The white horse signifies power and the illusion of innocence.  

He is also an imitator.

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The knight has a bow but no arrow, he is a bluffer, a hypocrite.

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A crown was given to him. He had none, it was given to him.

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He is powerful by his conquering power. He's a great character.

And it's not Christ

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He's the antichrist. … Jesus said that “the two would be so close that it would even deceive the Elect (the Bride), if it was possible”.   1st Seal para. 294

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… He leaves to conquer, he has no crown.

“ A bow (no arrow) ; and a crown was given to him afterwards. “He didn't have a crown to begin with, but a crown was given to him.

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Notice, later was given a crown, yes, even three, three in one . It happened three hundred years later, at the Council of Nicaea .

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While he had begun, as a spirit of Nicolaitanism , to form an organization among the people.

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Nicolaitanism:  Nikao means “to conquer ”. Laoism means “ the church ”, the laity .
 

​ And it continued, it continued, and continued, it became “ a saying ”, then it became “ a doctrine ”, then “ a  constraint ".

See - 1st Seal para. 297