Chinese Billionaire: ‘Blockchain Is the Biggest Bubble the World Has Ever Seen’
Always thought that the blockchain craze was getting a little too frothy? Well, apparently you’re not alone.
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.
“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 the world after the bubble burst. We must embrace bubbles now, as missing the bubble will be the biggest risk.”
That’s right, as bubblelicious as the blockchain scene has become, for Cai, it’s practically criminal not to partake in it, pointing out that many are still blind to its potential and that early adopters still have a lot of opportunities to make hay:
“When the Internet revolution started, big companies back then like Lenovo, Haier and China Mobile missed the boat. Similarly, Internet giants of today are likely to miss the potential of the blockchain revolution, which gives opportunities to those early adopters.”
Moving on to cryptocurrencies, Cai hinted that there may still be a lot of upside to them, noting that “90% of the population are still on the sidelines” and that “you are still an early adopter if you enter the market now.” However, he did acknowledge that we may only find out what the best blockchain or token is after the bubble bursts.
At any rate, China Money Network traces the billionaire’s bullishness to a growing school of thought in China called the “blockchain fundamentalists.” They reportedly see the blockchain as a revolutionary device that will reshape life, from economics to religion, as we know it. An “internet 2.0,” so to speak. I’m guessing we’ll have to wait for the bubble to burst too to see how that goes.