Bitcoin Billionaire Li Xiaolai Says He’s Done Investing In Crypto and Blockchain Projects
China’s Bitcoin ‘tycoon’ and serial investor Li Xiaolai announced via his social media that he is going to stop personally investing into blockchain projects. Instead, he’s focusing on a career change.
Li is the founder of BitFund, a Beijing-based venture capital fund with a focus on promising cryptocurrency and blockchain projects. Over the course of his time in this industry, he has been touted as one of China’s largest Bitcoin holders, with rumors stating that he owns tens of thousands (if not hundreds of thousands) of the shiny gold digital tokens.
The decision of Li to abruptly exit the ICO and blockchain sector was likely fueled by two major factors: the crackdown on ICOs by the Chinese government and a significant increase in the number of scams in the blockchain market.
Continuing, Li appeared uncertain, hinting he wished to withdraw from the crypto space entirely, but on a temporary basis.
“I plan to spend several years to contemplate on my career change. As for what I’m doing next, I’m not sure just yet,” the post reads. He concluded the post positively, writing “I’m still optimistic about blockchain in the long term.”
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