Chinese billionaire and Bitcoin investor announced the discontinuation of further investment in the sector Blockchain
The founder of BitFund venture company from Beijing and is widely recognized billionaire investor cryptocurrency Bitcoin, Li Xiaolai, has publicly stated that he will no longer hold any investment in Blockchain-space and the Initial offering of coins (ICO).
“From this day I personally will not invest in any projects (be it blockchain startups or early stage Sona). So, if you see that the name Li Xiaolai associated with any project (my name was associated with countless projects without my knowledge), just ignore it. I plan to spend a few years thinking about my career. As for what I’ll do next, I haven’t decided yet”.
Over the past nine years the cryptocurrency market has experienced the fourth worst correction, experiencing 80% drop in value over the past nine months. However, the vast majority of projects of ICO and blockchain hold a large part of their holdings in Ethereum and Bitcoin in a bear market, and the market ICO still remains active to this day.
The decision of the businessman to dramatically withdraw from the sector, the ICO and the blockchain was probably caused by two main factors: suppression of the crypto activities of the government of China and a significant increase in the number of scams in the market the Blockchain.
In June, China Central television, the state network controlled by the government, produced a documentary about the technology Blockchainи stated that it has the potential for success, which will be appreciated much more than, at the time, was rated the Internet.
“The Blockchain is the second era of the Internet. The value of technology is 10 times more than the global network. This is a machine which creates the trust of customers”, — said the source.