It has been a long time since the market of cryptocurrency has started. In November, the cumulative market capitalization of cryptocurrency surpassed $3T as it recorded remarkable profits during the earlier days of 2021. However, then occurred the correction thereof. At present – because of the downfall experienced by Bitcoin (the asset that is responsible for occupying approximately 40% of the whole market) – the market is standing at nearly $2.2B.

A Stunning elevation

It is interesting to note it here that Jihan Wu – the billionaire as well as the co-founder of Bitmain (a mining giant) – voiced his considerations in the recent interview conducted by Forbes. As per him, at the beginning crypto was a volatile product however the growth thereof during the long term has impacted the price fluctuations thereof considerably. He added that regarding the 95% of the crypto tokens today it is true that they fluctuate in value and disappear sometimes nevertheless the rest of them (5%) continuously grow to a huge extent.

He is of the view that the industry of cryptocurrency will be consistent in incorporating innovations because it is not undermined by the conventional system of finance. He mentions that a unique space of chances has been opened by the white paper of Nakamoto’s Bitcoin. Advancements such as decentralized finance (DeFi) are splendid, he noted. A new world has been developed by blockchain and crypto technologies permitting fintech entrepreneurs to have big achievements. Subsequently, in his view, the conventional financial organizations, as well as watchdogs, will provide blockchain technology with its due position.

Moving aside from attention

In 2013, Wu and Micree Ketuan collaborated to introduce Bitmain Technologies – a provider of expert hardware called mining rigs. Nonetheless, this didn’t work out for much longer. Wu exited from Bitmain following a terrible fight with the colleague and co-founder Micree Zhan. After that, in 2019, he laid the foundation of Matrixport along with Bitdeer Technologies (a venue for crypto mining that is in advance making strategies to be listed on Nasdaq with having a valuation of $4B.

Jihan Wu stated that the current year was not so good for the industry particularly after the massive exodus undergone by China. A blog that was published on the behalf of the state-governed Economic Daily pointed out that the authorities of the country ought to exercise a crackdown over the people still involved in crypto mining by taking advantage out of the loopholes present in the regulatory framework.