- Municipal Corporations 9/10
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- MUNICIPALITIES 114/120
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Amitabh Bachchan Reaps More Than $17 Million From Bitcoin Investment: Report
Big B made an investment that most of the people in India are still sceptical about. After two and a half years, the decision has turned out to be a gold mine for Mr Bachchan.
File photo of Bollywood actor Amitabh Bachchan.
Amidst the buzz of Bitcoin spreading all across the globe and gaining divided stances on the credibility of the Blockchain based technology, Bollywood superstar Amitabh Bachchan has reportedly ridden the wave of cryptocurrency’s exponentially surging value. 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.
Back in May 2015, the Bachchan family invested in a Singaporean firm - Meridian Tech Pte as a portion of their personal investment. The firm, founded by Venkata Srinivas Meenavalli, held Ziddu.com as its prime asset, a Blockchain research company. As per a report by ET, the firm was acquired by LongFin Corp last week, after two days of it getting listed on NASDAQ.
Following the announcement of Ziddu.com acquisition, LongFin Corp’s stocks surged over 2500% on Friday. The acquisition deal resulted in the Bachchan’s receiving a whopping 250,000 shares of LongFin. In monetary terms, Monday’s stock price of LongFin at $70 a share puts the Bachchan’s holdings in the company at a staggering $17.5 Million (approximately Rs 112 Crore). That is an approximate jump from Rs 1.6 Crore to 112 Crore in a period of two and a half years.
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.
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