Token News covered a story about CEO of BITMAIN, Mr. Jian Wu’s mining business, its future and this year newly born Bitcoin Cash. Mr. Wu kindly appeared at BITKAN “SHAPE THE FUTURE”.
◇F: Nice meeting you, Jihan Wu. We’d like to ask you some of the questions. So China is the largest mining enterprise with approximately 20% of bitcoin mining share, right?
◆J: Yeah, the market share is dynamically changed, er…
◇F: One of the three main points to cover is the mining business is a viable option for driving investors. So we would like to argue the feasibility of the mining business.
◆J: Mining involves lots of hardware maintenance job which requires lots of expertise, carefulness, patience, and kind of a responsibility in a very long term. So it’s not a thing can be easily done, if you want to raise money from financial investors. I think there must be a team and a leader that are very responsible and understand the money very well and take their responsibility financially working for the financial investors’ interests. ◇F: So.
◇Male interviewer: Can I ask a question?
◇M: You know the bitcoin, er, there’s a, new regulations are coming to the bitcoin industry. But so far the mining business has not been affected. But there are some rumors that the government might try to issue some policy guidelines. Do you think, er, are you concerned? Or do you think that is likely? How likely is that?
◆J: Right now there are lots of rumors in the market. We do not get anything directly about where the money is. Most of their offshoot know this and activities of bitcoin changes. We just don’t know what will happen next.
◇F: I have one more question. What’s the future of the currency industry from the viewpoint of mining of bitcoins?
◆J: Bitcoin currency will continue its growth as new kind of assets. I do believe that this growth is still at its beginning stage. It will be tens of times bigger than right now in the next 5, 10 years. And during this fast growth I do believe the money have a lot of opportunity.
◇M: Do you think China will continue to be the leader in bitcoin mining? Or is there any other countries that will challenge this position in the future because of the new regulations?
◆J: Yes, if the legal system, yes, if China, if the industry and all those engineers, investors, and money experts in China still ==acknowledged the bitcoin money, I think that China have a unique advantage to do it. If forbidden to do it in China, or it is too heavily regulated, then I think that the money will be shifted into other countries like America, even like Japan. They have this advantage; Japan is very well connected to the US to Europe. Some competitors in Japan, we know that they have tendency to go worldwide. Maybe Japan, inside Japan is not for money. But Japan business have branches all over the world. Maybe Japan will be able to lead the bitcoin money, if the China government have any regulator or even forbid the bitcoin money and drive the business, the bitcoin money out of China. That may happen. There will be some new leaders to replace China, if China forbid the bitcoin money.
◇M: How long will it take, maybe a year or two or?
◆J: I think it will happen only in a matter of months, if the policy changes. The bitcoin business, everything in the bitcoin business happens faster than other industries. Maybe in other industries, it will take 5 years, but in bitcoin just a few months.
◇M: Do you think the Chinese government’s policy will stop the mainstream adoption of bitcoin and cryptocurrencies? McAfee was saying that people will always find a way around, you know, regulations.
◆J: I cannot give a comment on this. I think that inside of ouwn country.
I think China government have their own rights to regulate the financial system regulations for the best interest of the country. Bitcoin, how the country regulates bitcoin, it’s definitely it violates freedom. It’s a domestic thing. I don’t want to give comments on this.
◇M: I understand. The Bitcoin Cash, you seem to be a big proponent of the Bitcoin Cash. Is there, like inside struggles in the bitcoin industry? Do you think that any effect on the future of the bitcoin? And why do you think the Bitcoin Cash is necessary?
◆J: I think it’s a natural thing that is necessary to happen, because people will have different opinions. I think they should have the freedom to go on their own way. I think that’s what freedom means.
No one should be forced. Everyone should have the rights to pursue what it is that you think is right, right? The Bitcoin Cash will work to seek its own ways.
◇M: Do you think it’s gonna survive or succeed?
◆J: I believe it will be very successful.
◇M: You think successful.
◇M: you have more questions? Enough? Thank you so much, Jihan.
◆J: Thank you.
◇F: Thank you very much.