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Matrixport co-founder Wu Jihan responds: Analysts operate independently, ETF approval is inevitable

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Matrixport co-founder Wu Jihan responds: Analysts operate independently, ETF approval is inevitable

Analysts at Matrixport caused market turmoil with some in the community pointing to Bitmain and Matrixport co-founder Wu Jihan as having ulterior motives. Wu Jihan himself has responded to the allegations.

Wu Ji Han: Analysts Operate Independently and Unaffected

Wu Ji Han stated:

The analysts at Matrixport operate independently, their views are not influenced or interfered with by the management. They are hired for their superior analytical abilities compared to me and other members of the management team. Like many of you, I merely skimmed through the title of this report.

Markus, a talented analyst, wrote the book "Crypto Titans" last year, detailing the price history of cryptocurrencies. His book vividly recalls some events, sometimes even clearer than my own memory, even though some events caused me personal financial losses.

Looking back, in early 2023, Matrixport was one of the few institutions accurately predicting the low point of Bitcoin and maintaining an extremely bullish attitude.

This latest report is prepared for Matrixport's clients. However, its widespread dissemination by the media was not part of Matrixport's plan and beyond our control.

As far as I know, Matrixport has been consistently reminding clients to be cautious of risks and leverage, especially considering the recent volatility sparked by expectations surrounding Exchange-Traded Funds (ETFs) around exchange-traded fund ETFs. This volatility is evident in the high funding costs in the perpetual market and the decline in stocks related to cryptocurrencies in the stock market in the two trading days before today.

In terms of Bitcoin's history and its future prospects, the current volatility and the uncertainty of Bitcoin ETF approval in January 2024 are ultimately inconsequential.

In the long run, Bitcoin will always have the upper hand. In my view, the approval of a spot ETF by the U.S. Securities and Exchange Commission (SEC) for Bitcoin is inevitable, and this will attract new investment funds into Bitcoin. Bitcoin is trying to establish itself as a better value store and a hedge against risk than gold.