies mined had value as work was performed to obtain them and the digital currencies had value because of their utility for payments, simple and speedy transferability and ability to by-pass the usual intermediaries.
Best of all in the case of Bitcoin, there are a finite amount that will ever be in existence with zero dilution, unlike the dollar. This preserves Bitcoins’ purchasing power.
What are your thoughts on the regulation of digital assets?
They are tough to regulate, but let the politicians try. Right now, I see that it’s a self-regulating industry, and that has worked so far. It is still considered the “Wild West” by many, so it will be interesting to see what happens.
What do you think are the problems facing the adoption of digital assets?
Like so many new ideas and products, there is fear due to lack of knowledge and educational resources.
As large institutions such as PayPal, Morgan Stanley, and so many others get involved with Bitcoin and digital assets, the information will become more mainstream and investors will have varying levels of comfort over time.
People are understanding that this is the future and information is going to be the key to adoption.
Do you have any special secret formula for your current results? Care to spill the beans?
A Brewmeister never discloses their recipe! But I can tell you that our tech team has a combined 50 years of experience in IT and stellar relationships with top hardware manufacturers.
We had three press releases announcing hardware commitments and an extremely fast turn-around to getting everything set up and operational.
That comes with expertise and strong industry relationships. The market is competitive so every move that we make has to be smart and nimble.
Please, can you tell us more about your proprietary AI product?
It’s a trade secret that I cannot discuss.
What are your other revenue streams?
Stay tuned as they will be rolled out through the year! I can tell you that Bluesky Digital Assets is going to be building on its solid foundation.
Other mining companies might be larger in size, but they are not growing at the same robust pace as Bluesky.
That’s because, as I mentioned earlier, we take a five-fold approach and have created multiple revenue streams centered around blockchain, decentralized finance, stable coins, fintech solutions, and artificial intelligence as it applies to bitcoin mining.
Simply put, we are more than a mining company. That’s our point of differentiation and where our other revenue streams are focused.
What are your thoughts on the emergence of the decentralized finance (DeFi) space?
The emergence of the decentralized finance space has come with a lot of hype. Bitcoin itself is a decentralized financial solution. We know that it works well.
Do you have any plans to diversify your activities from mining to staking operations in the future? Please tell us the reasons for your answer.
Everyone always asks what the next focus will be. Ethereum (ETH) will require some proof of stake going forward.
This currency is something that we are looking at as a company and perhaps and we will participate. It is too early to make a definitive statement about it now.
Can you tell us more about Crypto Valley? What is Crypto Valley?
Crypto Valley is an association of like-minded crypto professionals from around the world who promote and share ideas.
The organization is based in Switzerland and is make up of individuals, small businesses, and large companies who are interested in the long-term economic benefits of blockchain and cryptographic technology innovation. Bluesky Digital Assets is a member.
What has been the impact of Crypto Valley on the cryptocurrency industry?
Zug, Switzerland, where Crypto Valley is located, is a hotbed of Crypto innovation and ideas. In terms of impact, the organization fosters global communications among people with a passion for the blockchain economy.
Crypto Valley is the leading voice for advocacy focused on the regulatory, legal, and taxation topics. Ultimately, the association focuses on plans to impact the future of cryptographic technology innovation.
What are your thoughts on the institutional flows into the cryptocurrency space?
It has been rapid and amazing. Crypto is becoming a mainstream asset class with utility. It’s almost daily that we hear news about another major institution either planning or actively making a move in the cryptocurrency space. This proves that this is the future.
What are your thoughts on the emergence of Non-Fungible tokens (NFTs)?
I believe that it is hype.
Do you think the NFT space is in a bubble? Please tell us the reasons for your answer.
Yes, NFT is in a bubble. If we look back to just a few years ago from 2016 to 2017, companies issued tokens without a registry and without regulations. It was like air because no one owns anything.
Projects that never happened resulted in worthless tokens. It’s not a coin, it’s not debt, it’s not equity — it’s a black hole. During that time the SEC came down hard due to investor losses and lack of liquidity.
The SEC said that it was not a security and companies were forced to pay back losses and a fine. The fine is what the company made, so it was significant. Some companies completely disappeared, and people didn’t get paid pack for the losses.
This scenario seems to be coming back again, and it is a big problem for investors.
Where do you see Bluesky Digital Assets in the next decade?
In the next year I see BSDA with greater revenue EDITDA and rising share price. As I’ve said before, I’m very focused on bigger revenues, bigger profits, bigger share price, more volume, more shareholders. Who knows, down the road we might even have a senior listing.
As the mathematics in determining consensus as per digital assets gets harder, how will Bluesky Digital Assets adapt to changing situations?
We have many sources of data and analytics to steer us to the best fee and mining revenue. We are rightsized so it’s easy for us to pivot as an organization.
Do you have any corporate or personal secrets you want to share? Care to spill the beans?
As we know, “loose lips sink ships” so you’ll have to wait for more announcements from us.
If you had three wishes and a Genie that could make them come true, what would they be?
Bluesky Digital Assets Corp., (CSE: BTC), (CSE: BTC.PR.A), (OTC Pink: BTCWF) stock at $100.00, a chicken in every pot, and world peace.