London's fast-growing crypto community influences UK views on digital assets
With London rated as the most crypto-ready city in the world for businesses and start-ups, the city is also in a prime position for shaping the regulations surrounding the industry in the UK, according to Jason Brannigan, Partner at Kronos Venture.
Brannigan said it was no surprise to him that the city ranked first as the most crypto-ready city in the world because London has long been a global financial hub. Of the eight metrics used by Recap for the ranking, London was first in terms of the number of individuals who work for crypto-related jobs (2,173) followed by New York (1,429), Paris (1,155), and Singapore (1,109).
“It's a city that attracts the best talent from across the globe, so it is no surprise that many innovative founders and talents in the crypto space call London home. This, combined with clear messaging from the UK government that the crypto industry is welcome and will be supported, makes London an attractive base for the industry,” Brannigan said.
Brannigan also noted that the crypto community in London “is fairly disparate currently compared to other major cities” and “the growing number of talents in the city this could help shape the regulations in the UK.”
“Whilst the UK government has made clear its support for the crypto industry, more clarity from a regulatory point of view is required going forward. This is something we will hopefully have to some degree in the next year or two to ensure founders know where they stand and growth innovation is nurtured. On top of this, the London crypto community is fairly disparate currently compared to other major cities. As the industry develops here, it would be great to see more talented people come together to form closer bonds,” Brannigan noted.
The importance of the crypto community is learning from each other
With a goal of learning from the trading community in the city, WOO Network hosted a Traders’ Soirée in London where Brannigan and Co-founders of the London Crypto Club (LCC) led discussions about trading, the macro landscape, and the future of the industry. Along with the community’s role in helping shape crypto regulations, LLC's co-founders stressed its role in actual trading.
“We’re all trying to digest so much information, piecing together enough pieces of the puzzle to make probabilistic-based trading decisions. Community gives the collective “wisdom of the crowd” which is a hugely valuable input. Also, like all markets, sentiment, and narratives are key driving factors in crypto. The community can give a good sense of the prevailing narrative and where sentiment leans (and when it becomes extreme either way), David Brickell, Co-founder of LCC and Director of Institutional Sales at Paradigm said.
For his part, Chris Mills, Co-Founder of LLC, and Digital Asset Sales and Execution at JB Drax Honoré said, “Community is so important as it brings a diversity of views. I come from the traditional finance FX space and was taught by some brilliant traders. But crypto is unleashing a new breed of people to learn from. I follow some incredible accounts that are experts in on-chain analysis and crypto native traders that view the world differently from me. Despite having lots of experience in the traditional finance world, I want to learn from these people.”
Trading tips
Brickell and Mills also shared their personal trading tips. For starters, Brickell said that it is important to know the “type of trader you are, your time frames, and size risk accordingly.”
“If you’re an “investor” why are you changing positions based on daily/weekly price moves? If you’re a “trader” why are you holding on to a long position based on a long-term view?” he said.
Brickell also noted being disciplined. “Be unemotional about a position. If you’re good, you’re probably only going to be right 55% of the time. If you’re disciplined and set your SL/TP appropriately (min 1:2 risk/reward) then statistically you’ll make money,” said Brickell.
Mills for his part advises to think as “a risk manager, not a trader, and certainly not a gambler.”
“There are a number of different traits you need to be a successful trader like managing a position and remaining disciplined, but I think the modern-day trader will benefit from being the best version of themselves. Stay healthy, eat well, exercise, and take a break when the going gets tough,” said Mills.
WOO Network’s Traders’ Soirée was attended by trading community members, traders, institutions, allied projects, and CT personalities. Below are some photos from the event.
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