Chinese bitcoin whale Li Xiaolai, who is the founder of venture capital firm BitFund, announced that he is not going to invest in blockchain in the future.
“From this day on, Li Xiaolai personally will not invest in any projects (whether it is blockchain or early stage). So, if you see ‘Li Xiaolai’ associated with any project (I have been associated with countless projects without my knowledge, 99% is not an exaggeration), just ignore it. 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,” – Li said in a Weibo post.
This sudden revelation caused much agitation in the local crypto community. While there were supportive comments from Li’s devoted followers, others were doubtful. Though Li claimed to not personally invest in any future projects, some suggest that he might still take part through institutions or investment fund.
Earlier this year, Li stepped down from his role as managing partner of the $1 billion Hangzhou Xiong’An Blockchain Fund after a series of accusations were made against him. Most notable was his feud with venture capitalist Chen Weixing. Chen previously openly called Li as “tumor” of China’s cryptocurrency industry and later accused Li of owing a group of investors 30 000 bitcoins which he had collected in 2013 for an investment fund.
Back in July, Li Xiaolai outspokenly named many big names in the crypto space as “cheaters”, thus causing a tremendous stir in the China crypto space.
Li is not the only cryptocurrency influencer to get skeptical about crypto. For instance, the director of the World Blockchain Organization (WBO) Zheng Xioajun has recently opined that most of the currently existing cryptocurrencies are “air coins” and their value will inevitably drop to zero.