Are Chinese Social Media Leaders Investing in Crypto?

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Bitcoin (BTC) and other cryptoassets continue their relentless rise as Chinese photo-editing software company Meitu, invested approximately $40 million into the market. The company purchase $17.9 million of Bitcoin followed by a purchase of $22.1 million of Ethereum (ETH). This increases the line of global tech giants investing in cryptoassets.

In addition to Meitu entering the space, both Tesla and Square have voiced their interest in Bitcoin, suggesting the asset could become a stable investment. What is more interesting, this was the first global corporation to invest into Ethereum, with intention of increasing their portfolio with and additional $100 million.

The company directors of Meitu have always been vocal towards Bitcoin and support of blockchain technology, making the investment no surprise to many. The purchase has been claimed as an incentive to the company for exploring new ways for expansion, after turning 13. One of Meitu’s chairmans, Cai Wensheng, exclaimed that “blockchain is a catalyst for the technological revolution” suggesting many more Bitcoin investments could come.

China itself have blocked both Initial Coin Offering (ICO’s) along with exchange listings as of 2018. Meitu has stated that the investment will remain with the secure cryptocurrency trading platform to hold for the longer term.

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