Update / A story. I saw the news that MicroStrategy plans to raise 42 billion dollars in funding over the next three years. In fact, they only started buying Bitcoin on a large scale in 2020. It reminded me of a past event, a plan that I deeply regret. If my plan in 2019 could have been executed, we would have had about 2 billion RMB in cash on the books.
In fact, when I founded Mars Finance in 2018, I not only did not have a single penny from Blueport Interactive, but also donated 15% of my personal equity to Blueport Interactive. Within a year, Mars Finance raised nearly 10 million dollars.
At that time, our monthly advertising revenue peaked at 120 Bitcoins. In the summer of 2020, we could receive about 10 million RMB in sponsorship for a conference. Life was pretty good.
At that time, I had already resigned as CEO of the listed company, but retained the position of chairman as the company's founder and largest shareholder. When I left, the listed company and our affiliated companies had nearly 500 million RMB in cash. So, in 2019, I proposed a plan to the board of directors of Blueport Interactive to buy 20 million dollars worth of Bitcoin, when Bitcoin was around less than 6000 dollars each. I invited the members of the board to the Mars Finance office to hear my plan.
I never expected that at the meeting, a representative from a very powerful group company in the Chinese market would strongly oppose my proposal. Usually, this gentleman often brainwashes our executive team with their company's management philosophy, but he is actually clueless about technology, business, and investment, and does not want to hear my opinions and ideas. They are just a suggestion, very focused on management.
I remember, I wrote an entire blackboard on why Bitcoin is good and why it could be purchased now. However, no one wanted to listen.
The atmosphere in the meeting was tense.
After hearing my plan, this gentleman loudly said, 'If I dare to let the finance department execute the plan to buy Bitcoin, sue me.'
After a few rounds, I said, 'Mr. X, please get out of my office.'
We parted ways unhappily.
Years later, this gentleman was transferred back to their group to be the HRD.
The plan for our listed company to start buying Bitcoin could be executed after I returned to the company as CEO early last year, and this price started from 26,000 dollars.
