Li Xiaolai, one of China’s largest bitcoin wallet holder has made an announcement that he will be quitting the cryptocurrency scene and if anyone sees a project in his name henceforth, they should ignore it.
He Made a Post on Weibo
He made this known through a Social media post in the popular Chinese social media, “weibo”.
Although the post was written in Chinese, it has been translated to mean:
“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,”
He further commented that going forward, he plans to spend several years to contemplate on his career change as he is not sure of what he will be doing next.
Li Xiaolai and Chen Weixing’s
Li Xiaolai has been identified as one of China’s largest Bitcoin holder and he is also the founder of South African fintech startup, BitFund.
He is also well known for his feud with a venture capitalist, Chen Weixing. This feud has led to him stepping down as the managing partner of a $1 billion blockchain fund named “Xiong” a Blockchain Fund. Li Xiaolai has been referred to as “a tumour” on the Chinese cryptocurrency industry by Chen Weixing.
Chinese Government Clampdown on Cryptocurrency
Li’s decision to end all Cryptocurrency related engagement at this time, where the Chinese Government has increased its efforts towards shutting down all Crypto related projects within its border is a very smart move.
This effort by the Chinese government has been met with great criticism from top influencers and experts of the crypto industry. It is believed by many that this effort by the Government might lead to a drawback in China’s technological progress.