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Wednesday, February 26th, 2020

No, Bachchans did not invest in Bitcoin, but the mania did earn them a fortune

by December 20, 2017 General
No, Bachchans did not invest in Bitcoin, but the mania did earn them a fortune. (Image: PTI)

Two and a half years ago, the Bachchans invested in a company not known by many. The company was Meridian Tech Pte, a Singapore based company. Company’s main asset — — was the acquired by other company LongFin Corp, the Economic Times reported. Since Bachchans held shares in Meridian Tech Pte, they received 250,000 shares of LongFin purchase. It looks like a simple investment story, but it did take a dramatic turn: Bachchans’ investment worth $250,000 gave them returns of $17,500,000 ($17.5 million).

The Blockchain, Cryptocurrency mania: What really has happened

LongFin Corp bought, two days after getting listed on NASDAQ. The company described itself as “a Blockchain technology empowered solutions provider” that offers microfinance using “cryptocurrencies across continents.” And, then what the words like Blockchain and Cryptocurrency and the mania helped company’s share to dramatically surge 2,500% last Friday when the deal to acquire was announced,  the Economic Times reported.

“It’s crazy… the global euphoria over Blockchain is sweeping the world…no intrinsic value can be attached,” said Venkata Srinivas Meenavalli who backs LongFin Corp and also the founder of Meridian Tech Pte. “In lieu of their holding in Meridian Tech, Bachchans received 250,000 shares of LongFin following the asset purchase,” Meenavalli told ET.

So, the investment of $150,000 from Amitabh Bachchan’s account and $100,000 by the joint account of Amitabh Bachchan and Abhishek Bachchan, surged to $17.5 million, Business Standard reported.

Cryptocurrency vs Blockchain vs Bitcoin

Cryptocurrency: Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds.

Blockchain: Blockchain a technology in which transactions made in digital currencies are recorded chronologically and publicly. Blockchain as a technology supports Bitcoin trading, but it not synonymous with Bitcoin. Blockchain can be used for a wide variety of applications, such as tracking ownership or the provenance of documents, digital assets, physical assets or even voting rights.

Bitcoin: Bitcoin is a type of cryptocurrency, which operates on the encryption technique, but does not have a legal backing from the central bank. It is an unregulated digital private currency created by Satoshi Nakamoto in 2009.