Bachchans Surfs High The Bitcoin Wave
Amitabh Bachchan, the Shahenshah of Bollywood coupled with his son Abhishek created news back in May 2015 when they invested $250000 jointly in a Singapore-based company Meridian Tech Pte Ltd, the owner of Ziddu.com. The company website in those days used to describe itself as “an empowering free cloud storage, global wallet, social commerce & social gaming platform startup.” But the minority stake attained by these Bollywood A listers ballooned up by more than 70 times within a span of three years. An investment of $250,000 grew to $1.7 Million.
So how did it all happen? Well the first stroke of luck came over when the description of Ziddu.com was changed to, “A Blockchain technology empowered solutions provider.”
Unless you have been living with your head underground you definitely must have come across the term blockchain and how it is bringing about a paradigm change in the operations of every sector. Ziddu has also been using the blockchain based ledger accounting technique for documenting and offering microloans measured in terms of Ziddu coins used increasingly by both importers and exporters.
This is an exclusive cryptocurrency developed by the start-up and pegged loosely to Bitcoin and Ethereum. Within two days of its listing on NASDAQ, US-based LongFin Corp acquired Ziddu.com. It is imperative to know that both LongFin Corp and Meridian Tech were established by Venkata Srinivas Meenavalli. LongFin had offered 2.5 million company shares for acquiring Ziddu from Meridian Enterprises.
The rapid growth surge of Bitcoin lately has shaped the very term into a magic word which can arise interest of general people whether or not they have knowledge regarding the same. Thus, it was very obvious that the word cryptocurrency would cause a rapid increase in interest of general people who suddenly became very inquisitive about the acquisition news causing the stock price of LongFin to boomerang by 223% in one day. The stock which had started trading with a price of $5 on NASDAQ has presently bagged a price of $77 showcasing a 1440% hike. Meenavalli shared with Economic Times that this steep hike in stock price came as a shower of good news for the Bachchans who “received 250,000 shares of LongFin following the asset purchase” in lieu of their stake in Meridian Tech.
- Other Success Stories
Apart from LongFin Corp, the IP Patent company Marathon also hogged the limelight not too long ago courtesy its acquisition of digital asset technology company Global Bit Ventures which in engaged in crypto-mining. This acquisition helped Marathon to benefit from an increased share price of $5.82 on 19th December. Former biotech firm Riot Blockchain also experienced a steep hike of 300% in its share price within just 3 months of opting for a name change and boarding the crypto express. The stratospheric rise in the price of Rich Cigars which catapulted by 2000% in just one day after entering into the crypto mining business and rebranding itself as Intercontinental Technology is also awe-inspiring.
- Expert Speak
Nomura recently stated in a report that, “the level of speculative mania has reached a point where stock prices have been boosted by companies simply inserting ‘blockchain’ on to the end of their names.” This line of thought was seconded by Meenavalli who revealed during the “Fast Money” segment of CNBC that, “this market cap is not justified… We have nothing to do with this euphoric mania.” LongFin surely had been enjoying its dream run in spite of its share prices dropping by 18% following the statements of Meenavalli. It is imperative for investors who are wishing to profit from this cryptocurrency-blockchain bull run to understand that Bitcoin has been branded as the “bubble to end all bubbles”. “It’s crazy… the global euphoria over Blockchain is sweeping the world…no intrinsic value can be attached,” Venkat Meenavalli was quoted as saying. Well, whether or not the Bitcoin bubble bursts, Big B surely has surely secured a highly comfortable seat thanks to his commendable investment.
Whether it is financial or tech circles, cryptocurrencies and Bitcoin in particular have been garnering a lot of attention off late. The Bitcoin wave had taken a large array of individuals and business houses for a whirlwind ride in the last few months only leaving them face to face with greener pastures. Increasing fear of missing out has been one of the primary factors fuelling this meteoric growth of the digital tokens shouldered by other driving factors such as increase in avenues of spending the same. However, the sphere of cryptocurrencies is yet to get benefitted from proper regulation.
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