Fu Peng's First 2026 Speech: Why I Joined the Crypto Asset Industry
On April 23, 2026, renowned macro economist Fu Peng delivered his first public speech at the Hong Kong Web3 Carnival, explaining why traditional finance is converging with crypto assets. He proposed the "FICC+C" asset allocation framework, arguing crypto has matured enough for institutional portfolios.
Content compiled by Eric, Foresight News
On April 23, 2026, at the Hong Kong Web3 Carnival held at the Hong Kong Convention and Exhibition Centre, Fu Peng — newly appointed as Chief Economist at Xinhuo Group and a renowned macro economist in China — delivered his first public speech of 2026.
In this speech, Fu Peng publicly articulated his understanding of crypto assets and their position within the current macroeconomic environment for the first time.
"Many people have been asking me why I've gotten so close to the crypto world. This actually started around 2022 — it's been about four years now."
"While I was in traditional finance, I was closely following the developments in the crypto asset market. My real experience over the past 25 years has been in what you'd call traditional hedge funds."
"You might wonder: why are traditional capital and traditional finance people starting to pay attention to crypto assets?"
Fu Peng proposed the concept of "FICC+C" — adding crypto assets to the traditional Fixed Income, Currencies, and Commodities asset allocation framework.
"The timeline goes back to the origins of FICC as an asset class — roughly the late 1970s to early 1980s. Every round of technological progress reshapes all industries, including finance."
"FICC was born in the early 1980s. JP Morgan became the biggest pioneer in financial derivatives. Blythe Masters, a Cambridge graduate hired by JP Morgan, became the founder of the entire financial derivatives market."
"Technology progress and world turmoil happen at the same time. In the 1970s and 80s, we experienced the Cold War, Middle East wars, the dollar oil crisis, and the systematic decoupling of gold prices."
"But human civilization always has opportunity and risk walking together."
"The first half was what everyone knows as the traditional crypto circle. Nothing is unchanging — everything is constantly being reconstructed and reborn in the process of development."
"These two phases mark a seismic shift in investors, participants, market systems, and rules of the game. This node announces the end of the early development stage of the past 10-15 years, and the arrival of a new development stage."
"My observation is that 2025-2026 is probably the inflection point for crypto assets."
"The future will definitely be 'FICC+C' — there won't be so much separation between us. Compliance is the other crucial piece, which is why 2025 is really a foundational year."
"Whether it's the stablecoin legislation or the definitive bills for digital and crypto assets — two important pieces of legislation have already told us the market's answer."
"What I want to say is: crypto assets have matured to the point where they can be included in investment portfolios."