Started in 2013, Bitmain is now the world’s largest bitcoin mining chip company, turning Jihan Wu — the co-founder — into a billionaire with an estimated net worth of 2.39 billion dollars. Recently, Jihan Wu was present at the two-day World Digital Mining Summit 2019 to discuss cryptocurrency and mining.
After launching new miners, named S17+ and T17+, Jihan Wu shared his opinion on the short and long-term growth of bitcoin. Here’s the condensed version:
On short-term bitcoin prediction: Jihan Wu believes the crypto market is in the “correction” period and expects bitcoin to lose its value. He is negative about bitcoin halving, which will take place on May 2020.
On long-term bitcoin prediction: Jihan Wu is positive about the long-term growth and expects cryptocurrency to become a common currency in the future.
While many investors believe bitcoin halving will spark a bullrun, Jihan’s perspective is different — and terrifying to many investors. Before starting Bitmain, Jihan Wu invested in bitcoin almost 8 years ago (2011) and continues to hold a major chunk.