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Former CEO of Bitcoin (BTC) mining firms says crackdown on crypto is good for the industry

While investors are worried over regulatory scrutiny, Wu Jihan is optimistic that it would end up helping the crypto industry in the long run.

Image by Nirut Phengjaiwong from Pixabay

Wed, 14 Jul 2021, 06:50 am UTC

The current wave of regulatory scrutiny on crypto could be a good thing for the industry in the long run, according to billionaire Wu Jihan. The former CEO of Bitcoin (BTC) mining firm Bitmain believes that it could flush out bad actors and eventually improve the industry’s reputation.

Wu made his remarks in an interview with CNBC at the Asia Tech x Singapore conference. “I think that such kind of crackdown may be a good thing for the industry in long term,” he said.

The former Bitmain CEO also noted that crypto is a fast-growing industry with the total market cap of digital currencies ballooning to almost a trillion dollars. Adoption has also significantly risen in the United State with more than 10 percent of Americans having some kind of involvement with cryptocurrency.

Investor sentiment has been dampened due to regulatory concerns, which have affected crypto prices. For instance, Bitcoin (BTC) set a new all-time high in April but fell by around 47 percent at the end of the second quarter as China intensified its crackdown on crypto trading and mining.

While investors are worried over regulatory scrutiny, Wu is optimistic that it would end up helping the crypto industry in the long run. “I think the regulatory pressure is stronger than before but it will get a lot of bad actors out of the industry and make sure that the industry's reputation is much better than without it,” he said. “So, I think this kind of a crackdown may be a good thing for the industry in the long term.”

He is also confident that Singapore would be more accepting of crypto. As a global financial center, the island nation is known for being relatively open to innovation in financial technology. “I think it’s a very good place to build a worldwide brand, financial service brand,” Wu said.

“The government is reasonable, very high efficiency, and is approachable,” he added. “There are many good reasons for Singapore to be the hub of the crypto innovations.”

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