Chinese investor says he bought all 10,000 Bitcoin this year
Chinese investor Cai Wensheng says he bought a whopping 10,000 Bitcoin during the price slump at the beginning of 2018.
The tech entrepreneur-turned-angel investing heavyweight, admits that up until January of this year, he had only ever bought one Bitcoin.
Wensheng, who’s also the chairman of photo retouching app provider Meitu, says he realized that Bitcoin and blockchain “is the future.”
He says that he set a goal of accruing 10,000 bitcoins, which he completed earlier this year.
Cai made the disclosure during an open Q&A session alongside fellow Chinese investor Wang Feng on WeChat on Thursday.
He reveals that he saw an opportunity to increase his portfolio throughout the first quarter amid the market’s lower prices.
Following December’s record high of almost $20,000, the price of Bitcoin started dropping in January.
In early February, it reached this year’s lowest value of $6000.
This low was before it started climbing again to around $9,700 at the time of press.
According to the Coin Thud price charts, the Bitcoin held by the Chinese investor is now worth around $96 million.
During the Q&A, Cai explains his reasoning for the investment, saying:
“I only had single digit unit of bitcoin, just for fun in January.
“But when I got certain that bitcoin and blockchain is the future, I set the goal of holding 10,000 bitcoin.
“So I started around end of January to build my [holdings] following the price decline.
“The more it dropped, the more I bought in and now the mission is basically complete.”
Cai made his first fortune by investing in domain names during the internet bubble of the 1990s.
He went on to expand his investment portfolio over the next decade through angel investing.
Meitu, his current venture, went public in Hong Kong in December 2016 with a valuation of $5 billion at the time.
The popular photo retouching tool claims to have over 90 million monthly active users in China.
The disclosure by Cai Wensheng makes him one of the few big-name Chinese investors to openly reveal their Bitcoin holdings.
According to a white paper published in January, Meitu is aiming to utilize blockchain technology.
The company hopes to use the technology to decentralize the storage of users’ data.