by Jamie Redman
Seven months ago, during the first week of May, the digital currency entrepreneur Jihan Wu said at a conference that he expects the crypto industry to surpass the internet and the following August, Wu’s firm Matrixport raised $100 million and joined the crypto industry’s growing list of unicorns. This week an interview with Wu was published and the billionaire said that he believes crypto and blockchain space will grow to tens of trillions of dollars in value.
The former CEO of Bitmain is no stranger to the world of cryptocurrencies as the pioneer has been involved in the industry for well over a decade. Jihan Wu co-founded the privately-owned company Bitmain Technologies Ltd., with Micree Zhan in 2013.
In recent times, he leads the digital currency financial services company Matrixport, a startup that raised $100 million in August. Wu is a big believer in crypto and blockchain and in May, Wu spoke at the Second 421 Wet Season Festival and Mining Ecology Conference and said:
In the long run, the blockchain industry is bullish and is the biggest opportunity. The innovations in this industry may even surpass the Internet itself.
The Matrixport and Bitdeer Technologies founder is still bullish about blockchain and crypto and this week he was interviewed by Forbes Asia in a story published by author Robert Olsen. Wu’s optimism is shown throughout the interview and remarked that his firm believes the industry will swell to tens of trillions in the future.
“We believed that crypto and blockchain together would experience rapid growth in the future to tens of trillions of dollars,” Wu elaborated during the interview. “And many of these new users will stay in the crypto market forever, so they’ll need advanced and sophisticated products to manage the wealth they accumulate in crypto assets.”
Furthermore, Wu highlighted his optimism more so when he said:
Even if 95% of today’s coins lose all their value and disappear, the remaining 5% will grow massively.
In the interview with Forbes Asia Wu spoke briefly about his falling out with the Bitmain co-founder Micree Zhan. Wu reached a deal with Zhan, stepped away from Bitmain and started Matrixport and Bitdeer. According to Olsen, it was the first time Wu could speak about the issue but a nondisclosure agreement stops the digital currency entrepreneur from speaking on specific matters.
“That was a tough period for our business and for me. And of course, the pressures of running a complex manufacturing business built up and eventually led to a falling out between us two cofounders,” Wu explained in the Forbes Asia interview.
While Bitdeer recently announced plans to list on the Nasdaq and the funding Matrixport recently received, Bitmain is still moving forward in the industry. At the World Digital Mining Summit in Dubai, Bitmain revealed the company’s most powerful bitcoin mining device to date. According to the announcement the Antminer S19 XP will hash at speeds of up to 140 terahash per second (TH/s). Bitmain’s mining pool, Antpool is also the third-largest bitcoin miner today in terms of hashrate, below Foundry USA.
What do you think about Jihan Wu saying that he believes crypto and blockchain will swell to tens of trillions of dollars in value? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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by Jamie Redman