China’s bitcoin tycoon Li Xiaolai loses appetite for blockchain

October 01, 2018
Chris Wheal

Li Xiaolai

Li Xiaolai is a high-profile figure

China’s Li Xiaolia, founder of venture capital company BitFund and well-known as a bitcoin investor, announced at the weekend that he doesn’t plan to invest in any further blockchain projects and is contemplating a change of career.

His message on social media network Weibo read: “From this day on, Li Xiaolai personally will not invest in any projects (whether it is blockchain or early stage).

“So, if you see ‘Li Xiaolai’ associated with any project (I have been associated with countless projects without my knowledge, 99% is not an exaggeration), just ignore it. I plan to spend several years to contemplate on my career change. As for what I’m doing next, I’m not sure just yet.”

The message signed off : “I’m still optimistic about blockchain in the long term.”

High profile

Li gained celebrity status in China and beyond for being one of the first bitcoin investors from his country.His profile increased when BitFund,became a major player in the cryptocurrency industry.

His podcasts have gained a wide audience, as has his message that workers should trade their traditional jobs for virtual currency investing.Xiaolai’s high profile in the crypto and blockchain worlds also means he is no stranger to controversy.

In July a recording of him offering criticisms of several players in the cryptocurrency space was leaked on the internet. He dismissed Binance as “scam exchange,” said the NEO blockchain platform was a worthless project with inflated value, noted several methods to hype up projects to lure in new investors, and explained how he knew about various cryptocurrency projects with no solid backing.

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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