TL;DR Breakdown
- Jihan Wu is the former CEO of Bitmain, who claims he is optimistic on crypto regulations.
- According to his observations, Singapore will serve as an important landscape for crypto expansion.
- Jihan Wu attended the Asia Tech x Singapore session to deliver his optimistic overview.
The former CEO of Bitmain and a renowned spokesperson on cryptocurrencies, Jihan Wu, has provided a quite optimistic overview of the current position of the crypto market and multiple regulatory issues across the world.
Jihan Wu is the co-founder and a former CEO of Bitmain, a prominent Bitcoin mining firm, and is one of the most prominent figures in the crypto industry. In the Asia Tech x Singapore conference, Jihan Wu told the entire world that the existing crypto regulations and issues might be very beneficial in the long term.
Jihan Wu’s optimistic statement shows silver lining
The former CEO of Bitmain, Jihan Wu, claims that the increased scrutiny on the crypto industry will ensure that the industry is well-known for the right reasons. In 2020, crypto thefts and scams rose by a whopping 40 percent in the year 2020 which raised a lot of alarms and defamed the asset class.
Although the year 2021 has seen rapid adoption in cryptocurrency adoption, the regulations have, too, increased. According to Jihan Wu, the increased regulation will benefit the industry in the long run as the bad elements in the market will be separated and put to justice.
What Wu suggests on crypto regulations?
Although the former CEO of Bitmain is optimistic about this situation in its entirety, he claims that the problem is in the lack of understanding and communication between crypto exchanges, the governments, and the investors. This must be treated first.
This is where Wu mentioned Singapore and claimed that the government doesn’t aim towards demolishing cryptocurrencies and is reasonable in its approach towards crypto investment. He claims that in the near future, Singapore will be a leading crypto-powered nation.
