COINOTAG reported today on October 31, the insights shared by Wang Feng, founder of Linekong Interactive, regarding the evolving landscape of corporate Bitcoin investments. Reflecting on a critical moment in 2019, Feng recounted a proposal to allocate $20 million for Bitcoin purchases when prices were below $6,000. Despite detailed presentations outlining the benefits of Bitcoin, including its potential as a long-term value store, the initiative faced staunch resistance from the board, ultimately hindering the company’s entry into the cryptocurrency market.
Fast forward to early 2023, when Feng resumed his role as CEO, the company began to embrace a Bitcoin investment strategy. Unfortunately, by then, Bitcoin had surged to approximately $26,000 per coin. As MicroStrategy had initiated significant Bitcoin acquisitions starting in 2020, the missed opportunity for Linekong could have translated into substantial financial gains, especially with around 500 million yuan available in cash back in 2019.