Jihan Wu has seen the good and bad times in the digital currency industry and he believes even if 95% of projects fail, the remaining 5% will be worth so much to cover all forms of losses whatsoever.
Jihan Wu is arguably one of the biggest innovators in the digital currency ecosystem, known as the co-founder of Bitmain Technologies, a Chinese crypto mining firm he co-founded with Micree Ketuan Zhan back in 2013. In an exclusive interview with Forbes Asia, Wu talked about the optimism he has in the market which was borne out of his long ride in the industry since he discovered Bitcoin and its potentials.
As he told the story, He discovered bitcoin and recognized its early promise more than a decade ago, when he saw it being used to buy computer hardware and IT services in online forums like Bitcointalk.org. At that time, Bitcoin was only being used by a few experts and Wu nursed the idea that the digital asset will need a more sophisticated infrastructure in order for it to attain the mainstream adoption it deserves.
The idea led to the establishment of Bitmain, a mining outfit that was helped by Zhan’s expertise as a chip designer prior to joining the Bitmain vision. Wu said his plan was to get involved with Bitmain as an investor, however, the demands of the new startup required more active participation from Wu, and he remained an active participant in running the company as its Chief Executive Officer (CEO).
Bitmain hit instant profits as a startup, hitting revenues up to $2.5 billion, and a revenue of $742 million in the first half of 2018. However, the crypto winter of 2018 which plunged the market more than 70% took a massive toll on the company and resulted in a power tussle that finally led to Wu’s exit from the company.
Beyond Bitmain, Wu has gone on to establish two other prominent crypto companies, Bitdeer Technologies, a cryptocurrency mining platform that’s already announced plans to list on the Nasdaq at a $4 billion valuation, and Matrixport, a financial services firm valued at $1 billion in its latest funding round. Bitdeer operates up to 100,000 mining rigs and Matrixport’s services include custody, trading, lending, and structured products and have over $10 billion in assets under custody.
Jihan Wu Dreams for Crypto Future
Jihan Wu has seen the good and bad times in the digital currency industry and he believes even if 95% of projects fail, the remaining 5% will be worth so much to cover all forms of losses whatsoever.
“Even if 95% of today’s coins lose all their value and disappear, the remaining 5% will grow massively,” he says.
Wu believes innovation is constantly evolving in the blockchain ecosystem and more of it will be showcased in the near future.
“Innovations like DeFi [decentralized finance] are breathtaking” he says. “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.”
Despite the struggles he once had with Bitmain, the settlement has brought in clarity and stability, and with his stake in the firm and his current ventures with Bitdeer and Matrixport, Wu is still living the crypto dream life anyone could wish for.
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