In 2009, Bitcoin suddenly appeared in everyone's field of vision as a virtual currency.
For this unfamiliar currency, most people have a wait-and-see attitude,
However, what is unexpected is that a teacher who is thriving in the education industry,
He did not hesitate to invest all his savings of 100,000 yuan in Bitcoin.
Now that 14 years have passed, what is the maverick teacher doing?
The source of this article is from the official media [The Paper] [CCTV] [The Paper] (link attached at the end of the article). In order to improve the readability of the article, there may be polishing of the details, please read sensibly, for reference only!
A forward-looking investment
Around 2010, Li Xiaolai, an English teacher at New Oriental, learned about this mysterious "Bitcoin" for the first time through a friend who worked in the Internet industry.
At the time, little was known about the new cryptocurrency, but Li was acutely aware that there could be huge opportunities in this emerging technology.
Subsequently, he repeatedly studied and thought about the working principle and development prospects of Bitcoin.
He realized that Bitcoin, as a decentralized digital currency, could lead to a financial revolution in the future.
However, Li Xiaolai is also clearly aware of the risks and uncertainties.
After weighing the pros and cons, he finally made up his mind:
He invested all his annual income, that is, hundreds of thousands of yuan, into the fledgling Bitcoin market.
At that time, the price of bitcoin was still very low, and Li Xiaolai cautiously bought it in batches, and held it firmly over the next few years, and continued to increase his investment.
He firmly believes that with patience, this decision will eventually pay off handsomely.
The hard work paid off, and sure enough, with the skyrocketing price of Bitcoin,
Li Xiaolai became the "richest man in Bitcoin", and his worth once reached billions of yuan.
With the title of "Bitcoin's richest man", Li Xiaolai founded the "Bit Fund", which attracted a large following and raised about $200 million.
Later, he also published a book about his investment experience, gave lectures everywhere to share Bitcoin knowledge, and became an opinion leader in this field.
Under the impetus of Li Xiaolai, more and more people began to pay attention to and invest in Bitcoin, and the entire market was pushed to a climax.
In those years, Bitcoin hype was at an all-time high.
Many people saw Bitcoin as an opportunity to get rich overnight, and they followed suit.
The word "Bitcoin" has frequently made headlines in major media outlets and has become the talk of the public after dinner.
People are full of curiosity and fantasy about this magical digital currency, dreaming of changing their destiny through it.
However, the good times were short-lived.
After the Wall Street Journal revealed that Li Xiaolai owned more than 100,000 bitcoins, the market panicked, and the price of bitcoin fell sharply.
Li Xiaolai saw that the time had come, and decisively cashed out at a high level, locking in a huge profit of about 13 billion yuan.
And many investors who blindly follow the herd have suffered so hard that it is difficult to replicate his success.
What is Bitcoin
In January 2009, a virtual cryptocurrency called Bitcoin was born.
Unlike traditional currencies, Bitcoin does not rely on any central bank or government agency to issue it, but is generated by computer algorithms, with a total limit of 21 million coins.
This anonymous and decentralized nature has attracted the attention of many speculators.
At first, the price of Bitcoin was relatively stable.
But as speculation and speculation increased, the price of Bitcoin gradually spiraled out of control, showing great volatility.
Some investors even put their life savings into Bitcoin in the hope of becoming rich overnight.
In 2013, mainland officials were wary of people participating in bitcoin transactions.
The People's Bank of China and other five ministries and commissions jointly issued the Notice on Preventing Bitcoin Risks,
Financial institutions are required not to conduct Bitcoin-related business.
However, the notice also said that people can still participate in bitcoin transactions if they voluntarily take risks.
As the Bitcoin craze heats up further, its speculative and risky nature becomes increasingly apparent.
In order to maintain financial stability and prevent systemic financial risks,
In September 2017, the mainland explicitly demanded a complete ban on bitcoin trading channels.
After the policy was introduced, major domestic bitcoin trading platforms successively announced the suspension of trading, and the price of bitcoin plummeted.
Many retail investors who blindly follow the hot spots of the market have suffered heavy losses.
Who knows, in the face of this situation, Li Xiaolai satirized most of the investors who followed the trend.
The self-cultivation of "leeks".
In 2018, after experiencing the shock of Bitcoin's soaring and falling prices, Li Xiaolai launched a controversial book, "The Self-cultivation of Leeks".
In the book, Li Xiaolai uses the metaphorical word "leek" to refer to investors who once followed the trend to invest in Bitcoin, but ended up losing a lot of money.
The whole book is condescending, and the tone of the lecture is very obvious.
Not only that, Li Xiaolai also used exaggeration and self-deprecation many times, comparing these investment "leeks" to "cash machines".
Many people who have followed Li Xiaolai into the Bitcoin market feel "betrayed".
They questioned Li Xiaolai, believing that he used his influence to deliberately fan the flames and lead everyone into the market to arbitrage interests, and then shirked responsibility.
