Chinese Bitcoin Tycoon Li Xiaolai Quits Crypto Industry and Says “No More Investing in Blockchain”
September 30, Li Xiaolai, a bitcoin whale holds most bitcoins in China, announced on Weibo and WeChat moments that he “will not invest in any projects, no matter it is a blockchain project or not.” Nevertheless, he stated that he is still optimistic about the blockchain in the long-term.
Li also reminds crypto investors to be cautious with the investment projects that uses his name to do the promotions cause more than 99.9% of them are schemes and he may even never heard of.
When Li was asked about his future plan, he disclosed that he is about to change his career and it may takes him few years to do the preparation.
A few days ago, Li said that his main job at present is to “think” when people asked about his working schedule. It seems like today’s announcement is the result of his thinking.
Li’s sudden announcement caused a big stir in the local crypto community. Many crypto investors believes that it shows the bear market will continue for some time.
Li is the founder of Beijing-based venture capital firm BitFund and he is more well-known as the “Chinese Bitcoin tycoon”. However, Li also causes a lot of controversy after the leak of a 50-minute recording of him going off some of the most well-known players in China’s crypto community and giving tips on how to “cut leeks” — a reference to new investors entering the market and get ‘harvested’ by big players. Full of foul words, the recording astonished the crypto community and makes Li infamous.
Although Li claimed that he will not personally invest in any projects, some suggest that he might still take part in through institutions or investment fund as he has rich resources in this field.
As of press time, Li hasn’t disclosed whether he will sell his bitcoins or HODL them.