Billionaire Bitmain Founder Jihan Wu is optimistic about the crypto market

The cryptocurrency market has come a long way since its inception. In November, the total crypto market capitalization hit $3 trillion after posting spectacular gains earlier this year.

But then the correction happened. The market is currently at $2.2 trillion due to the correction, with Bitcoin making up just over 40%.

It is interesting that in that context, Jihan Wu, billionaire co-founder of mining giant Bitmain expressed his thoughts in a recent interview with Forbes.

According to him, cryptocurrencies were born to be volatile, but their growth in the long term will outpace price volatility. He further noted,

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

Wu believes that the industry will continue to develop unique innovations. Because it is not subject to the constraints of the traditional financial system.

He said that Satoshi Nakamoto’s  Bitcoin white paper opened up “a new world” of opportunities. According to Wu:

“Innovations like  DeFi [decentralized finance] are spectacular. Technologies like cryptocurrency and blockchain have created a new world, allowing fintech entrepreneurs to make great achievements. Finally, traditional financial institutions and regulators will get involved in blockchain technology.”

Curiously, many advocates have made bullish forecasts for Bitcoin. For example, the CEO of  MicroStrategy, Michael Saylor, recently predicted that the Bitcoin price could reach $600,000.

In 2013, Wu partnered with Micree Ketuan Zhan to launch Bitmain Technologies, a supplier of specialized hardware known as mining rigs.

However, this race did not last long. Wu has resigned from Bitmain after a malicious exchange of words with co-founder Micree Zhan.

He then founded Matrixport in 2019. In addition, there is Bitdeer Technologies, a cryptocurrency mining platform that has announced plans to list on Nasdaq at a valuation of $4 billion.

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