Cai Wensheng, the founder of Meitu Inc., a Chinese technology company that makes smartphones and selfie apps, has announced that his bitcoin holdings have reached a personal milestone of 10,000 BTC. Mr. Wensheng also discussed his investments in alternative cryptocurrencies, and compared the present state of the cryptocurrency sector to that of the internet of the early 2000s.
Meitu Founder Accumulates Approximately 10,000 in 2018
In a recent interview with entrepreneur Wang Feng, Mr. Wensheng revealed that his goal of owning 10,000 BTC had been achieved following extensive accumulation during the bear trend of 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 claimed that “Back in this January I only had several bitcoins, just to follow the trend.” Mr. Wensheng states that he then “realized that blockchain and bitcoin are the future,” leading to the entrepreneur to “set the goal of accumulating 10,000 bitcoins.”
Despite being enticed by the meteoric gains made by the bitcoin markets in 2017, Mr. Wensheng patiently waited for the markets to retrace. “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,” he recounted.
Mindset Critical to Successful Investment
Mr. Wensheng stated that in his view, “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 actually a speculator.”
Despite his assertions surrounding the requisite psychology for successful trading, Mr. Wensheng emphasizes 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.
Cai Wensheng Compares Cryptocurrency Markets to Early 2000’s Tech Boom
In the interview, Mr. Wensheng described the current state of the cryptocurrency markets to the boom and bust-prone internet sector of the early 2000’s, stating “It is 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 states that he has “invested in a dozen of blockchain projects,” including “Theta, Ontology, Cortex, Arcblock, Zipper, Yeecall, Dxchain, [and] Charter.”
So far, Mr. Wensheng claims that “some” of his cryptocurrency investments have yielded “fairly high returns and some are still losing money” – describing the markets’ performance 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.”
Do you agree with the comparison between the cryptocurrency markets and the tech boom of the early 2000’s? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Meitu Inc.
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