Bitcoin billionaire and former Bitmain CEO Jihan Wu says that the market cap for crypto will continue to grow to tens of trillions of dollars.
Wu, who was an early adopter of Bitcoin and founding figure for crypto mining rig manufacturer Bitmain in 2013, said the market’s growth would continue despite its propensity for volatility. He noted that even if 95% of the coins on the market today lose all of their value and disappear, the remaining projects will “grow massively.”
After leaving Bitmain, Wu went on to found financial services firm Matrixport in 2019, despite the crypto markets being in the depth of a bear market. The company was recently valued at $1 billion in its latest funding round.
Speaking in an interview with Forbes, Wu explained he was very optimistic about the future of cryptoassets.
We believed that crypto and blockchain together would experience rapid growth in the future to tens of trillions of dollars.
Wu said a large portion of the influx of new users will “stay in the crypto market forever,” creating a necessity for advanced and sophisticated products in order to manage their wealth. He argued that crypto, unlike the traditional financial system, was free to continue to develop unique innovations due to the lack of constraints.
Innovations like DeFi are breathtaking. Technologies like crypto and blockchain have created a new world, allowing fintech entrepreneurs to make big achievements. Eventually, traditional financial institutions and regulators will embrace blockchain technology.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.