Jihan Wu Still Optimistic About Bitcoin Despite World Crisis
~ "The bull this time around may not come immediately after the halving"
Co-founder of Bitmain, Jihan Wu has stated that he believes that cryptocurrencies will improve amidst this global pandemic that is threatening crypto market. The co-founder of one of the biggest ASIC minning rig manufacturers in the whole world stated in an interview that he was positive about the future of Bitcoin and the likes. He further explained that the recent options of most investors not to trade crypto would make digital currencies more valuable than ever. During the interview, Wu stressed that the even though the growth of Bitcoin will be slow the price of the cryptocurrency has a top.
“As bitcoin’s market cap grows, its volatility decreases and becomes more stable,” Wu detailed. “That means we may not see abrupt spikes in its price. No matter how high bitcoin goes, one day it will reach a top. Before that, it will see prices with flatline growth with some twists in the next few years” he said. He further stressed that “I think the bull this time around may not come immediately after the halving. There likely will be a delay in time”.
Continuing, Wu confessed that he knows and does not see Bitcoin as a relatively good choice in times like this. In his words he said he doesn’t look to Bitcoin to be a “safe haven in a volatile world.” “However, bitcoin and the financial markets, in my eyes, are a bit like the relationship between a surfboard and wave. How well you can surf depends on your skills,” Wu added.
Furthermore, Wu spoke on the next generation miners that was unveiled by Bitmain; two different Bitcoin miners with maximum speed up to 110TH/s per unit. They were unveiled at a ceremony on February 27 at the Bitmain headquarters. He stressed that the miners seek to serve as improvement from the previous ones that people are conversant with and they seek to help investors and traders for the next 3 to 4 years.
Jihan Wu talked about Bitcoin cash in the interview. He said even though most traders are currently looking at the coin as the next big thing, they shouldn’t get overly ambitious. “overly ambitious goals should be put on hold, keep the technical architecture simple and the community united,” he added. He said investors should not write off Ethereum too but the developers need to limit the concern to eliminate proof-of-work and put more work to push the project forward.
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