Chinese Investor Accumulated 10,000 Bitcoins As A Result Of  Q1 Price Downturn

An angel investor from China and chairman of photo retouching app provider Meitu Cai Wensheng announced that he has finally accumulated 10,000 bitcoins.

On Thursday in an open group Q&A session with tech entrepreneur Wang Feng on WeChat, Cai informed that though he was keeping one bitcoin in January of this year, he has been able to increase his portfolio over the first quarter of 2018 as a result of the bearish market’s lower prices.

As you know after December’s record high round $20,000, the price of bitcoin started dropping in January. It reached $6,000 in February, before climbing again to over $9,700 at press time. According to CoinDesk’s Bitcoin Price Index, Cai’s holdings are now worth around $96 million.

Cai Wensheng  made his name and first fortune by investing money in domain names during the internet bubble and enlarged his investment portfolio over the next decade as an angel investor.

His Meitu, a popular photo retouching tool in China that claims to have over 90 million monthly active users, went public in Hong Kong in December 2016 with a valuation of $5 billion at the time.

Disclosure of Cai makes it one of the few major investors in China, who openly revealed their bitcoin-holdings. This also occurs at a time when Meitu is committed to using blockchain technology to decentralize user data storage, according to a white paper published in January.