In the grand wave of wealth in the Chinese internet, one name has always been accompanied by extreme praise and sharp criticism: Li Xiaolai. Ten years ago, when Bitcoin was still a mysterious code in the geek circle, this English teacher from New Oriental, with extraordinary insight and courage, spent a fortune to buy 100,000 Bitcoins, ultimately cashing out 13.5 billion RMB, creating a wealth myth in China's cryptocurrency circle. However, from "Bitcoin's richest man" to being accused of "harvesting leeks," Li Xiaolai's life trajectory has been like a roller coaster. Now, as Bitcoin once again becomes the global focus, where is this former figure of prominence? Is his story a legend in the cryptocurrency world, or a symbol filled with controversy?
- From the Classroom to Bitcoin "Prospector": The Starting Point of Advanced Insight
Li Xiaolai's first achievement did not come from the financial market, but from the education sector. In 2001, he joined New Oriental as an English teacher, quickly accumulating reputation and wealth through his unique teaching style and bestselling study books. However, Li Xiaolai was not one to be content with the status quo; his keen business sense was always looking for greater opportunities.
In 2011, a brand new concept—Bitcoin—entered his sight. At that time, this decentralized "virtual currency" was seen by most as merely a "geek toy," even regarded as heretical. But Li Xiaolai saw the enormous potential to disrupt traditional finance. He did not go with the flow; instead, with his advanced insight, he resolutely invested in this digital asset revolution that had yet to be recognized by the mainstream.
- The Peak and Turning Point of the 13.5 Billion Wealth Myth: Capturing the Era's Dividend
Li Xiaolai not only decisively bought in himself but also actively promoted the concept of Bitcoin to the outside world. When the price of Bitcoin was still hovering around a few dozen RMB, he boldly accumulated about 100,000 Bitcoins in one go.
As the price of Bitcoin skyrocketed, Li Xiaolai's wealth surged around 2013, making him one of the earliest investors in China to achieve financial freedom, earning him the title of "Godfather of the Cryptocurrency Circle" from the media. Even more astonishingly, he chose to liquidate his holdings near Bitcoin's peak, successfully cashing out about 13.5 billion RMB. This precise "top-ticking" operation not only made him a wealth myth that people talked about but also established his important position in the early development history of cryptocurrency in China. He is undoubtedly a typical representative of that era, successfully capturing the dividends of the Bitcoin era through courage and luck.
- The "Harvesting Leeks" Controversy: The Fall from Godfather to Controversial Symbol
However, the halo brought by wealth is not eternal, and controversy and criticism followed closely. In 2018, the exposure of a recording pushed Li Xiaolai to the forefront of public opinion. In a private setting, he candidly admitted that most cryptocurrency projects were merely for "harvesting leeks," and his blunt remarks instantly caused an uproar.
For ordinary investors, this meant that their losses might be the very harvest of the so-called "big shots." In an instant, public trust in Li Xiaolai collapsed overnight; the halo of "Bitcoin's richest man" shattered completely, and he transformed from an "investment expert" into a "scam spokesperson," becoming synonymous with "harvesting leeks." This controversy profoundly revealed the cruel reality of the cryptocurrency market's information asymmetry and significant risks, turning Li Xiaolai from a widely adored "Godfather" into a highly controversial symbol.
- Stepping Back from the Cryptocurrency Circle: A Return to Education and a Call for Rational Investment
After the storm, Li Xiaolai chose to step back from the public eye. He no longer spoke publicly about Bitcoin and did not frequently appear at investment forums. He quietly returned to the familiar fields of education and writing, focusing on publishing books and developing learning products.
In recent years, he has more often taken on the role of a seasoned individual, advising newcomers on social platforms to "invest rationally and not blindly follow the trend." He rarely talks about "financial freedom" anymore; instead, he uses his personal experiences to warn those eager to get rich overnight in the cryptocurrency circle. This return may be a reflection on his past experiences or a deeper understanding of the essence of the cryptocurrency market.
Conclusion:
Li Xiaolai's story is a microcosm of the development of Bitcoin and the entire cryptocurrency industry in China. It showcases the enormous opportunities for early participants to become wealthy overnight while exposing the significant risks of severe price volatility, serious information asymmetry, and the ease with which ordinary investors can become "leeks." At the same time, it profoundly questions the choices of human nature between wealth and morality. Ten years ago, Li Xiaolai seized the era's dividends brought by Bitcoin with courage and luck; ten years later, due to his words and actions, he became a dual symbol of "wealth myth" and "Godfather of Leeks." Perhaps this is the most authentic portrayal of the cryptocurrency circle: some become rich, while others lose everything, with only the stories continuing to echo endlessly.
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Original: “A Decade After His 13.5B Bitcoin Bet, Where Is Li Xiaolai Now?”
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