Chinese Billionaire Cai Wensheng Says Blockchain Is Biggest Bubble Ever, And Missing It Will Be Your Biggest Mistake
Chinese billionaire Cai Wensheng, founder of photo touch-up app and smartphone maker Meitu and a well-known angel investor, said in a recent online chat group that he believes blockchain is the biggest bubble the world has ever seen, and missing it would be the biggest mistake anyone can make. Cai, with a net worth of US$1.84 billion estimated by Forbes, made his first bucket of gold buying and selling dot com domain names in the late 1990s. Despite regulatory crackdowns and speculative behaviors in the market as Bitcoin and other cryptocurrency experience volatile price gyrations, Cai believes that there are still enormous investment opportunities in the sector. "Blockchain is the biggest bubble the world has ever seen, but bubble is the catalyst for technological revolution," Cai said in a recent Wechat group chat organized by the Chinese blockchain community. "Similar to the industrial revolution and the dot com bubble, the underlying technology changed th...