Jihan Wu sees industry reaching tens of billions of dollars
Jihan Wu, the billionaire co-founder of mining giant Bitmain, told Forbes that the crypto market could end up reaching “tens of trillions.”
In November, the total crypto market cap surpassed $ 3 trillion after posting breathtaking gains earlier this year. It currently sits at $ 2.2 billion due to a market correction, with Bitcoin accounting for just over 40% of the sum.
MicroStrategy CEO Michael Saylor recently predicted that the price of Bitcoin could reach $600,000.
Getting away from Bitmain
Wu founded Matrixport in 2019 after Bitmain’s much-anticipated initial public offering went wrong.
In July, Wu resigned from Bitmain after nasty infighting with fellow co-founder Micree Zhan. The two reached an amicable settlement, which included handing Wu control over cloud mining service Bitdeer.
While reflecting on the power struggle, Wu says Bitmain is doing “well” financially:
In August, Matrixport reached a valuation of more than $1 billion, becoming yet another cryptocurrency unicorn after wrapping up a $100 million funding round.
“Breathtaking” innovation
While detractors tend to view crypto as a speculative game, Wu is convinced that the technology behind it holds great promise.
He says that Satoshi Nakamoto’s Bitcoin white paper opened “a new world” of opportunities.
Wu also described the decentralized finance industry, which has experienced phenomenal growth over the past two years, as “breathtaking”.
The crypto billionaire predicts that cryptocurrencies will eventually be embraced by legacy finance and regulatory institutions:
Ultimately, traditional financial institutions and regulators will embrace blockchain technology.
