Why did Li Xiaolai buy Bitcoin early (How much Bitcoin did Li Xiaolai buy?)

Why did Li Xiaolai buy Bitcoin early? Editor’s note: This article is from Fengchao Finance News (ID: fengchao-caijing), written by KaiEr, authorized to be reprinted by Odaily Star Daily.

How did Li Xiaolai be the first to buy Bitcoin? Starting from October 31, 2008, Li Xiaolai’s Weibo account has been widely spread and he has published related articles and videos for the industry insiders to see.

In August 2009, a person named “Xiao Ma Ge” posted on his friend circle saying that he had bought 1 BTC a long time ago. At the end of 2011, these people spread a sentence online: “The pie has doubled.” Therefore, in about 2 days in 2010, “foreigners bought Bitcoin”, and then exchanged these coins into Chinese RMB wallets. Afterwards, as the price of Bitcoin continued to rise, articles about how Li Xiaolai was the first to buy Bitcoin appeared in various media. So what caused this event? Why did Li Xiaolai buy Bitcoin first? Li Xiaolai has mentioned investing in Bitcoin many times, but he didn’t realize that he already had a large amount of funds participating in it until the end of May 2013, so he began to lay out the cryptocurrency market. Starting from early 2017, Li Xiaolai publicly expressed his view that Bitcoin is a “bubble.” In the following years, there were no unexpected news that surprised many amateur enthusiasts. However, Li Xiaolai’s tweets didn’t change his attitude towards digital currency— he stated in early November 2017 that he sold off all his Bitcoin positions after holding them for a year because the market was too poor to continue buying. “If someone wants to buy something else now, they can only wait for it to drop a little bit.” However, not long ago, some netizens discovered that this anonymous trader released a short video in mid-December 2019 through a WeChat account, announcing the sale of some of his personal stock assets. According to the website, Li Xiaolai purchased Bitcoin for about 200,000 yuan at the end of 2017 and made an amazing 32,000 yuan in less than a week.

Although this practice happened a long time ago, Li Xiaolai said that he didn’t want everyone to know how it happened. On July 28, 2016, during an event, a person named Wang Xing suddenly received an email in his wallet address, telling me that the reason why he bought Bitcoin was because he liked trading futures. At that time, this investor also provided Wang Xing with a chart that said:

“I am Wang Xing myself, so I have been paying attention to my own investment behavior,” he said.

Later, when asked if he really believed in the information mentioned by Li Xiaolai before, Wang Xing replied: “I went to a friend’s house in Shanghai in the afternoon of June 17, 2012. At that time, I had just met her and was very keen on trading stocks. They introduced me to some companies and their business information. I think it’s something worth considering.” In late December last year, that night, Li Xiaolai and Zhang San jointly established a fund to short gold ETFs, but this time only increased the value of Bitcoin positions by $10 million. As of now, the fund is still in a loss position.

How much Bitcoin did Li Xiaolai buy?

Editor’s note: This article is from Fengchao Finance News (ID: fengchao-caijing), written by KaiEr, authorized to be reprinted by Odaily Star Daily.

In the past 12 months, Li Xiaolai has accumulated more than 1 million Bitcoins at an average price of around $10,000 per coin. “I don’t know if you know my investment method.” This sentence is claimed to be a “rat warehouse,” referring to Li Xiaolai’s “old leeks” who have been buying cryptocurrencies frantically. Some of these people have been hoarding Bitcoin since 2017 and then transferring them from exchanges to their own wallets.

Li Xiaolai said, “In the past few months, I have always believed that Mr. Li’s trading behavior should be regulated. But if he doesn’t do this, will his trading volume become too low?”

Regarding Li Xiaolai’s views on the cryptocurrency market, Li Xiaolai has repeatedly emphasized that “we are now in the early stages of a bull market.” He has publicly talked about Bitcoin as a new asset class and claimed that he does not hold any Bitcoin.

So the question is, “Why does Li Xiaolai keep increasing his holdings?” Li Xiaolai also said, “I personally don’t really understand how many big players have bought how much Bitcoin in this wave of market. I believe many people are asking for the answer to this question,” he said. “I’m not going to study the arguments of those who may manipulate the market or other extreme situations.” In addition, he mentioned that he owns as many as 1,000 other digital tokens besides Ethereum, but he is not sure which group they belong to. He also explained:

1. I haven’t figured out when to sell all these tokens. So I’m not sure if it will rise above $20,000.

2. How do I judge the future price trend of a project.

3. I just don’t know who to sell to.

4. “I really hope I can sell all the tokens in a bear market.”

5. “I think I would put all the coins in a cold storage. But I think I have to see if the coins they have are valuable first!”

6. “When I see a new project with a valuation of less than $100 million, I consider waiting. Because that’s impossible. I just want to chat with everyone.” Li Xiaolai told his fans, “I have been through such a fluctuation period between the bull market in 2017 and the end of 2018. So I didn’t feel anything worth looking forward to. However, for companies that are not easy to succeed in this field in the long run, this is a huge opportunity.”