Matrixport Founder Says Crypto Market will Spike to Tens of Trillions of Dollars

Jihan Wu is one of the co-founders of the cryptocurrency mining firm Bitmain. Speaking to journalists at Forbes, Wu recently claimed that the total market capitalization for the entire crypto market could reach tens of trillions. It is worth noting that during the peak bullish seasons in May and November, the total market cap of the digital asset market reached $3 trillion.

At press time, the market cap is valued at $2.2 trillion, while the dominance rate for Bitcoin has crashed back to 40%. Recently, vocal Bitcoin maximalist and investor Michael Saylor told the media that the top coin has the potential to gather a value of $600K per unit.

Jihan Wu started as the co-founder of Bitmain alongside Micree Zhan. However, he ended up leaving the platform due to the increasing clashes between the leadership. Wu left the platform eventually on a friendly note and also gave up the managing positions at the cloud mining server called Bitdeer in the process.

However, he founded another cryptocurrency-centric financial services company Matrixport in 2019. Wu has been added to the list of billionaire crypto entrepreneurs recently. Matrixport reportedly reached an evaluation of $1 billion in August, as shown by its official documentation. The company gained unicorn status after gathering funds valued at $100 million.

There are some examples where the detracted cryptocurrency innovators turn into critics of the entire industry. However, Wu has maintained his image as a regular cryptocurrency advocate. He even regarded the Bitcoin whitepaper shared by Satoshi Nakamoto as a breathtaking project.

He opines that the cryptocurrency market is going to eventually supersede the legacy investment products and centralized regulatory enterprises. He, however, thinks that it is the regulators and traditional financiers who are going to embrace blockchain sooner than later.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *