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Chinese Bitcoin Tycoon Stops Cryptocurrency Investment

China’s Bitcoin billionaire and blockchain investor, Li Xiaoli, has abruptly announced to stop investing actively in the cryptosphere, specifically in the blockchain companies.

Founder of BitFund, a Beijing-based venture capital fund that focuses on cryptocurrency and blockchain projects, Li Xiaoli has been coined as one of China’s largest Bitcoin holders.

Originally, Mr. Li started a career as a salesman and became a popular English teacher around China during the ’90s. He also published two bestselling books on Time Management and methods in mastering English vocabularies.

In 2011, he started mining and investing in bitcoin, two years after bitcoin became public, and by 2014 already was in possession of over 100,000 bitcoins.

In regards to his sudden resignation from the cryptosphere, he said that from this day on he will not personally invest in any projects, early stage or blockchain. And if anyone sees his name associated with any project, it should be ignored.

Meanwhile, Mr. Li will rest on his achievements for “a few years” and will decide on where he wants to move next with life. He might still invest in blockchain projects as a third party investor, as Mr. Li wishes to distance himself from public view.

Also just this year, Mr. Li was surrounded by controversies by openly calling out multiple leading crypto startups and projects by calling them “stupid and worthless”, “fraudulent” and even “scammers”.

It is speculated that due to a number of these accusations has led Mr. Li to stop investing in cryptocurrency.