Li Xiaolai is one of the first figures from China who has been open about investing in Bitcoin. He is the founder of Bitfund which is a major player in the Cryptocurrency Industry. Now we’ll talk about 15 things you’ll probably did not know about Li Xiaolai.
Li Xiaolai is a Chinese investor was born in 1970s and he grew up in Beijing. Li had always been curious about innovations and was enthusiastic on efficiency. He got a degree in accounting in 1995 from Changchun University.
Li started his career as a salesman and then became one of the most well known English teachers in China. He even published his two bestselling books about time management and methods in mastering vocabularies for English test. He retired as a teacher in middle age.
3.Entry in the Bitcoin world
Li was an early proponent of Bitcoin and blockchain. He started several funds, launched a cryptocurrency exchange and invested in numerous blockchain projects. Li started investing and mining Bitcoin in 2011. He had 100,000 bitcoins by 2014. He was the first individual in China to publicly collect bitcoins.
4.Li and Bitfund
Bitfund was found by Li Xiaolai in the middle of 2013 starting from as little as $3.5 million, and within 1 year it became the most influential venture capital related to crypto currency in China.
5.Li and EOS
In china EOS is referred to as “LiXiaolai Coin”, but Li is just an investor in EOS with a small shareholding of 5percent. But Li says it’s not right to call EOS as “LiXiaolai Coin” as the company developing and managing Project EOS is Blockone and its CTO is blockchain developer Dan Larimer and so it’s just a simple partnership between Dan and Li. The amount of EOS currency held by Li is locked for a long period which ranges from2 to 10 years.
After Bitfund venture capital firm, Li established Yunbi, a cryptocurrency exchange based in China. The exchange was ranked 7th largest in the world by trading volume by the Coinmarketcap. Yunbi trades IOC tokens and cryptocurrencies, including several backed by Li, such as EOS, Qtum, Siacoin. Li’s bank account was frozen for various reasons when Yunbi was started. He was forced to sell bitcoins in bear market to ensure adequate monetary reserves for the exchange.
7.Li’s investments in projects.
Li founded INBlockchain in 2016, a venture capital firm which was focused on blockchain assets. In 2017, Li was an investor in EOS and Block one. Other cryptos that Li invested in are Siacoin, Qtum and Bodhi. In April 2018, Li joined Tunlan investment as manager of their fund.
8.Li and controversy
Li found himself in controversy after a 50 min recording of him was leaked in which he was going off on sum of the most well known players of china’s crypto circle and he was giving tips on how to “cut leeks”- it’s a way of referring to new investors who are entering the market and are harvested by big players. Li also had a quarrel with Chen Weixing, a venture capitalist.
9.Li stepping down
In Sep 2018 Li announced that he would personally not invest in blockchain projects in future and if anyone saw any project associating them with his name they should ignore it. He said “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.”
10.Li labeled as con artist
In just one year, Li went from being an inspirational role model to a con artist. His reputation suffered so many blows that an individual accused him of being as criminal as one of “the largest drug lords.” An article “The Road to Wealth and Freedom of a Scammer” made matters worse for him and the public acussed him of deception as well. Li Xiaolai wanted to get rid of this label and restore his image as a good businessman.
11.Li published a new book
In July, Li Xiaolai published a new book “Self cultivation of Retail Investors/Chives”. In the book he has advertised his marketing genius. The book was sold out and he was successful in potraying himself as innocent. He gained new fans and a batch of retail investors.
12.CCTV Finance highlighting Li of having propaganda with empty projects
In a program called “Focus on the Currency Market Chaos” CCTV Finance highlighted that Li often appeared in the propaganda of empty projects. But Li argued that he was falsely represented as supporter of these projects and quoted, “Those who are eager to make money are afraid to miss opportunities. They cannot make judgments, so they depend on the support of an influential person. This adds optimism to the project.”
During his interview with CCTV he denied all allegations surrounding his involvement with empty and scam projects.
13.Unanswered questions on Li stepping down
When Li stepped down there were many questions on eveyone’s mind some of which were:
- He had raised more than 20 token-issuance projects, and was the actual controller of the projects, and funds of most of these projects were stored in his accounts. So how these would be managed after he stepped down?
- INBlockchain raised around 300 million Yuan, and most of these funds were said to have been invested in various token-issuance projects. What about these investments after his change in profession?
- 30 million Yuan was provided by the government for the Xiong’an Fund. Some of the funds were invested in projects supported by Li. So what would be done for the post-investment management?
- Before the blockchain token was issued, Li had conducted an equity crowdfunding of nearly 100 million Yuan and these funds were used for investment. How would these be explained to investors?
14.Li as Executive Director of Grandshores Technology
On 3rd Dec 2018, Grandshores Technology Group Limited announced that Li Xiaolai would be acting as Executive Director and Co-CEO of its company which was listed on Hong Kong Stock Exchange. His role would be to stabilize the construction of digital currency systems, work on projects associated with the application of blockchain technolog. Grandshore intends to expand its business in blockchain and financial technology.
15.Networth of Li
Wealth of Li Xiaolai the English teacher who turned crypto investor was estimated to be around 7 billion Yuan or $1billion.