Former CEO and co-founder of Bitmain Technologies Jihan Wu believes that only 5% of cryptocurrencies may remain in the market, but they will show significant growth.
Jihan Wu
considersthat cryptocurrencies were created to be volatile, but their growth in the long term will far outweigh their price fluctuations.
“Even if 95% of today’s coins completely lose their value and disappear, the remaining 5% will grow significantly.”
Despite the regulatory uncertainty that characterizes cryptocurrencies in many of the world’s largest markets, Wu believes the industry will continue to develop unique innovations as it is not subject to the constraints of the traditional financial system.
“Innovations like DeFi are breathtaking. Cryptocurrencies and blockchain have created a new world, enabling fintech entrepreneurs to achieve great success. Eventually, traditional financial institutions and regulators will adopt blockchain technology. ”
When Wu and his associates founded Bitmain Technologies, he believed and continues to believe in the future of the crypto industry.
“We believed that cryptocurrencies and blockchain would grow to tens of trillions of dollars in the future. And many of these new users will forever remain in the cryptocurrency market, so they will need advanced and sophisticated products to manage the money they accumulate in cryptoassets. ”
Wu noted that cryptocurrencies are growing rapidly this year due to their popularity. El Salvador became the first country in the world to accept Bitcoin as legal tender, and a growing number of companies including AMC, AT&T, Mastercard, Microsoft and PayPal are accepting payments in cryptocurrencies.
Jihan Wu revealed that Bitmain went through a tough time and did not go bankrupt. Bitmain’s 2022 net income is expected to be between $ 2 billion and $ 4 billion.
Recently, Argo Blockchain CEO Peter Wall suggested that in 2022 bitcoin will “recover” its losses, and new forms of financing will open up for the mining industry. Analyst agency Triple-a expects the FOMO effect to be the main driver for investment in crypto assets in 2022. FTX CEO Sam Bankman-Fried expects NFTs to expand even further in the content and video game markets in 2022.
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