Matrixport founder Jihan Wu says the crypto market will swell to ‘Tens of Trillions of Dollars’

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TL;DR Breakdown

  • In May, Matrixport CEO Jihan Wu shared his thoughts that cryptocurrencies would grow to tens of trillion dollars and even exceed the internet. 
  • His startup firm, Matrixport, raised $100million in August to become a crypto unicorn.

Matrixport CEO, Jihan Wu, thinks that cryptocurrencies will grow to reach trillions of dollars in valuation. He also advised traders who want to survive in the crypto market for a long time to look for good tools to track their wealth accumulations from cryptocurrencies.

Former CEO of Bitmain believes cryptocurrencies will grow exponentially

Jihan Wu, a former CEO of Bitmain, has been a crypto stakeholder for more than ten years. He co-founded Bitmain with Micree Zhan in 2013. However, they fell out, and he resigned from being the CEO.

A few months ago, he raised $100 million through Matrixport to rejoin the cryptosphere. He is a believer in cryptocurrencies. According to him, cryptocurrencies will even be more significant than the internet. In a May conference, Wu noted that blockchain technology is very bullish and the enormous opportunity of this century.

In an interview with Forbes, Wu revealed that blockchain technology and cryptocurrency would grow exponentially. He added that many new crypto market position holders would tend to hold on, but they should look for good tools to manage their accumulated gains.

Furthermore, he noted that even if a large number of the current cryptos crash and become obsolete, the surviving ones will still be marvelous.

Jihan Wu opens up on the fallout with Bitmain co-founder Micree Zhan

During the interview, Wu also opened up briefly regarding the fallout with his once business partner and Bitmain co-founder Micree Zhan. He struck a deal with Micree and resigned from his post to focus on Bitdeer and Matrixport. Per the interviewer, this was the only time that Wu was willing to open up about quitting from Bitmain. However, he did not say much due to the non-disclosure paperwork he signed before leaving the office.

Wu said that his time as the boss of Bitmain was difficult for the company and him. He also noted that the heat of managing and running the whole manufacturing franchise started building, leading to disagreements and eventual fallout between the founders.

While Jihan Wu is pushing forward with his companies, Bitmain is also running smoothly. Recently, Bitdeer revealed its plot to list Nasdaq while Matrixport also acquired a massive fund to push it into being a crypto unicorn. In a Dubai summit, Bitmain announced that they now have the most powerful BTC mining rig in their operational history. Per Bitmain, the rig is Antminer S 19 XP, and it works at hash rates of 140 TH/S. It also has a mining pool known as Antpool, which is ranks third among the largest BTC miners in terms of hashrate.

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