A Chinese firm has invested $20 million in the Bitcoin market

Meitu Inc has invested $20 million in the Bitcoin market
  • Bitcoin has now begun attracting institutions from China
  • Meitu Inc, a Chinese technology giant, has recently announced the addition of $20 million worth of Bitcoins to its balance sheet
  • The founder of the firm already owns approximately 10,000 Bitcoins

Bitcoin is gaining non-stop attraction from several institutions around the world. Recently a Meitu Inc, a technology firm based in China has announced that it has invested approximately $20 million in Bitcoin. The Chinese tech giant is known to have brought Bitcoins near the price level of $47k. Many in the cryptosphere are concerned whether the investment is an effect of Elon Musk, which motivated Meitu’s board plans to invest up to $100 million. Moreover, the firm’s founder is known to have 10k Bitcoin personally.

A new, unexpected giant entering the Bitcoin market

Although, the main focus of the entire cryptosphere remained on firms like MicroStrategy, Square Inc, Tesla, and other American firms. The eyes remained in the United States, and the China-based tech giant Meitu Inc steadily got into the Bitcoin market from behind. However, in recent years, we have observed that Asia and China have experienced enormous money growth. According to many, the growth of money is observed to be beneficial and wonderful. Many in the cryptosphere consider the fairly opaque in terms of reporting factor funny in the country.

Meitu founder already owns 10k BTC tokens

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Cai Wensheng, the chief executive officer of the tech giant already, owns around 10,000 BTC tokens. It is known that he acquired the tokens back in 2018 after realizing the potentiality of Bitcoin. As it’s been more than a couple of years, Cai’s holdings seem to have already expanded his stacks since then. According to Wensheng, the biggest difference between investing and speculation is the mindset. Indeed, investors who acquire a share or crypto and see the price dropping should become happy. As that becomes an opportunity to buy more for lesser amounts.

Effect of the news on the price of the leading cryptocurrency

As the news began to spread in the cryptosphere, it was observed that the price of Bitcoin has also begun to increase at the same pace. Moreover, it seems like now the price is ready to gain bullish sentiment in the market, as the euphoria seems to have disappeared. Moreover, it does not seem that Meitu Inc is the only Chinese investor of Bitcoin who is seriously investing. However, some optimism are in the market that more listed firms will soon announce their entry into the Bitcoin market. 

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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