Cryptocurrencies

Crypto industry may overtake the internet, says Bitmain co-founder

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DeFier internet: you have to have a hell of a pair. For Jihan Wu, innovations linked to blockchain technology could allow the crypto industry to surpass the internet.


Bitmain logo on a computer screen with a stack of Bitcoin cryptocurency coins.

From marginal to legitimate

During the Second 421 Wet Season Festival and Mining Ecology Conference, the president of the Bitdeer group and co-founder of Bitmain, Jihan Wu, mentioned the influx of institutions into the cryptocurrency mining industry.


He said innovations in the blockchain industry could, in the long run, overtake the internet. The co-founder of Bitmain believes that other big name companies will enter the cryptosphere.

Bitcoin (BTC), for example, saw the arrival of companies like MicroStrategy, Square, PayPal, and more recently the Japanese gaming giant Nexon.

In the long term, DeFi could absorb a large part of traditional finance.

Wu expects strong development in the crypto-sphere. According to him, there will be challenges to overcome and the crypto-sphere must create a “credible value“.

He explained that cryptocurrencies are no longer marginal and now recognized by the world’s major financial powers.

This recognition by the great nations must however be qualified. For example, Turkey “recognizes” the threat that cryptocurrencies pose to the lira. In fact, the country’s central bank has banned payments in crypto.

Bitdeer presented at the conference, the company’s IT partnerships and its plans to make cryptocurrency mining greener.

Bitdeer in 60 words

Bitdeer Group, the company behind the portal bitdeer.com, announced 2 weeks ago that the subsidiary of Genimous Technology at Hong Kong, Genimous Investment, had granted him a financing of 12 million dollars. This funding is intended for the development of cloud mining services of Bitdeer.

Bitdeer was also founded by Jihan Wu and is supported by Sequoia Personal-Financial.com, ofIDG, as well as other financial institutions.

If the internet has revolutionized, among other things, the information economy, blockchain could revolutionize the internet with the creation of a decentralized web. Satoshi Nakamoto, the mysterious character behind Bitcoin, has thus propelled a new financial system. Some “experts” in economics and finance are cursing Bitcoin in the media. But behind these arrogant and hateful speeches, in fact, lies a concern related to the threat of cryptocurrencies on the fiat monetary system. Bitcoin and its altcoins are in the spotlight, under enemy fire, these enemies who sit in the temples of regulation, employed to defend traditional finance.

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Fashion is good, but blockchain is the future, we agree, right ?! It’s a great opportunity and an evolving sector! On a daily basis, my job is to try to popularize cryptos / blockchains as well as possible, which appear to be far too technical.

DISCLAIM

The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.

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