Bitmain’s co-founder sees the crypto industry growing to tens of trillion dollars

Billionaire co-founder of mining giant Bitmain, Jihan Wu, told Forbes that the cryptocurrency market could hit “tens of trillions”.

Total crypto market cap hit $ 3 trillion in November after seeing a staggering surge earlier this year. Because of the market correction, it’s currently at $ 2.2 billion, with Bitcoin making up just over 40% of the total.

MicroStrategy CEO Michael Saylor recently predicted that Bitcoin price could hit $ 600,000.

Get out of Bitmain

Wu founded Matrixport back in 2019 after Bitmain’s much-anticipated IPO went wrong.

In July, Wu resigned from Bitmain after a malicious exchange with co-founder Micree Zhan. The two reached an amicable settlement that also included handing over control of the Bitdeer cloud mining service to Wu.

While pondering the power struggle, Wu said Bitmain is “doing fine” financially:

Matrixport reached a valuation of over $ 1 billion in August and became yet another crypto unicorn after completing a $ 100 million funding round.

The “spectacular” innovation

While critics tend to view cryptocurrencies as speculative, Wu believes the technology behind them holds great promise.

He said that Satoshi Nakamoto’s Bitcoin whitepaper opened “a new world” of possibilities.

Wu also described the decentralized financial industry, which has seen incredible growth over the past two years, as “spectacular.”

The crypto billionaire predicts that cryptocurrencies will eventually be adopted by old financial and regulatory institutions:

Ultimately, traditional financial institutions and regulators will adopt blockchain technology.