Asia's richest man invests in US startup BitPay

December 27
7:17 AM 2013

The richest man in Asia, Li Ka-shing, has decided to invest in BitPay, US-based startup that works like PayPal for bitcoins. The terms of the said investment were not disclosed, according to Tech In Asia.

The South China Morning Post (SCMP) has confirmed Li Ka-shing's investment in BitPay. The funding was derived from Li's Horizons Ventures, the report said.

Economist John Greenwood offered SCMP an explanation as to why the Hong Kong tycoon might have invested in the Bitcoin service: "Just like investors in days gone by made more money out of selling shovels and picks to gold-diggers than anyone ever made out of the gold mine, he is investing in the peripheral activity that bitcoin has generated."

The government of Hong Kong has not made a definite ruling on bitcoin usage by its citizens. Politicians, however, have cautioned solo investors on the volatile virtual currency, the report added.

Since it came into the spotlight in October, Bitcoin's price has fluctuated wildly. In December, its price briefly surged to $1,200. Bitcoin's current price is just below $800, Tech In Asia reported.

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