Li Xiaolai, China’s Bitcoin tycoon and the serial investor will take a hands-off approach to the upcoming blockchain projects as formally announced by him on social media on Sunday, 30th September.
Amid many surprises through the variety of approach, Li is well known for his identity as China’s biggest Bitcoin bagholders and investors, appeared discontented with fraudulent actors in the blockchain industry that were criticizing that he was part of their undertakings.
Since Li Xiaolai personally will not invest in any projects (whether it is blockchain or early stage), his post on Chinese social media network Seibo states “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.”
Amid this, Li was expected to reference similar situations that have resulted in other cryptocurrency industry figures warns about such fraudulent actors. Since the inception of the Initial Coin Offering (ICO) explosion in 2017 in numerous well-known names have expressed dissatisfaction of their names appearing on lists of ‘advisors’ for blockchain based projects when in fact they had no connection.
Further speaking to the matter, Li is not very much inclined to cite that “he wished to withdraw from the crypto space entirely, but on a temporary basis.”
Further, he commented that “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.” With this, He profusely said that “I’m still optimistic about blockchain in the long term.”
While looking at the present scenario, both ICOs and cryptocurrency use in China remain impermissible. However, Li recommends the government’s legislative shake-up when it was first announced last September!!