Wu Jihan, a crypto billionaire and the co-founder and chairman of Matrixport, the digital asset financial services platform <a href="https://www.cnbc.com/video/2021/07/13/crackdown-on-crypto-is-a-good-thing-for-the-industry-matrixport.html" target="_blank" rel="nofollow noopener">said</a> that the regulatory pressure on crypto is very healthy for the industry. Wu Jihan mentioned that though this pressure may appear to be the villain in the market but they are improving the reputation of the industry.
<h2>Wu Jihan Says Crypto Crackdown May be a Good Thing</h2>
At the time of the Asia Tech x Singapore conference, Wu addressed the positive side of the <a href="https://www.cryptoknowmics.com/news/chinas-crypto-crackdown-could-be-good-for-the-market-analysis/">crypto crackdown</a> and said:

“I think that such kind of crackdown may be a good thing for the industry in long term.”

The former CEO and Chairman of Bitmain, the bitcoin mining giant, Wu Jihan mentioned that the regulatory pressure is stronger than before. 

Moreover, in accordance with the data released by Forbes, the net worth of the crypto billionaire is around $1.8 billion as of the month of November.

Wu addressed the growth in the industry and said:

“It’s a fast-growing financial sector. It’s growing almost to like a trillion-dollar market cap industry, and more than 10% of the United States citizen have already got some involvement with cryptocurrency.”
<h2>Effects of Crypto Crackdown on The Industry</h2>
The fact that the recent <a href="https://www.cryptoknowmics.com/news/central-bank-of-china-urged-banks-and-financial-institutions-to-tighten-crypto-crackdown/">tightening</a> of the crypto crackdown in China has badly affected the market can not be denied. 

It has directly impacted the sentiment, trust, and investments of the investors along with being the catalyst for the decline in the price of cryptocurrencies.

It can be witnessed as Bitcoin managed to climb to its peak back in the month of April, but then it plunged over 47% the same year following the crackdown.

Though the crypto crackdown in China has been underway since the year 2017, it has shown significant growth at a great intensity this year.

Regulatory Pressure on Crypto is Very Healthy for the Industry- Wu Jihan

Wu Jihan said that the regulatory pressure on crypto is actually very healthy for the cryptocurrency industry and digital assets.

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.

Regulatory Pressure on Crypto is Very Healthy for the Industry- Wu Jihan

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