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.
Woooah, he nailed it. That is what we call moon! He deserves to be successful because of this mindset and ability. I hope he will discover this Steem community too
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.
Maybe he bought the first one at $20000, so he bought 9999 more for the revenge trading.
But whatever the case is, investing $96 million, and disclosing it, this guy has got..
Haha yes he does.
He sure knows what to do with money at 48. I guess he is not the only one public person to hold such and amount of Bitcoin, but as you pointed he was open to disclose it. Another bullish news for the crypto market.
Right. I'm 49, and I know only enough to be still trying to accumulate 1 bitcoin.
1 is more than 0. The Chinese investor started also from 1 BTC.
One of these guys, like this guy, or Roger Ver, or the Winklevoss twins, are going to be emperor of the world one day. The wealth that this could represent is unfathomable, and he just buys it in a month or so.
That's what I call #buyingthedip!
Haha yes that is certainly buying the dip. The investment "only" represents just over 6% of his total Net Worth. Would be nice to be in that kind of position.
He's just one of many who bought great amounts of Bitcoin. He is though one of the few who went public and confessed. But...there could be some future emperors that no one knows about and probably will never know.
little information from my friends. that Argentine Finance
Argentina's central bank has just raised its interest rate to 40%, What's wrong with MEI's month in argentina,
Do they Buy BTC so today there is a sharp rise? or just coincidence.
hope that many investors are interested in with BTC.
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Wow that is huge
Hmm... How did he buy the bitcoins given that the Chinese govt has banned them, even cracking down on OTC markets?
And why would a Chinese person who somehow managed to get bitcoin blab to the press and invite his govt's scrutiny upon him?
Those are great questions. Wondering that myself.
believe He is wise and He believes in Blockchain technology only people with futuristic thinking believes on Blockchain technology
He is incredible!!!
I think the biggest difference between investment and speculation is that when you buy a stock or a digital currency and the price keeps falling, your mentality is more or less positive and you can make up short positions,” he continued.
“That’s investment and vice versa. Getting deflated and complaining about price capitulation is speculation.”
right
Thanks for your important information of steemians
sir you r always great for steemians because you are known person of steemit and delivery good post
Great ! its worth reading !
A Chinese angel investor bought almost 10,000 bitcoins in the first month of 2018 after “realizing blockchain and bitcoin are the future.”
When one whale in japan comes out to sell a bag full of bitcoin (ref. Mt Gox), another Chinese whale is ready to buy a big bag full of bitcoin. I think overall whale activity has been picking up. I think you also wrote about it. OTC volumes picking up, and circle also reported increasing the ticket size from 250k to 500k. This is just anecdotal proof of strong OTC volumes, something we do not get to see on exchanges.
In a tweet this week, Charlie Shrem even went as far as to suggest that May 2018 would be “the last time” BTC/USD would ever trade below $10,000.
For Cai meanwhile, careful detachment of “investors” from “speculators” in Bitcoin is key.
*Dear SIR @jrcornel ,First of all, thank you very much for posting so beautiful, we generally have very little idea about Bitcoin, many of us do not know Bitcoin without working with Bitcoin,
SIR was very good for your posting, because you provided the right information through which many will benefit, thank you so much for posting so beautiful and will help others by providing such information in future.
After knowing some things then bitcoin should start working,
For example: ...... Bitcoin is the sign currency traded through the Open Source Cryptographic Protocol. There are no financial institutions, regulatory bodies, or fixed houses for Bitcoin transactions. All processes of Bitcoin are completed online through an open source software or through a web site. In 2008, Satoshi Nakamoto introduced this currency system.
So if you share some things with me , please do not (-upvote) please
In an interview with tech entrepreneur Weng Fang for local news outlet Sina, Cai Wenshang said that he took advantage of the Q1 bear market to amass huge numbers of coins.
“When I determined that the blockchain and Bitcoin were the future, I set myself a goal of owning 10,000 Bitcoin,” he told the publication.
this man will help alot to grow bitcoin if he invests his money here, get him motivated man
Great news.
Thanks for sharing this cryptocurrency.
Bitcoin price can be in a bubble whilst the tech is still useful. As something entirely new, the market doesn’t know how to price it donut has massive volatility.
seems we are getting good news from all fronts now for bitcoin. seems like a planned execution.
Buen post muy interesante,saludos.
Big investment coming, hodler get ready for a ride to moon!
Espero que tenga una familia numerosa ese millonario, para que tenga a quíen repartir tanto dinero en el futuro.
He is sure to know what to do with money. He is the only person who does not keep the same bit of bitcoin, but it was for publication as you indicated. Another news for the crypto market.
upvoted and resteem
So much for it being illegal there lol
Now time for buy bitcoin. No bad moment.
I wonder if buying so much BTC will affect his social score with the government.
I like it
This story inspired someone to get much more earning or invest.
Man I wish I had enough money during the drop to invest in bitcoin... 😥
This guy has 10000 BTC. How long he gonna keep these? Or, he just buy to do trade!!!