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Chengdu Bitcoin speculator multiplies profits by 5 over 3 years

By Yin Xiaohong (People's Daily Online)    17:13, January 06, 2017

A man surnamed Zhao, who lives in Chengdu and studied information security, ended up with a bank account worth 1.2 million RMB since he invested 200,000 RMB in Bitcoins three years ago. In the end, Zhao pocketed over 800,000 RMB.

Zhao first made transactions using Litecoins after graduating, and then entered the Bitcoin market. He invested around 80,000 RMB in digital currency soon after Litecoin and Bitcoin first became popular. The price of his Litecoin holdings rose from 10 RMB to 200 RMB, giving him over 1 million RMB of profits. He then purchased more than 150 Bitcoins using 200,000 RMB. Though he didn’t closely follow the ups and downs of the market, nor made any transactions over the past two years, Zhao found that his account now contains 1.2 million RMB.

As of 6 p.m. on Jan. 5, the price of Bitcoins had reached 7,700 RMB each. The number of Bitcoins available on the market also surged from 600,000 to around 6 million, even reaching 13 million at one point, according to the website Bitcoinity.org. Analysts suggested that people’s positive attitude has driven up the price of Bitcoins, and warned investors to make sound management choices. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hongyu, Bianji)

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