Chinese Tech Company Copies Tesla Playbook And Purchases Bitcoin

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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.

Are Asian entrepreneurs starting to follow @michael_saylor & @elonmusk ? Chinese tech company Meitu (https://t.co/VfUwTjuL1Z) just announced they have purchased $40 mil. worth of crypto, including 380 #Bitcoin ($47105/BTC) and 15,000 #Ethereum ($1473/ETH) on March 5, 2021.

— cnLedger (@cnLedger) March 7, 2021

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.

$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.

Hong Kong-listed Meitu Bought $40M Worth of Bitcoin and Ethereum https://t.co/yYWHFD0zct

— CryptoJournaal ™ (@CryptoJournaal) March 7, 2021

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.

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