Chinese Tech Company Copies Tesla Playbook And Purchases Bitcoin, Ether Directly

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Last Updated on 23 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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As from the second week of February, when Elon Musk proudly announced the purchase of $1.5 billion in Bitcoin through his company Tesla, crypto enthusiasts have been betting on who would be next Wall Street giant to make a major announcement.

Last week the bet was on Netflix, as CEO Reed Hastings is known for thinking out of the box (as clearly shown in his book No Rules Rules).

Of course, in the end it turned out like the old saying goes, when everyone is looking west… you forget to look east.

In this case east is China in fact, where smartphone and app maker Meitu announced on Sunday that it had

Purchased 15,000 units of Ether and 379.1214267 units of Bitcoin (“BTC”), both cryptocurrencies, in open market transactions at an aggregate consideration of approximately US$22.1 million and US$17.9 million respectively.

Advertentie.

$11 billion market cap

We understand that you respond with Meitu-who, and even we had to check it all on Wikipedia as some Chinese companies are not that known over here. Of course, with the massive market that they can serve in their home country along, not all of these companies go abroad with their business.

Meitu Is a smartphone manufacturer and selfie app software company listed on the Hong Kong Stock Exchange since 2016. Market capitalization is a whopping $11.76 billion.

The Chinese tech company claimed that it:

Believes that the blockchain industry is still in its early stage, analogous to the mobile internet industry in circa 2005.

Future dApps

The investment in Ethereum was furthermore explained not only to diversify it’s investment, but also for future usage of the Ether blockchain if it wants to link it’s apps to the cryptosphere.

Meitu explained:

Purchasing Ether is therefore a logical preparation for both initiatives, as the Ether purchased would become the gas reserve for the Group’s potential dAPP(s) to consume in the future, as well as being used as consideration for investing in blockchain-based projects that take Ether as consideration.

MicroStrategy now has partners also investing in crypto on both sides of the ocean. Let’s see if this initial Chinese company investment is copied by others.

zoomteam / Depositphotos.com