Bollywood and Bitcoin sounds strange together, right? With all the Bitcoin hype these days and people going gaga over the rising price of the cryptocurrency, our tinseltown stars are no behind.
Just a heads up for those who still are unaware about Bitcoin; it is a cryptocurrency invented in 2008 by Satoshi Nakamoto using Block chain technology.
Block Chain is a digital record of economic transactions programmed to record virtually everything that holds a value (not just financial transactions).
How Amitabh Bachchan nailed the crypto game?
In May 2015, Bollywood’s superstar Amitabh Bachchan and his son Abhishek Bachchan jointly invested $250,000 in Singapore based Meridian Tech Pte Ltd, which owned Ziddu.com. This gave the Bachchans a minority stake in the company Meridian Tech. But the main catch of the news was not the fact that Bachchans were holding a stake in this firm, but them investing heavily in an overseas firm. The result: investment grew more than 70 times in value in under 3 years!
Ziddu.com was initially described as “an empowering free cloud storage, global wallet, social commerce and social gaming platform startup.” The first significant boom was seen when Ziddu.com added the words “blockchain technology empowered solutions provider” in its description earlier this month.
Ziddu.com offered microfinance using cryptocurrencies across the continents. They initially offered these loans in Ziddu coins, a digital currency of their own which was loosely connected to Ethereum and Bitcoin.
Last week Ziddu.com got acquired by US based LongFin Corp, just two days after its listing in NASDAQ. The catch over here is the fact that both Meridian Tech and LongFin Corp were founded by the same person, Venkata Srinivas Meenavalli.
With words like “Blockchain” and “cryptocurrencies”, the LongFin stock rose more than 1000% between 11th to 13th December 2017. The stock rose beyond 2500% when the acquisition of Ziddu.com was announced.
In place of their stake holding in Meridian Tech, the Bachchans received 250,000 shares of LongFin after the acquisition process. As of Monday, the price of LongFin’s stock was $70 per share. This values the Bachchan’s holding in LongFin Corp at $17.5 million (approx 114 crore rupees).
Kudos Mr. Bachchan… you are an intelligent, aware and intellectual individual with a penchant for modernism and future development.
The Bachchans have still not released any statement on their further plans with the sudden fortune.