Bitmain Cofounder Jihan Wu Says ‘Crypto Industry May Surpass the Internet’

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Jihan Wu, cofounder of cryptocurrency mining giant Bitmain, has said the cryptocurrency industry could be bigger than the internet. Wu made the comments at a blockchain event in Taipei on Friday, reports Bloomberg, and said that he expects the industry to be worth between $500 billion and $1 trillion.

Speaking to an audience of investors and industry leaders at the Block (Chain) Party 2018 Conference in Seoul, South Korea, Bitmain cofounder Jihan Wu shared his vision of where the cryptocurrency and blockchain industries are headed. Crypto will be bigger than the internet, he noted.

Bitmain Cofounder Jihan Wu Says ‘Crypto Industry May Surpass the Internet’

At the second Mining Ecology Conference and Wet Season Festival 421, Jihan Wu, president of the Bitdeer Group and co-founder of Bitmain, spoke about the institutions that are massively committed to mining cryptocurrencies. During the event, Bitdeer spoke about the company’s IT partnerships and its plans to make digital currency mining more sustainable.

Jihan Wu, co-founder of Bitmain, is optimistic about the future of cryptocurrencies and mining

Two weeks ago, Bitdeer Group, the company behind the web portal, announced that it had received $12 million in funding from Genimous Investment, the Hong Kong subsidiary of Genimous Technology.

These funds will be used to develop Bitdeer’s cloud mining services. Bitdeer was founded by Jihan Wu and is backed by Sequoia Capital, IDG and other financial institutions.

Bitmain Cofounder Jihan Wu Says ‘Crypto Industry May Surpass the Internet’

At the second 421 Wet Season Festival and Ecology of Mining conference, Jihan Wu told the audience how institutions are stepping into digital currency mining.

Wu said at the conference:

In the long term, the blockchain industry is bullish and represents the biggest opportunity. Innovation in this sector could even surpass the Internet itself.

Credible value creation

The Bitmain co-founder noted at the event that the entry of well-known companies into the crypto space will continue, and he expects the crypto economy to grow. Wu mentioned the many positive aspects of the cryptocurrency sector, but noted that there will also be challenges and stressed the need for the sector to create credible value.

Wu went on to say that digital assets are no longer something extraordinary and are recognized by global financial powers.

This is good for the industry because it shows that it is recognized by the traditional financial world, Wu said in his presentation. Whether it’s a new industry for a company or a new way to invest money, I think more and more large companies will be entering this sector in the future.

Representatives from Bitdeer Matt Kong, Ye Jiejie, Liang Baoqing, Matrixport Ge Yuesheng, Vice President of Bit Mining Meng Xiaoning and CEO of Jiang Ruoer also attended the event.

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Bitdeer Group has done the groundwork to adapt to mining trends and market changes, Bitdeer Group CEO Matt Kong said at the conference.

What do you think of what Jihan Wu said at the conference? Let us know what you think in the comments below.

Tags in this story

Bitcoin mining, BitDeer, Bitdeer Group, Bitmain, BTC.TOP, cryptoassets, digital currencies, institutional interest, institutions, internet, Jihan Wu, Liang Baoqing, Matrixport, Matt Kong, mining, Mining Ecology Conference, Ye Jiejie

Photo credit: Shutterstock, Pixabay, Wiki Commons, Bitdeer Group

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