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Li Xiaolai, who bought 100,000 bitcoins to cash out 13.5 billion, now calls it a "scam"

author:Sister Li emotional grocery store

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Lei Jun once said: "Standing on the vent, pigs can fly."

Li Xiaolai, who bought 100,000 bitcoins to cash out 13.5 billion, now calls it a "scam"

As we all know, China's richest industries have always been real estate and the Internet industry, and the richest people on China's rich list in recent years are basically from these two industries, but in fact, in addition, there is another industry that can make people quickly rich, that is, virtual currency.

Li Xiaolai, who bought 100,000 bitcoins to cash out 13.5 billion, now calls it a "scam"

In 2008, when the global financial crisis erupted and people were in a panic, a man named Satoshi Nakamoto published a paper called "Bitcoin: A Peer-to-Peer Electronic Cash System." A few months later, Bitcoin's genesis block was born, and anyone could buy this new virtual currency.

Li Xiaolai, who bought 100,000 bitcoins to cash out 13.5 billion, now calls it a "scam"

The so-called virtual currency is the currency that circulates in the online world. Unlike traditional money, it is not issued by governments or banks, nor does it rely on paper or metal to reflect its value. Virtual currencies are generated by specific Internet companies or network algorithms and rely on Internet technology. Although we can't see or touch it, it's this feature that gives most virtual currencies value

Although many people are not interested in this invisible and intangible currency, and in the mainland, because it is not issued by the government, has no legal ability to pay, and cannot be circulated and used in the market, investment and transactions between virtual currencies are not protected by law. But even so, there are still people who are attracted by this novelty and can't help but invest and try the possibility of wealth growth.

Li Xiaolai, who bought 100,000 bitcoins to cash out 13.5 billion, now calls it a "scam"

The value of Bitcoin fluctuates greatly, and at its highest point in history, a bitcoin was worth as much as $20,300, equivalent to about 140,000 yuan. Despite the ups and downs in the price of Bitcoin, even at this stage, the value of one Bitcoin is more than 10,000 yuan. Therefore, this virtual currency has attracted the attention and investment of many people.

Li Xiaolai is one of the key figures in China's bitcoin market, he became interested in bitcoin when it was just born, and quickly realized its potential value. He bought a lot of bitcoin during a period when the price of bitcoin was low, and he allegedly amassed 100,000 bitcoins in a year. At that time, the value of Bitcoin was far from where it is today, and 1 US dollar could be exchanged for 1300 bitcoins.

Li Xiaolai, who bought 100,000 bitcoins to cash out 13.5 billion, now calls it a "scam"

As people understand and perceive Bitcoin, more and more people begin to invest in this field, and the value of Bitcoin rises accordingly. Li Xiaolai's wealth also increased, and he created the Bitcoin Fund in 2013 and began making Bitcoin-related investments. He also ran a column and published many books on investing, and at one point became a well-known figure in the Bitcoin space.

Li Xiaolai's achievements in the bitcoin space have made him the subject of a Wall Street Journal report, described as "the person who holds the most bitcoin in China." However, whether he actually owns 100,000 bitcoins has not been confirmed by others. However, in any case, his influence in the Bitcoin space is undeniable, and his lectures and column shows have attracted a lot of attention, allowing him to accumulate a lot of wealth.

Li Xiaolai, who bought 100,000 bitcoins to cash out 13.5 billion, now calls it a "scam"

Li Xiaolai is a controversial figure. He discovered Bitcoin's potential value early on and managed to amass a large amount of Bitcoin. At a time when the value of bitcoin reached an all-time high, the value of bitcoin in Li Xiaolai's hands had reached a shocking amount. According to reports, he could earn at least $1,934.1 million, equivalent to 13.53 billion yuan, during the peak value of bitcoin.

Li Xiaolai, who bought 100,000 bitcoins to cash out 13.5 billion, now calls it a "scam"

However, the value of Bitcoin began to fall after 2017, and many people lost a lot of money in this hype. Li Xiaolai seems to have foreseen this trend, and he cashed out all the bitcoins in his hands during the peak price of bitcoin to maximize profits.

In 2016, Li Xiaolai saw the "knowledge payment" again, and earned 40 million by teaching Bitcoin knowledge. After his popularity waned, he began to deny it, even describing it as a "scam." The shift puzzled many and called into question his credibility.

However, Li Xiaolai himself does not seem to care about this. He once admitted that he is an "Internet celebrity" and believes that "consensus value" is the greatest value of blockchain. His point is that when many people are convinced of something, it has value, even if they are fools.

Li Xiaolai, who bought 100,000 bitcoins to cash out 13.5 billion, now calls it a "scam"

Li Xiaolai's views have caused dissatisfaction among many investors, but others believe that his words are not completely unreasonable. If something attracts a lot of attention, it will naturally generate value. Virtual currency is not something that really exists, it is just a derivative product of the Internet, and its value lies in the belief in it by a group of people. This is also the reason why Li Xiaolai has been successful in the bitcoin market, he knows how to use people's attention and faith to create value, and this is the key to his ability to retreat from this wave.