Chinese bitcoin-billionaire withdraws from the crypto industry

Li Xiaolai, the billionaire founder of the BitFund crypto-venture fund, announced that he was leaving the industry because of the increased regulatory pressure in China. In a recent post on Weibo, Xiaolai said that he had finished investing in crypto-space.

"I, Li Xiaolai, will not personally invest in any projects, blocking projects or projects in the early stages of development. If you see that my name is placed next to a project (I am credited to a million projects without it, 99% is not a hyperbole), then just ignore it. "

Xiaolai founded BitFund in mid-2013 with a capital of $ 3.5 million, and during the year the fund became one of the most influential Chinese venture capitalists. The billionaire was named one of the largest holders of Bitcoin in China, and he is also known for his scandalous statements, including about NEO, Binance and Justin San, CEO of Tron.

Earlier it became known that Xiaolai retired from the post of managing partner of Hangzhou Xiong'An Blockchain Fund with a capital of $ 1 billion. The reason is enmity with Chen Veyksing, another leading venture capitalist.

Xiaolai did not explain clearly the reasons for his departure. But a sudden decision points to an increase in government pressure. The state has already made special efforts for extorting crypto currency from its own space for some time: for example, it banned citizens' access to 120 foreign exchanges.

The billionaire plans to take a break and consider where to move next. However, he mentioned that he believes in the long-term prospect of blocking technology.

And what do you think? Do you believe in long?