Yi He: Early Chinese Holders Once Held About 90% of Bitcoin, Emphasizing the Importance of Long-Term Value Investing to Ignore Short-Term Volatility

April 27: Richard Li, founder of Liquid Capital (formerly LD Capital), said in a social media post that per a chat with an early Bitcoin miner, around 90% of Bitcoin’s circulating supply held by Chinese holders in the early days couldn’t hang on amid extreme volatility. Most Bitcoin has since flowed into gray-market channels and institutional hands, leaving everyday people unable to accumulate meaningful holdings. Anyone who bought Bitcoin for a few dollars and sold when it 10x’d essentially cashed out. When Bitcoin surged past $10k, those who didn’t sell were either “crazy,” absurdly wealthy, or stuck holding involuntarily (like being locked up). For long-term investing, both Duan Yongping and Warren Buffett’s value-investment principles hold true: Only by recognizing an asset’s long-term value can you tune out short-to-medium-term volatility.