Amitabh Bachchan hardly need any introduction, Indian Superstar has always been a trendsetter in showbiz and now he seems to be extending that tag to investing as well. This time Big B made himself crorepati by buying Bitcoin. Bitcoin buzz is spreading all across the globe and gaining divided stances on the credibility of the Blockchain based technology. Over the last two years, a $250,000 worth of investment made by the Big B and his son Abhishek Bachchan has now increased to a whopping $17.5 Million in value.
When the Bachchans invested in Meridian, Ziddu was described as a "cloud storage and e-distribution startup". However, this month, the description changed to "a Blockchain technology empowered solutions provider" that offers microfinance using "crypto currencies across continents."
So when LongFin announced the Ziddu acquisition, the Bachchans, who had received 250,000 shares of LongFin in lieu of their holding in Meridian Tech, saw their USD 250,000 investment skyrocket to USD 17.5 million in value.
LongFin is not the first stock to zoom thanks to the rise of Blockchain and cryptocurrencies this year. Many technology companies, that earlier had different names of descriptions, have added one or both of these words to their names or descriptions and have seen their stock prices rise exponentially in a very short span of time.
"It's crazy... the global euphoria over Blockchain is sweeping the world...no intrinsic value can be attached," Venkat Meenavalli, Chairman and CEO of LongFin Corp, was quoted as saying.
According to the LongFin press release:
Ziddu does micro-lending against warehouse receipts. Behind the stock frenzy is "Ziddu Warehouse Coin", which the company communique says "is a smart contract that enables importers and exporters to use their Ziddu coins that are loosely pegged to Ethereum and Bitcoin Crypto Currency."
As per LongFin, Ziddu coins are converted into Ethereum and Bitcoin cryptocurrencies by traders for their capital management. As per this understanding, the rise in company’s stock value is primarily based on the rapidly expanding cryptocurrency bubble. Whether the Bitcoin bubble will burst or not, is a different argument altogether but as of now, Big B sits at a very comfortable position with his commendable investment.