Meitu chairman Cai Wensheng, an angel investor from China, purportedly accrued 10,000 Bitcoin during the price dip earlier this year.
Cai Wensheng made his fortune by researching and investing in domain names when the Internet was fairly young. In time Wensheng began looking into work as an angel investor and he's done very well.
Wensheng made his decision to go heavily with Bitcoin after carefully watching the market, doing extensive research, and started the process of accumulating more Bitcoin until he reached his goal of 10,000 coins. When the price dropped after the November 2017 high, he felt it was the best time to buy.
It was during a recent question and answer session that Wensheng talked about his Bitcoin plans with Wang Feng on WeChat. Wensheng admitted that early on he had hardly any investment into the cryptocurrency. “I only had single digit unit of bitcoin, just for fun in January,” Wensheng said. “So I started around the end of January to build my holdings following the price decline. The more it dropped, the more I bought in and now the mission is basically complete.”
Aside from Bitcoin, Wensheng's current focus is with his company Meitu, know for its app MeituPic, which is a highly popular Chinese-based app that works as a photo retouching tool. Currently MeituPic has over 90 million monthly users. Meitu went public in December of 2016.
In February of this year Bitcoin’s value dropped below $6,000 (US), however, since that time Bitcoin has risen to over $9,300 in value as of May 7th. Many high profile investors have all agreed that Bitcoin and cryptocurrency in general is going to grow in usage and climb tremendously in value in the coming months. Some of these people include Gill Beyda of Comcast Ventures, Dan Morehead of Pantera Capital and venture capitalist Tim Draper, who went as far as saying that Bitcoin would be ‘bigger than the Internet”.