Chinese Billionaire Bows out of the Blockchain Arena

Chinese Billionaire Li Xiaolai, the CEO of Bitfund, has dropped out of the blockchain picture. He was an avid blockchain and cryptocurrency supporter in China and seen as a very influential figure. However, accusations of bad business practices and his actions stifling the growth of technology in the region by other prominent businessmen in the region has made him back out of the industry. Well, that what the news says. I personally believe that it had to do with the Chinese government and I believe Beijing directly told Li to step out of crypto as China is very hostile towards cryptocurrencies and is further cracking down in the sector. The other prominent businessmen accusing him are, I think, just mouthpieces that the government is using. Beijing wants full control of blockchain and possible crypto development in the country and perhaps Li was just getting in the way. This should not effect the price of Bitcoin much as China was retreating as a player in the cryptocurrency industry anyways with NEO as its only real player in the field.

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