The billionaire former chief executive officer of Bitmain, Jihan Wu, dijo a Forbes that the market capitalization of cryptocurrencies will continue to grow to tens of trillions of dollars.
Jihan Wu is one of those early visionaries who spotted and invested in Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. in time, when the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. was practically unknown and worth very little. Now, more than a decade after learning about this technology and more than 8 years after its creation of the mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. equipment manufacturer. Bitmain, speaks to the middle Forbes of how he sees the cryptocurrency industry.
Wu, who founded Bitmain in 2013, said that market growth would continue despite its propensity for volatility. His phrase is quite emblematic (almost to have it as a sticker on your computer):
“Even if 95% of today’s currencies lose all their value and disappear, the remaining 5% will grow enormously.”
As told by DiarioBitcoin, Wu stepped down as Bitmain’s CEO in January of this year, because of disagreements with the other founders of the company. After leaving Bitmain Wu focused on two of his Singapore-based companies: Bitdeer Technologies, a cryptocurrency mining platform a place to buy, sell and store cryptocurrency that has already announced plans to go public on the Nasdaq with a valuation of $4 billion; and in the financial services company Matrixport, which was recently valued at $1 billion in its latest round of funding, countsCryptoglobe.
Optimistic about the future
In the interview with Forbes Wu indicated that he was very optimistic about the future of cryptoassets. He said:
I believe crypto and blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. together will experience rapid growth in the future to tens of trillions of dollars.
Wu also referred to the loyalty of crypto users:
“And many of these new users will remain in the crypto market an area or arena, online or offline, in which commercial dealings are conducted. forever, so they will need advanced and sophisticated products to manage the wealth they accumulate in crypto assets.”
He argued that cryptocurrencies, unlike the traditional financial system are free to continue to develop unique innovations due to the lack of restrictions.
In this regard, he focused on Defi:
Innovations like DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. are impressive. Technologies like cryptography a field of study and practice to secure information, preventing third parties from reading information to which they are not privy. and blockchain have created a new world, allowing financial technology entrepreneurs to achieve great things. Eventually, traditional financial institutions and regulators will adopt Blockchain technology.
It is worth noting that for 2018, Bitmain had become the world’s largest provider of cryptocurrency mining rigs with a 75% market share, according to Frost & Sullivan.
Even with the crackdown on mining in China, Bitmain has returned to profitability, Wu told Forbes and continues to dominate the global mining rig market from its Beijing headquarters. In response to the new restrictions, the company suspended shipments to its customers in mainland China, although it says overseas customers are not affected.
He added that Bitmain is also building platforms that use less energy to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. regulators’ concerns, but did not elaborate on what additional steps it intends to take.
Version of DiarioBitcoin
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