A new interview of the Bitmain Founder Jihan Wu has emerged online wherein he is talking about Initial Coin Offering [ICOs]. During the interview, Wu also discussed the future of the cryptocurrency economy and the role of Bitcoin Cash [BCH] in it.
Wu believes that the future of the crypto-economics should be to support real economics. He subsequently said that the majority of the financial assets existing in the blockchain space will not be ICO tokens in the future. Within a span of 5 to 10 years, these financial assets will become traditional and old-fashioned.
The Founder also stated that the future financial assets classes will be bonds, stocks, futures and more. Here, Bitcoin Cash will have to develop its programming languages and scripting to support a financial environment of such kind. He added:
“If we can do it correct and fast, Bitcoin Cash will win the future of a crypto-economy.”
On being asked about the state of miners such as Bitmain and mining investors post the Bitcoin Cash block size upgrade, Wu said that the miners have to update the several mining software to attain compatibility. Moreover, he expressed the excitement of honing such updates in the software among the miner community.
Next, he discussed his views on the avoidance of scams and fraudulent vulnerabilities involved with ICOs. According to Wu, ICO is an unsustainable financial bubble that is eventually going to burst and disappear. He also stated:
“…and most importantly, we’re already seeing that some tokens are very much like a stock, for example, the exchange tokens recently got an increase in price… Is very different than the traditional ICOs and … Tokens will win this kind of competition and those bubble with ICO tokens will disappear.”
In Wu’s opinion, Bitcoin Cash has a much higher potential than other blockchains that imitate transactions artificially. Currently, Wu stated that it is difficult to predict the price of both the coins but Bitcoin Cash might take off to $100,000/BCH in about 3 to 5 years.
At press time, BCH is trading at $534.15 with a market cap of $9.24 billion. In the past 24-hours, the price took a hit of 2.57% at a trading volume of $317.5 million