Chinese tycoon and Bitcoin multi-billionaire Li Xiaoli has announced he will no longer invest in the blockchain.

“I have been associated with countless projects without my knowledge. 99% is not an exaggeration,” he comments.

So, “from this day on, I, Li Xiaolai, personally will not invest in any projects – whether it is blockchain or early stage,” he announces. “So, if you see ‘Li Xiaolai’ associated with any project just ignore it. I plan to spend several years to contemplate on my career change. As for what I’m doing next, I’m not sure just yet.”

Li is the founder of Beijing-based venture capital BitFund, which focuses on cryptocurrency and blockchain projects that have a promising future.

Hundreds of thousands of Bitcoins

He reportedly owns more Bitcoin than anybody else with rumours, stating he potentially holds hundreds of thousands, currently priced at around $6,560.

Some sources speculate Li will continue to invest in blockchain projects but through alternative methods, such as investment funds. They believe he wants to remove himself from the public spotlight.

Some industry observers say his “value has been underrated”, while others believe his announcement should have come sooner. Chinese venture capitalist Chen Weixing called Li “a tumour” and accused him of owing 30,000 BTC to an unidentified group of creditors.

Li also sparked significant controversy by labelling renowned Chinese investor NEO “stupid and worthless”. He said Binance was a “fraudulent” crypto exchange and Justin Sun, a scammer.