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Singaporean Entrepreneur uses $67 million life savings to acquire CryptoCurrency exchange

Singaporean Entrepreneur uses $67 million life savings to acquire CryptoCurrency exchange

It seems like Eric Cheng has placed a major bet on the future of CryptoCurrency. He has according to reports spent all his life savings and sold all his property and many of his super cars, including Rolls Royces and a Ferrari to enable him to acquire a 100% stake in a Japanese Exchange which is called BitTrade.

Why was he willing to take such a risk? Especially when major exchanges such as BitThumb have lost funds to the tune of $30 million and the volatile nature of CryptoCurrency?

He feels that the rising demand of CryptoCurrency brings a very high profit margin and is in his mind, a ‘safe’ bet. This exchange is licensed and regulated by the Japanese authorities, meaning it is seen as a much safer haven than many CryptoCurrency investments. Getting licenses from authorities is both difficult and expensive, so with this already done this is a major hurdle out of the way.

Despite the major bear cycle and correction CryptoCurrencies have received this year, it seems like he sees CryptoCurrency has a future, and has put his money where his mouth is. Still, very risky to put all your eggs in one basket, but this is definitely an investor who is thinking long, not short term. A good attitude to have, whatever your investment.

I still think putting all your eggs in one basket is risky. What do you think? Leave a comment below.