After gripping the world’s financial markets for its unprecedented surge, the cryptocurrency wave has made Bollywood superstar Amitabh Bachchan and his son Abhishek Bachchan richer by more than a hundred crore.
Bachchans, who invested $250,000 (Rs 1.6 crore) as part of a personal stock investment in Meridian Tech Pte, a Singapore-based firm founded by Venkata Srinivas Meenavalli, is now worth $17.7 million (Rs 114 crore), according to a report by ET.
In May 2015, Bachchans invested $2.5 lakh in Meridian. After two and half years, US firm LongFin, backed by Meridian founder, got listed on Nasdaq. Last week, LongFin buys Meridians prime asset Ziddu.com, which lends in cryptocurrency and uses Ziddu Warehouse Coin.
The LongFin stock rose more than 1,000% between last Wednesday and Monday, after surging over 2,500% on Friday when the deal to acquire Ziddu.com was announced. Now Bachchans will 250000 shares of LongFin. At $70 a share, it worths $17.5 million now.
Talking about the valuation, Meenavalli explains, “It’s crazy. The global euphoria over Blockchain is sweeping the world. No intrinsic value can be attached.”
Bitcoin prices have skyrocketed in recent weeks and are currently valued at $16,000 per Bitcoin after touching $20,000 a few days ago. It is still unknown what the Bachchans’ plan to do with their share. However, Entrackr queries regarding Bachchans investment remains unanswered.
Like others, Bollywood celebs have also gotten attracted to bitcoin because of its explosion.
In this year, bitcoin price has increased by over a thousand percent. In the last week alone, the exchange rate for bitcoin grew more than 20 percent. On December 3, it reached its all-time high of $11,828, according to Coindesk Bitcoin Price Index. Now one bitcoin is equal to around Rs 11 lakh.
Bitcoin is primarily based on a simple theory of economics – when unlimited demand chases finite supply, the result is sky-rocketing prices. It is created by computers that have a capability of solving complex math calculations or problems.
Bitcoins are available on bitcoin exchanges. There are many companies such as Unocoin, Zebpay, BuyUCoin and Coinsecure that help you buy or sell bitcoin online. You could also purchase bitcoins from other users.
However, RBI has cautioned people to stay away from investing in it.