In such doubts, Li Xiaolai's image has also been damaged to a certain extent.
In fact, Li Xiaolai had a stable job before investing in Bitcoin.
The counterattack of the star teacher
Li Xiaolai was born in an ordinary working family, and his family was poor.
However, since he was a child, he has shown extraordinary talent, and his academic performance is among the best.
When he was in high school, with his excellent academic performance, he had the opportunity to be sent to Tsinghua University, a prestigious university.
But due to some family changes, this opportunity passed him by.
Losing his qualification to be escorted, Li Xiaolai was admitted to Shenyang Changchun University through his own efforts.
During his college years, he devoted himself to the study of computers and English, and became a leader in both fields.
In 1993, Li Xiaolai, who had just graduated from university, came to Beijing to look for a job.
At that time, he heard that New Oriental English teaching quality was high and famous teachers gathered, so he went to apply for the job with the mentality of giving it a try.
On the day of the interview, Li Xiaolai was wearing a white-washed shirt and carrying a worn-out schoolbag.
I hesitated for a long time in front of the New Oriental headquarters building, for fear that my shabby dress would affect the interview results.
However, what he didn't expect was that the interviewer was very kind and told him: In New Oriental, the teacher's personality is more important than his academic qualifications.
From that day on, Li Xiaolai officially joined New Oriental.
One day, a parent made a special trip to Li Xiaolai, hoping that he could help his son break through the bottleneck of English learning.
After Li Xiaolai carefully understood the situation, he cleverly designed a set of targeted teaching plans.
Under his patient and meticulous guidance, this student, who originally had mediocre English scores, made great progress in a short period of time, and even came out on top in the final exam.
Since then, the parent has admired Li Xiaolai even more and has become his loyal supporter.
That is, relying on a serious and responsible attitude, as well as outstanding teaching ability and unique concepts, Li Xiaolai quickly became a star teacher respected by students and parents.
However, to everyone's surprise,
In 2011, Li Xiaolai gave up his career in the education industry and turned to investment.
At that time, Li Xiaolai saw the huge opportunities hidden behind Bitcoin with a unique vision.
He carefully studied Bitcoin's white paper and was fascinated by its innovation.
So, he began to buy this magical digital currency in a frenzy.
And also explain how Bitcoin works and potential value on multiple forums and social platforms, trying to get more people to join this cutting-edge technology trend.
At first, Li Xiaolai was regarded as a "madman" in the circle of friends, and everyone knew nothing about this "virtual currency", and it was difficult to understand why he wanted to buy it with real money.
But Li Xiaolai was not swayed by the doubts and ridicule around him, but worked harder to promote the investment concept of Bitcoin.
Sure enough, as the price of Bitcoin continues to rise, the digital assets under his name are also increasing day by day.
From buying bitcoin for just 10 cents in 2011 to soaring to more than $1,000 in 2013, Li Xiaolai's investment has made hundreds of times in just two years.
Soon, Li Xiaolai, who came out of a poor working family, became a millionaire in Bitcoin.
Li Xiaolai's legendary experience spread quickly on the Internet, triggering countless people to follow suit.
A large number of investors have begun to buy and speculate on bitcoin in the hope of getting a piece of the pie and catching up with this wave of digital currency fortune.
Many people even borrowed money to invest, and some even put all their belongings into it.
Some people are interested in Bitcoin's technological innovation, believing that it represents the future payment trend;
Others see Bitcoin as a new type of investment tool and safe-haven asset;
More people are purely using Bitcoin as a gambling game, hoping to make a quick buck in the midst of volatility.
As a result, the price of bitcoin began to rise wildly, from the first few cents a piece, all the way to an all-time high of more than $30,000.
However, there is no never-ending madness in the world.
In 2018, after reaching all-time highs, the price of Bitcoin began to fall continuously, and in 2022 it fell to around $20,000.
Countless investors who have made it to the top have lost a lot of money in this frenzied digital currency game, some have lost their own assets, and some have even become heavily indebted and indebted.
This once again confirms the need to keep a cool head and avoid the danger of blindly following in investment.
Bibliography:
1. CCTV: "Oriental Time and Space" 20130517 27 minutes 30 seconds to 38 minutes
2. The Paper: Raising nearly $200 million with an ICO project without a white paper, who is Li Xiaolai? 2017-08-31
https://m.thepaper.cn/yidian_promDetail.jsp?contid=1779822&from=yidian
3. CCTV: [Financial Short Video] Simulcast Investigation, Focus on the Chaos of the Token Market, Rise and Fall Game, Ignoring Value Capital as King (Li Xiaolai).2018-05-22
4. Southern Weekly: Li Xiaolai, the richest man in Bitcoin China: "Fan Finance" Circle Money Routine.2018-07-27
https://m.21jingji.com/article/20180727/herald/fe00a8260a283da9accedec7b7911147.html