{"id":368858,"date":"2019-01-23T14:12:11","date_gmt":"2019-01-23T14:12:11","guid":{"rendered":"https:\/\/uniquehot.com\/?p=368858"},"modified":"2024-06-11T07:43:34","modified_gmt":"2024-06-11T07:43:34","slug":"novogratz-billionaires-disappearing-in-china-presents-a-bitcoin-bull-case","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/novogratz-billionaires-disappearing-in-china-presents-a-bitcoin-bull-case\/","title":{"rendered":"Novogratz: Billionaires Disappearing In China Presents A Bitcoin Bull Case"},"content":{"rendered":"

The world’s your oyster. No, no it’s not. Since capitalism became the norm, every common Joe and Jill, whether confined to suburban sprawl or trapped in rural farmland, have had dreams of making it big in the world. However, for many, these vision of grandeur are quixotic \u2014 out of reach for all but the luckiest. And as such, joining the billionaires (or even millionaires) club has become a\u00a0raison d’etre\u00a0<\/em>for many materialists.\u00a0But maybe not for China’s hopefuls. However, that’s where Bitcoin and crypto step in.<\/p>\n

Related Reading:\u00a0How Brian Armstrong, CEO of Coinbase, Became a Crypto Billionaire<\/a><\/em><\/h6>\n

China’s Wealthy May Not Be Living The Dream Life<\/h2>\n

In 2011, Ray Kwong, a Forbes<\/em> contributor, dropped an article<\/a> that changed the world’s perception of China’ rapidly swelling upper-upper class. Kwong, citing data from local news outlets, claimed that China’s\u00a0cr\u00e8me de la cr\u00e8me\u00a0<\/em>have fallen victim to a number of “unnatural deaths.” The Forbes<\/em> contributor even joked that China’s then-current billionaires “should be more than a little nervous.”<\/p>\n

Kwong revealed that from 2003 to 2011, the mortality rate of billionaires had spiked, and in a suspicious way at that. 15 were flat out\u00a0murdered, 17 supposedly took their own lives, seven died from out of the blue accidents. 19 also died from a handful of illnesses and health conditions, while 14 were executed.<\/p>\n

While murder, suicide, accidents, and illnesses aren’t uncommon, the fact that so many of these qualms befell such a small group of individuals left Kwong intrigued. Kwong was even intrigued to the point where he speculated that the “homicide toll” for billionaires may be much higher than local media suggests.<\/p>\n

While these statistics are old, with new reports indicating that there are now over 800 billionaires housed in the Asian powerhouse, supposed disappearances have still occurred. In mid-2018, Fan Bingbing, China’s most famous actress presumably with hundreds of millions, if not billions, suddenly disappeared. Her Weibo account, followed by dozens of millions local and abroad,\u00a0effectively became a ghost town, with daily posts whittling down to pure silence.<\/p>\n

Four months later, after her fans feared the worst, Fan resurfaced, revealing that she had pled guilty to tax evasion, with China’s courts and authorities mandating her to pay the equivalent of $181 million in Chinese yuan. While she didn’t die, disappear\u00a0forever, or fall victim to some unexplained illness, her career has come to a screeching halt.<\/p>\n

What Does This Mean For Bitcoin?<\/h2>\n

But what does China’s seeming billionaire debacle have to do with crypto & Bitcoin?<\/p>\n

Mike Novogratz, chief executive at Toronto-listed Galaxy Digital<\/a>, a crypto-friendly merchant bank with a number of facets, recently put it best on Twitter. Novogratz, a long-time Bitcoin bull and visionary, noted that the statistics cited in the Forbes<\/em> article are “scary,” adding that they make him bullish on Bitcoin, but also worried about China.<\/p>\n

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These are scary stats. Makes me more bullish Bitcoin and more worried about China. https:\/\/t.co\/srjuQTaia7<\/a><\/p>\n

— Mike Novogratz (@novogratz) January 22, 2019<\/a><\/p><\/blockquote>\n