Chinese Billionaire Refuses To Invest In Blockchain Projects
Li Xiaolai, a famous Chinese crypto investor, will stop personally investing in the development of blockchain projects and holding of an initial coin offering (ICO), TechNode reports with reference to the billionaire’s microblog in Weibo.
In his report, Li Xiaolai warned that if someone sees his name in relation to any project based on blockchain or ICO, then they shouldn’t pay attention to this information. Previously, the vast majority of projects in China was associated with the investor’s name.
Li Xiaolai (Source: asiacryptotoday.com)
The businessman took this decision in his desire to change the sphere of activity. He will take a break for two years, thus, during this time he will try to find out in what field of activity to further work in.
Li Xiaolai, one of the most famous bitcoin holders in the country, established the investment company BitFund in Beijing. His decision caused a lot of discussions in China. A number of crypto sphere representatives are confident that Li Xiaolai won’t completely stop to invest and will keep doing that through organizations.
In July, the investor gave another reason to discuss his decision when he left the post of a managing partner of Xiong An Global Blockchain Innovation Fund. He came to this following the spread of defamatory rumors and charges of fraud on the part of another investor Chen Weixing.
As previously reported, Li Lin, the head of the Huobi crypto exchange, denied rumors with regard to the purchase of shares of the Hong Kong electronics company.