Chinese Investor Accumulated 10,000 BTC in Q1 2018
A large Chinese investor decided to put his money where his beliefs are.
According to news released this morning, angel investor Cai Wensheng accumulated a massive stake of bitcoin as prices were dropping post January.
Cai said his reasoning was simple.
"When I determined that bitcoin and blochain were the future, I set a goal for myself of owning 10,000 bitcoin."
(Source: http://bitcoinist.com/bitcoin-chinese-investor-10000-btc-january/)
Bitcoin and blockchain ARE the future for sure? I like it!
Some specifics:
Wensheng said that in early January he only owned 1 bitcoin. It was more of a "just for fun" holding at that time.
However, upon some research he decided that bitcoin was going to play a big role in our future and decided he needed to increase his holdings substantionally.
He set a golf for himself of getting to 10,000 total bitcoin but he did not want to buy when prices were running up.
After the peak in December, prices starting falling.
Wensheng said he started buying in late January as prices dropped, buying even more as prices dropped further.
At present time Wensheng confirms that he reached his accumulation target of 10,000 total bitcoins.
At the current price of bitcoin ($9,630), Wensheng's holdings are worth roughly $96 million.
Who is Cai Wensheng?
If you are like me, your first thought was who the heck is this guy and how did he have $100 million laying around to invest in bitcoin?!
Cai Wensheng is an angel investor from China and chairman of photo retouching app provider Meitu.
Meitu is a popular photo retouching app that boasts over 90 million monthly active users. It went public in Hong Kong back in December of 2016 with a valuation of $5 billion.
More about Meitu can be found here: https://en.wikipedia.org/wiki/Meitu
Wensheng is 48 years old and is currently worth about $1.5 billion according to Forbes.
He made his first fortune by investing in domain names during the dotcom bubble in the 1990's. Since then he has been a successful angel investor investing mostly in start ups.
Wensheng is one of the few large holders to openly disclose his bitcoin stake.
He is a fascinating person and worth reading up on if you are not familiar with him. Given the fact that he has openly disclosed his holdings at a time when other big holders are more fearful, hopefully he has very good security.
Stay informed my friends.
Image Source:
https://www.bitcoinmarketinsider.com/cai-wensheng-warns-against-mining-and-ico-bans/
Follow me: @jrcornel
It won’t be long before the OTC deals that have been happening come to light. Sadly by the time people realize it, it will near impossible to own 1 whole coin.
That is a good point. When btc is around $20k+ people will be announcing how they picked up large amounts under $10k. While most everyone was saying btc was going to die.
He did the right decision for buying more despite of downside, but in the longer perspective bitcoin still the king of crypto space because of the brand already being built. Many big investor gonna come in like Goldman and the Arab investors.
Cool! Wang Chung was one of my favorite groups back in the day 😂😂😂😂
Did somebody summon me?! :D
Believe or not.
blockchain somehow capture humanity offguard last year and it will continue to boost the value of technology and make a lot of people richer.
I wish to grasp and get my part.
Still few people understand the power of the blockchain.
Blockchain=trust.
Keep on steemin'
chines are not stupid :)
wow a huge player in the sphere
He's a HODLer for certain.
I wouldn't have the discipline and would position trade like a maniac.
Well at least I don't have to worry about that decision.
Haha you and me both!
Smart man. Great to hear even at these prices large size investments are being made. The first of many I hope.
Yes, hopefully the first of many indeed. It "only" represents about 1/15th of his total Net Worth.
I'll wager it'll be a much larger portion of his wealth very shortly.
So, a guy and his friends come up with an app that takes red eye out of your selfies and let's you put Unicorn horns and ears, replete with floating hearts and birds all over, another app just like the hundreds of others, and then goes public. For $5,000,000,000.00 dollars.
Then, in a few month's time, presumably from the change he found in his pocket, buys another $100,000,000.00 in Bitcoin, which will probably double for him before long.
Well, isn't that heart warming! I mean, I'm not jealous at all, and wish only the best for the lad! I sure hope that he doesn't strain his back lifting his money around...nope, don't wish that at all! :^\
haha well said. Different world huh?!
I know, right? Whatcha gonna do...
Well I'm happy he is channelling his money into crypto much better for the world and the steemit community than holding stocks, if he gets richer we all do :)
Well, if I have to see something as a silver lining about this guy making billions, then you're right...it's better for us that he gets into crypto. Still, I hope his lobster is rubbery and his champagne is flat and dull...
Until he cashes out, see what happens then.
Since its not the central banks printing whatever they want, rising tide will actually raise all boats in crypto.
Interesting story.It seems to me that bitcoin hype rollercoaster starts again...It would be interesting to see bitcoin price in Q3 and Q4 of this year.And I hope that he will not sell all of his bitcoins at once :-)
From listening to him, I don't think he will be selling them any time soon.