Blockchain

Notorious Chinese Bitcoin Proponent Li Xiaolai to Abandon Blockchain Technology?

Notorious Chinese Bitcoin Proponent Li Xiaolai to Abandon Blockchain Technology

According to several reports, it would appear as if the Chinese Bitcoin investor Li Xiaolai has now decided to become less actively involved with blockchain projects in the coming years.

More specifically, Li – who is the co-founder of Yunbi – has reportedly stated this himself through a post on the Chinese social media platform Weibo on Sunday, September 30th.

Li has previously been known as one of the largest Bitcoin holders and proponents in China. In September of last year, Li gained notoriety through his support of the Chinese government’s ICO ban.

Furthermore, it would appear that Li is trying to distance himself from any and all cryptocurrency and blockchain projects as to prevent that his name will be used by fraudulent actors looking to further their own ventures.

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The Chinese technology publication TechNode has translated Li’s Weibo post and his post apparently reads ”[f]rom this day on, Li Xiaolai personally will not invest in any projects (whether it is blockchain or early stage)”.

Subsequently, ”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.”

Li is not the only individual who has mistakenly – often with fraudulent intent – by cryptocurrency and blockchain projects. This has been a growing problem with blockchain projects since the widespread adoption of ICOs in 2017.

Well-known cryptocurrency and blockchain figures and names have often appeared as supposed ”advisors” in ICO white papers, without the people’s consent or even awareness.

It would appear, however, that Li is not sure that his withdrawal from the cryptocurrency sector will be permanent.

”I plan to spend several years to contemplate on my career change. As for what I am doing next, I’m not sure just yet,” Li reportedly stated in the social media post.

Nevertheless, he concluded his blog post with stressing that his overarching bullishness for the technology remains unchanged, noting that ”I’m still optimistic about blockchain in the long term”.

Although this type of action is notable, it should not be seen as being overly important. It would appear likely that China will lose one of its biggest Bitcoin proponents if Li does indeed retire from blockchain ventures.

However, it should also be stated that there is nothing guaranteeing that Li Xiaolai will indeed refrain from partaking in blockchain and cryptocurrency projects in the coming years.

His passion for the technology will presumably make it hard for him to take a backseat-role as it wins greater recognition and adoption in China, but it remains to be seen how exactly this will play out.

Image Source: “Flickr”

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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.