Angel investor from China buys 10,000 Bitcoin
Some very bullish news just came in from China. The chairman of a popular photo retouching app and angel investor, Cai Wensheng, purchased 10,000 Bitcoin during the price dip earlier this year.
Wensheng discussed his Bitcoin portfolio during a recent Q&A session with Wang Feng on WeChat. Wensheng told Feng that earlier in the year he owned only one Bitcoin, but he made a decision to start accumulating more until he had amassed his goal of 10,000. The recent dip in price gave him the perfect opportunity to accumulate more and he quickly reached his goal.
Shortly after Bitcoin’s all-time high of $20,000, the price of Bitcoin started dropping. In February Bitcoin price slumped to slightly below $6,000. Since that low, it has slowly risen and is as of press time slowly testing $10,000.
(Image Courtesy of sina.com)
“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 the 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.”
Wensheng’s history as an investor
Wensheng made his name by investing in domain names during the internet’s early days. He eventually turned his attention to angel investing.
His current venture is the extremely popular photo retouching tool, Meitu. The app has over 90 million monthly users in China. Meitu went public in December 2016 with a valuation of $5 billion.
His current venture, Meitu, a popular photo retouching tool in China that claims to have over 90 million monthly active users, went public in Hong Kong in December 2016 with a valuation of $5 billion at the time.
Meitu recently published a white paper outlining plans to utilize blockchain technology to decentralize storage of user’s data.