In a bid to surpass a personal goal of investing in Bitcoin, Cai Wensheng has invested and is currently ‘hodling’ 10, 000 BTC. Mr. Wensheng is the founder of Chinese technology firm Meitu Inc which makes selfie apps and smartphones. Speaking during an interview with entrepreneur Wang Feng , Mr. Wensheng said:
“After realizing that Bitcoin is the future, I set myself a personal goal of investing in Bitcoin. From a single digit investment in January, now I have 10,000 BTC in my name. I achieved my goal of 10,000 BTC through investing in Bitcoin when the prices dropped in January.”
Apart from investing in Bitcoin, Mr. Wensheng has investments in other altcoins. They include Charter, Dxchain, Yeecall, Zipper, Arcblock, Cortex, Ontology, and Theta. To reach his target, Mr. Wensheng did not invest in Bitcoin in December when the prices were at their peak. To him, he saw the prices were too high and held back from investing. It is only in January that he decided to invest in Bitcoin when the prices were low. In his mind, he was thinking like an investor and bought in when the prices were low.
Mr. Wensheng’s hodling advice.
First and foremost investors must do their due diligence before investing in any market. The research will help them understand the market well. Understanding the market will lead to success when investing. For anyone to succeed in investing in Bitcoin, their mindset plays a crucial role. Virtual currencies are like bubbles, the prices are unstable. If an investor is always complaining about how the prices keep falling, they might not be successful.
Furthermore, shrewd investors will take the drop in price as an opportunity to invest more. Investors should be optimistic when it comes to investing in virtual currencies. There are both losses and gains. For instance, Bitcoin upward trend in December last year made many millionaires. But in January prices dropped and currently, it’s on an upward trend again.
Mr. Wensheng finished off by saying, “investing in blockchain is like the way people invested in internet in 2000. Many startups come up but along the way some fall. But if you invest in the right startup there will be rewards at the end.”