A Chinese investor, Cai Wensheng, has revealed that he managed to achieve his goal of owning 10,000 bitcoins (BTC). He managed to purchase them when the cryptocurrency market was in a dip in Q1 of 2018.
Wensheng is one of China’s angel investors and estimates of his net worth are above $1.5 billion. He is also the founder of the Meitu selfie touch-up app which is quite popular in the country. He revealed his Bitcoin purchase during an interview with Wang Feng, a Chinese tech entrepreneur.
During the interview, the Chinese Angel investor revealed that he had invested in a very small holding in cryptocurrencies in January 2018. He, however, decided to make it his personal goal to own 10,000 bitcoins. The price was still high at the time, so he decided to wait until it went down. Things turned in his favor when the cryptocurrency market started tanking. This presented a chance for Wensheng to start accumulating Bitcoin whose price dropped as low as $6,000 within the first quarter of 2018.
Wensheng also revealed that he also managed to invest in other cryptocurrencies which include Charter (CAF), Dxchain (DXC), YeeCall (YEE), Zipper (ZIP), ArcBlock (ABT), Cortex (CTXC) and Ontology (ONT). He says some of the cryptocurrencies earned him handsome returns, but others have continued to lose money.
The Chinese investor believes that the cryptocurrency market is still in its early stages and has even compared it to the dotcom boom. The latter was characterized by the rise of many companies, but the dotcom crash lead to just a few survivors. Wensheng urged investors to do thorough research before they invest to avoid huge losses.
Wensheng is optimistic about the future of the cryptocurrency market and believes that the price of Bitcoin will improve. Its price in March this year had a low of $6,000, which is six times higher than March 2017’s low. He described the recent slump in the cryptocurrency market as a short-term setback.
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