Cai Wensheng, the founder of Meitu Inc., a Chinese technology company that manufactures smartphones and applications, announced that its bitcoin’s savings had reached 10,000 bitcoins. Mr. Wensheng also discussed his investments in alternative cryptocurrencies and compared the current state of the cryptocurrency sector to the Internet of the early 2000s.
The founder Meitu bought bitcoins when others in a panic were selling it
In a recent interview with entrepreneur Wang Feng, Mr. Wensheng confessed that his the
goal of owning 10,000 bitcoins achieved after accumulation during the bearish trend in 2018. “When I clearly saw the future of blockchain and bitcoin, I set a goal for myself – owning 10,000 bitcoins, and now the goal has been achieved,” he said.
Mr. Wensheng argued that “Back in this January I only had several bitcoins, just to follow the trend.”
Despite the fact that in 2017 he was absorbed in the growth of bitcoins, he patiently waited for the markets to ask.
“Last December saw the great spike and I didn’t buy any bitcoin at that time. Later when the price corrected to normal in January, I began the career by buying in bitcoins at low cost “
Investment or speculation
Mr. Wensheng said that, in his opinion, “the big difference between investment and speculation is the mindset. Suppose you buy in a stock share or a cryptocurrency but the price keeps falling after that,
if you are an investor, you will be delighted at the stumble for it means good time to buy more in;
on the contrary, if you keep complaining of the slowdown, no offense but I think you are a speculator.”
Despite his assertions related to the basic psychology for successful trading, Mr. Wensheng stresses the need for new investors to exercise due diligence and caution when entering the markets. “Of course, before you get started, thorough research and analysis is a must,” he said.
The cryptocurrency market is still at an early stage
In an interview, Mr. Wensheng described the current state of the cryptocurrency markets with the Internet boom in the early 2000s, stating: “It was the similar case with Internet in 2000, startups die away in batches when the Internet bubble burst back then, few made it. While
“if you bet the right one, the returns are beyond your imagination”
Mr. Wensheng claims that he “invested in a dozen of blockchain projects; Theta, Ontology, Cortex, Arcblock, Zipper, Yeecall, Dxchain, Charter”
Until now, Mr. Wensheng argues that “some” of his investments in crypto-currencies yielded “fairly high returns and some are still losing money.” He then describes the market indicators as “reasonable as blockchain is still in its early phase and practical applications are lacking, in this way, it needs more support and patience. In the long run, it’s promising and time will tell. ”