Bitcoin ‘Is The Future’: Chinese Investor Accumulated 10,000 BTC in Q1 Bear Market
A Chinese angel investor bought almost 10,000 bitcoins in the first month of 2018 after “realizing blockchain and bitcoin are the future.”
Cai Wenshang: I Waited For All-Time Highs To End
In an interview with tech entrepreneur Weng Fang for local news outlet Sina, Cai Wenshang said that he took advantage of the Q1 bear market to amass huge numbers of coins.
“When I determined that the blockchain and Bitcoin were the future, I set myself a goal of owning 10,000 Bitcoin,” he told the publication.
At the time of the peak in December (2017), I personally thought that the price was a bit high and I did not buy it. Later, with the decline in prices towards the end of January, I continued to build positions, continued to buy. Now this small goal has basically been achieved.
A New Hodler In The Making
Cai is an example of ‘big money’ choosing its moment to enter the Bitcoin market, something which is tipped to occur en masse in the west as the year continues.
Bitcoin prices have staged a broad recovery in April, a move which has given a palpable sense of optimism to traders, investors and industry figures.
Even before the uptick in March as prices hovered around $7000, Fundstrat cofounder Tom Lee’s Bitcoin Misery Index became a symbol of Bitcoin’s oversold status, Lee telling mainstream consumers that the time could not be better to buy the cryptocurrency.
In a tweet this week, Charlie Shrem even went as far as to suggest that May 2018 would be “the last time” BTC/USD would ever trade below $10,000.
For Cai meanwhile, careful detachment of “investors” from “speculators” in Bitcoin is key.
“I think the biggest difference between investment and speculation is that when you buy a stock or a digital currency and the price keeps falling, your mentality is more or less positive and you can make up short positions,” he continued.
“That’s investment and vice versa. Getting deflated and complaining about price capitulation is speculation.”
What do you think about Cai Wenshang’s Bitcoin investment? Let us know in the comments section below!
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