Chinese bitcoin tycoon Li Xiaolai has announced that he personally will not invest in blockchain projects in the future.

“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,” Li said in a Weibo post (our translation). He went on: “I plan to spend several years to contemplate on my career change. As for what I’m doing next, I’m not sure just yet.”

Li is the founder of Beijing-based venture capital firm BitFund. As one of the largest bitcoin holders in China, his sudden announcement caused a big stir in the local crypto community. “Mr. Li Xiaolai’s value has seriously been underrated,” one follower commented. While there were supportive comments from Li’s devoted followers, others were doubtful. Though Li claimed to not personally invest in any future projects, some suggest that he might still take part through institutions or investment fund.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.