Mainland Chinese tycoon Sun Yuchen bought $10 million of GameStop stock at the height of the Reddit-driven surge. Despite being caught out, he predicts a paradigm shift in investment patterns as young people flock to financial assets.
In the same week that Elon Musk announced that tesla had bought $1.5 billion in bitcoin, Wavefield TRON Foundation founder Sun Yuchen said that a new type of Internet-driven investment would benefit cryptocurrencies and the stocks of companies that can understand and grasp the “meme Culture,” Tencent reported on Feb. 11.
He is set to continue holding shares of GameStop, which he bought near its highs in late January, and take advantage of the momentum to attract retail investors to buy so-called Meme shares. Sun also purchased $1 million in AMC stock and $1 million in silver. He said the market value of his GameStop stock holdings had dropped to $2 million, implying a book loss of up to 80 percent.
I think I’m going to keep holding,” Sun said in an interview. “Even though I’m losing money on the stock, I still believe it’s a paradigm shift. In the past, we all followed the advice of financial analysts; today, people will make their own decisions.
Sun Yuchen founded the blockchain business Wavefield in 2017 and has since expanded into other decentralized technologies and platforms such as BitTorrent Inc, Steemit and DLive. in 2019, he spent a record $4.6 million on lunch with Warren Buffett at the aging investor’s annual charity auction that making headlines.
Meanwhile, Wavefield coin, which is associated with the Wavefield TRON Foundation, has not benefited from the enthusiasm of retail investors as much as some other cryptocurrencies have in recent months. According to CoinMarketCap’s latest ranking, Booba Coin has fallen to 20th place in terms of total market capitalization.
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