How did Amitabh bachchan make INR115 crores from INR1.62 crores?
Amitabh Bachchan made approximately 115 crore in three years after investing in bitcoins.
Currently when Bitcoin and other cryptocurrency are riding a stable wave on the stock market, last year December was an adventure wave for these newly invented virtual tokens.
Although now India has taken a negative stance on the digital coin, citizens of the country still want to know about the coins and how to work their way to earn from it.
Among the much-interested people was none other than our own angry young man, Mr. Bachchan. Amitabh Bachchan and his son Abhishek Bachchan have also invested in bitcoin in 2015 and the investment of approximately $250,000(INR 1.62 crore) was valued at a scorching price of $ 17.5 million (INR 11,508,87,500) in late 2017.
This is the time when the price of bitcoin reached an all-time high $20,000 (approx INR 12,81,000 then price) mark.
About two and a half years ago in May 2015, Amitabh Bachchan and his son Abhishek Bachchan invested $250,000 as part of a personal stock investment in Meridian Tech Pte, a Singapore-based firm founded by Venkata Srinivas Meenavalli.
Apparently, one of Meridian's prime assets Ziddu.com got acquired by another Meenavalli-backed company called LongFin Corp two days after the latter was listed on NASDAQ.
When the Bachchan's invested in Meridian in 2015, Ziddu.com was known as a cloud storage and e-distribution startup. In December, however, the company changed it to "a Blockchain technology empowered solutions provider" offering microfinance using "crypto-currencies across continents." These terms such as "Blockchain" and "crypto-currency" helped catapult LongFin stocks to more 1,000 percent due to the high interest in Bitcoin. After the deal to acquire Ziddu.com was announced, the stock of the company rose past 2,500 percent.
Bachchans are known to have previously invested in different sectors like sports. Jr. Bachchan owns a kabbadi team called the “Jaipur Pink Panther”.
"In lieu of their holding in Meridian Tech, Bachchans received 250,000 shares of LongFin following the asset purchase," Meenavalli told ET. With LongFin's stock price at $70 per share as of Monday, Bachchans' holding in LongFin is now valued at $17.5 million (approx Rs 114 crores). Meenavalli explains the valuation, saying, " It's crazy... the global euphoria over Blockchain is sweeping the world...no intrinsic value can be attached."
However, the current stance of the Bachchan is unknown and how they went ahead with the gain. Since India has banned the cryptocurrency completely and the exchanges are looking for other crypto-friendly locations, the curiosity of the Indian mass remains consistent and are willing to find ways they can explore the unknown waters of cryptocurrency.
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