Meitu, a Chinese internet company, has generated huge profits on Ethereum while losing money on Bitcoin. According to the company’s data, they earned 425.6 million yuan on the second largest cryptocurrency by the end of 2021. In March of last year, Meitu, a Chinese fintech behemoth, said that it had invested $22.1 million in Bitcoin and $17.9 million in Ethereum, the two most popular digital currencies.
Meitu is the creator of a popular photo app with a 456 million-strong user base. Given the anti-crypto environment that has prevailed in China since September 2017, when the first crypto ban was enforced, it was the first publicly traded firm in the country to invest in cryptocurrency.
It was followed by the Chinese central bank’s work on its own CBDC (dubbed DCEP) and a ban on crypto mining and cryptocurrency operations in September 2021, prompting many mining pools and exchanges to flee to the United States and Kazakhstan. According to the company’s report, the value of the purchased Ethereum has increased by 425.6 million yuan (about $67 million) as of Dec. 31. The company’s investment in digital gold, Bitcoin, has dropped by 28.5 million RMB to $4,486,886.
Ethereum reached an all-time high of over $4,000 in May 2021. Following a brief dip below that level, ETH climbed to a new all-time high of $4,891 on Nov. 16. In December, Ethereum fell below $4,000, then below $3,000, and has just lately recovered the latter.
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