Jihan Wu optimistic about crypto market, says “innovations like DeFi are breathtaking”

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The global cryptocurrency market has come a long way from the very beginning. In November, the total crypto market cap topped $ 3 trillion after posting dramatic gains earlier this year.

But then the correction happened. Well, the market is currently at $ 2.2 billion due to a correction with Bitcoin accounting for just over 40% of the dominance.

Was anyone surprised?

Jihan Wu discovered bitcoin and recognized its first promise over ten years ago https://t.co/goo4Ul2cNk

– Forbes (@Forbes) December 23, 2021

Interestingly, in this context, Jihan Wu, the billionaire co-founder of mining giant Bitmain, expressed his thoughts in a recent interview with Forbes. According to him, cryptocurrencies are born to be volatile, but their long-term growth will far outweigh their price fluctuations. He further noted,

“Even if 95% of today’s coins lose all their value and disappear, the remaining 5% will increase massively”

Wu believes the industry will continue to develop unique innovations. Since it is not subject to the constraints of the traditional financial system. He says Satoshi Nakamoto’s Bitcoin whitepaper has opened up “a new world” of opportunity. According to Wu,

“Innovations like DeFi [decentralized finance] are breathtaking. Technologies like crypto and blockchain have created a new world, allowing fintech entrepreneurs to achieve great things. Ultimately, traditional financial institutions and regulators will embrace blockchain technology. “

Oddly enough, many supporters have described bullish projections for the main cryptocurrency. For example, MicroStrategy CEO Michael Saylor recently predicted that the price of Bitcoin could reach $ 600,000.

In fact, Wu has an interesting crypto connection.

Get away from the spotlight

In 2013, Wu partnered with Micree Ketuan Zhan to launch Bitmain Technologies, a specialist hardware provider known as mining rigs. However, this race was not long. Wu resigned from Bitmain after heated internal feuds with his co-founder Micree Zhan.

He later founded Matrixport in 2019. Additionally, Bitdeer Technologies, a cryptocurrency mining platform that has already announced plans to list on Nasdaq with a valuation of $ 4 billion.

Jihan Wu said Matrixport currently manages $ 10 billion in assets, with an average monthly transaction volume of $ 5 billion. Bitdeer currently operates five mining farms in the United States and Norway and manages more than 100,000 mining machines.

Having said that, it should be noted that the year has not been good for the mining industry. Especially after the exodus from China. According to the blog published by the Economic Daily, a state newspaper, Chinese authorities must crack down on individuals who still mine cryptocurrencies and take advantage of regulatory loopholes. That is, cryptocurrency mining doesn’t have much luck in China.

“… mining needs to be reset as covid-19.”

Not to mention that other parties offer a getaway for these minors. Notably, Kazakhstan earlier this year emerged as one of the global winners in luring Bitcoin miners after China’s crackdown.

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