Bitmain Co-Founder Sees Crypto Industry Growing to Tens of Trillions of Dollars
Jihan Wu, the billionaire co-founder of mining big Bitmain, told Forbes that the crypto market may find yourself reaching “tens of trillions.”
In November, the full crypto market capitalization topped $3 trillion after recording mind-blowing beneficial properties earlier this yr. It’s presently sitting at $2.2 billion attributable to a market correction, with Bitcoin accounting for just a bit over 40% of the sum.
MicroStrategy CEO Michael Saylor just lately predicted that the value of Bitcoin may reach $600,000.
Stepping away from Bitmain
Wu based Matrixport again in 2019 after the hotly anticipated Bitmain preliminary public providing went awry.
In July, Wu resigned from Bitmain after nasty infighting with fellow co-founder Micree Zhan. The 2 reached an amicable settlement, which included handing Wu management over cloud mining service Bitdeer.
Whereas reflecting on the ability wrestle, Wu says that Bitmain is doing “effectively” financially:
In August, Matrixport reached a valuation of greater than $1 billion, changing into one more cryptocurrency unicorn after wrapping up a $100 million funding spherical.
Whereas detractors are inclined to dismiss crypto as a speculative play, Wu is satisfied that the tech behind it holds a variety of promise.
He says that Satoshi Nakamoto’s Bitcoin white paper opened “a brand new world” of alternatives.
Wu additionally described the decentralized finance business, which has skilled stupendous development over the previous two years, as “breathtaking.”
The crypto billionaire predicts that cryptocurrencies will ultimately be embraced by legacy finance and regulatory establishments:
Finally, conventional monetary establishments and regulators will embrace blockchain know-how.